Are you wondering how to sell my house fast underwater? There are many reasons why you could have arrived at this decision. It could be that the neighborhood is declining or you’re relocating because of your job. Well, whatever the reason that’s forcing you to do it, here are a few tips on how to sale a house underwater.
• Short Sale �” You should contact your bank and agree on a short sale but there are some long term effects of doing this. For instance doing a short sale of a house underwater will adversely affect your credit score. There will also be some tax consequences for the amount written off by the lender. However, if this is your option, you can always consult a tax attorney to find out what are your options before going to the bank.
• Renting �” Contact your mortgage lender to find out if they can allow you to rent out the house. If you’re relocating to a new house that’s at least 50 miles from the old house, the lender might allow you to rent it to a tenant as well as use the income to clear your debt Sell My House Fast Denver Colorado. Of course, you need to make sure that there’s a person in place to handle all the repairs and maintenance issues as well as collect the rent. If you don’t have someone to do this, then it’s not the right option for you.
• Leasing �” Basically, you can lease the house and give your new tenant the option to buy the house after a while. You own all the deeds to the house but eventually the person leasing the home can own it after getting enough money to buy the house. Of course in this situation, you’re still the owner because the house hasn’t been sold yet but the lessee acts as a prospective buyer until he/she buys it.
• Wrap Around Mortgage �” Here the original mortgage remains in place but a new one will be created and wrapped around the old one at a higher rate. Here, you’re both the seller and the lender. There’s an advantage to doing this because if the real estate market is really bad, you can actually sell your house faster. It’s also a good opportunity to earn interest. However, since you’re the seller, you’re still responsible for the original mortgage debt. To make this deal work, you need to find a buyer with a good financial standing We Buy Houses in Connecticut Fast company’s do deals like this