Embarking on the journey of selling your home can seem daunting, especially when grappling with a mortgage. However, the bustling real estate market of Lawton offers unique opportunities for homeowners like you. With strategic planning and expert advice, selling your property and settling your mortgage can be more than just a dream. This blog unveils six insider strategies for homeowners looking to sell their mortgaged property, and highlights how DHS Realty Group can streamline your selling experience through a swift, direct sale.
1. Understand your Mortgage
Understand Your Mortgage: The first step in your home-selling journey is to thoroughly understand your mortgage. This involves delving into the nitty-gritty of your mortgage terms, such as interest rates, monthly dues, and any early repayment penalties. Knowledge of potential prepayment penalties is crucial. Armed with this information, you’re better positioned to make wise decisions about your property sale and mortgage settlement. If by chance you took out an adjustable mortgage then you definitely want to be aware of when it will adjust and which way the interest rates are moving. Remember the mortgage payoff is different then what you owe. If you need the exact amount then you will need to give the mortgage company a specific date of closing so that you will be able to plan accordingly.
2. Assess Your Equity and Prioritize Accordingly
Next, calculate your home equity. Equity is the financial difference between your home’s current market value and the outstanding mortgage amount. If your home’s value eclipses your mortgage debt, you’re in the realm of positive equity; the reverse scenario indicates negative equity. Positive equity means the sale proceeds can cover your mortgage, while negative equity might necessitate a negotiation with your lender. If you do have negative equity working with an experienced home buyer who can offer you many unique solutions allows you to move on. If you need to move then being flexible is key. Make sure to identify your priorities. If you have to move such as the case with a job transfer, military transfer, need to be with family, or job loss or illness then be clear with your priority to leave that specific house. While you may want to buy another at your new location depending on your type of loan or pay off requirements if you don’t have any equity keeping your existing loan in place may help you to achieve your FIRST priority. Other priorities to consider is how fast you must move, how to make that move easy for you and your loved ones, as well who can help with these tasks.
3. Competitive Pricing is Key
One of the most important factors in selling a house with a mortgage is pricing it competitively. Setting the right price is important when selling a property you still owe money on. Overpricing may lead to a stagnant listing, while underpricing can diminish your property’s true worth but it could drive up interest. Factor in the local market dynamics, current interest rates which impact others ability to buy, your property’s condition, and unique attributes, alongside your mortgage balance and associated selling costs, to hit the sweet spot in pricing.
4. Make Necessary Repairs and Improvements
If you want to sell your house with a mortgage, you need to make sure it’s in good condition. Often buyers don’t have the ability to see “what it could be” and even if they can… the idea of finding the right designer, contractor, and handy men to make it happen is discouraging to most people. To make your property irresistible to buyers, it’s essential to ensure it’s in prime condition. This might include fixing any damages, updating old fixtures, and a fresh coat of paint. These investments can significantly boost your property’s value and appeal. However, balance is key – avoid overspending, as it could eat into your profits.
5. Consider a Direct Sale
If you’re looking to sell your house with a mortgage quickly, consider a direct sale as your best option. With a direct sale, you can bypass the need for a real estate agent or listing on the open market. This means you save valuable time and money by avoiding agent commissions and the hassle of staging and marketing your property. Plus, selling your house quickly can help you save thousands of dollars in holding costs. Especially in winter or summer when electric costs are high, There is also the worry about insurance – especially if the property is vacant. Keeping that yard mowed, the leaves raked, and the trash that blows in picked up is important so you don’t get an notices from the city. At DHS Realty Group, we are a reputable and experienced direct home buyer who can offer you a fair price for your home and close the sale quickly. By working with us, you can save time and money without the hassle of traditional home-selling methods. Another benefit is that you can leave any and all other property such as old furniture, trash, those old projects you never got around to finishing… everything just as it is and we will clean it out for you. Remember when we talked about priorities… was making that move easy high on the list? What if we could help load up the moving truck or storage cube to help you on your way.
6. Work with a Reputable Real Estate Agent to Sell Your House
If the open market is your chosen route, collaborating with a reputable real estate agent is vital. They can assist in competitively pricing your property, effectively marketing it, and skilfully negotiating with potential buyers. Their expertise is invaluable in navigating the complexities of selling a mortgaged property while ensuring all legal and financial obligations are fulfilled. Contact us at 940-249-5752 to explore how we can make your property sale both successful and stress-free. We are able to offer a lot of options and work to first understand your priorities and then come up with an offer to best meet them.