Selling As-Is After a Job Loss
What does it mean to you to get out of your home? At some point in job loss mortgage debt repayment just does not seem possible. While other opportunities exist, there comes a time when you need to focus on your future. Are you going to be able to get caught up on your loan or is it better to cut your losses and move on?
Selling your home as-is could be a solution. It offers a number of key advantages, specifically by providing you with an avenue for getting out from under the debt without taking a harsh hit to your credit score. During the job loss phase, and even if you are able to find a position a few months later, it can become clear that selling may be the best way out of the situation.
What Does Selling As-Is Mean?
Imagine if you were to sell your home in the traditional manner. You would likely spend several thousand dollars updating and modernizing the home to get the most out of it. You would pay six percent or more of the sale price to the real estate agent listing your home. Then you have to worry about any claims or problems with the home the buyer finds. You could be responsible for paying for those repairs.
Selling as-is gets rid of all these hang-ups by providing a fast, streamlined way for you to get out of the loan in no time. You don’t have the time (or the money) to invest in repairs and handing over a significant amount to a real estate agent doesn’t seem feasible either. When you sell as-is:
The home is sold in the condition it is in right now. No repairs necessary.
There are no showings forcing you to leave your home for hours.
You do not have to worry about listing or marketing your house.
You do not have to invest in staging or updates to entice buyers.
Why Would You Sell Your Home As-Is
Selling a home as-is may feel like you are getting less money for your house than if you invested in repairs and updates. But you need to see the big picture. You are saving more than just the costs of repairs. You are saving time, which has a monetary value. Plus, you are eliminating significant amounts of stress.
There is no negative effect on your credit score to selling your home as-is. Unlike other types of methods like bankruptcy, foreclosure, and short sales, you are selling your home legally and according to how you agreed to manage your loan when you secured it.
There are no legal liabilities. Keep in mind that other methods of selling, like short sales, may require you to pay for any debt owed after the sale of the property. Here, you are selling the home as-is, but not necessarily for less than what you owe.
Selling the home as-is allows you to sell it fast. That’s perhaps one of the most important reasons for today’s buyer facing foreclosure. Short sales take months. Selling as-is can take days to weeks. If you need to downsize your home right now to save money such as after a job loss mortgage lenders will tell you selling as-is can be the route to take.
There are no additional or unexpected costs. You know just what you are paying (and you do not have to pay any real estate agent fees), and you can budget for that.
You never have to make any additional investment in the home. This is it.
What Is the Key to Selling As-Is?
When you are an unemployed mortgage borrower, you may be desperate to find a solution for your loan. It’s easy to turn to things like refinancing and loan modification at first. However, the realistic outcome is clear. If you do not have the money to pay your mortgage loan, you are only going to dig yourself deeper into debt. Selling your house as-is offers a feasible, simple solution.
The key to making it a success is finding a buyer, like HomeGo, willing to make an as-is purchase. Regardless of where you are on the job loss spectrum, this could be the ideal opportunity for you to at least learn how well selling as-is can work for you.
HomeGo Can Help.
HomeGo is the nation’s largest home buying company, and we’re bringing professional experience, transparency, and assurance to homeowners who want an easier way to sell.
Check out more of our information on job loss.
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