Whether you overpaid for the property in a bidding war, you’ve fallen behind on mortgage payments, or property values have dipped, being upside-down on your mortgage or owing more than the current market value is a less-than-ideal situation for homeowners. If circumstances force you to sell your house due to foreclosure instead of waiting out a market turnaround for values to rise, you may feel backed into a corner. Understandably you don’t want to make a costly misstep when faced with this dilemma, so exploring your options is helpful.
With so many decisions ahead, being fully informed and weighing the benefits of each will help you feel confident in the action you take. So read on as we explore four things you can do if you are upside-down on your mortgage in Ohio.
Assessment
The first step if you find yourself upside-down on your mortgage in Ohio is to gain a clear and realistic understanding of your financial position. This means calculating exactly how much you owe on the mortgage and comparing it to the current market value of your home. To do this, contact your lender to obtain the precise balance on your mortgage, and consider hiring a professional appraiser to get an accurate valuation of your property. With these numbers in hand, you’ll be in a much stronger position to make informed decisions about your next steps.
Professional buyers like those at Wright Home Offer want to ensure you are making an educated and empowered choice for your future. We understand that selling a home is a big decision, especially when you’re upside-down on your mortgage. That’s why we take the time to compare what you could potentially earn from listing your home on the market—factoring in costs for repairs, commissions, and the uncertainty of waiting for an offer—versus the straightforward, as-is cash offer we can provide.
When you choose to sell your house directly to Wright Home Offer, you can skip all the prep work, cleaning, and repairs typically required in a traditional sale. We purchase homes in their current condition, meaning you don’t have to worry about fixing anything or keeping the house spotless for showings. This makes the process quicker and far less stressful, especially when you’re already dealing with financial strain.
At Wright Home Offer, we believe in complete transparency. Our professional buyers will walk you through how we arrived at our offer, giving you a full breakdown of the numbers used in our calculations. Our goal is for you to agree that the offer is fair and for you to feel confident in your decision long after closing. We want you to feel good about working with us, knowing you made the best choice for your circumstances.
Whether you’re looking to avoid foreclosure, downsize, or simply need a fast sale without the usual headaches, Wright Home Offer provides a reliable, cash-based solution. We work with you every step of the way to ensure that your needs are met, and you’re comfortable with the entire process.
Short Sale
Naturally, when you’re upside-down on your mortgage in Ohio, you’ll want to explore every option to avoid severe financial consequences. While a short sale may have some repercussions, it’s important to note that the impact is far less damaging than the long-term consequences of a foreclosure or declaring bankruptcy. A foreclosure, for example, can stay on your credit report for up to seven years, making it difficult to secure future loans, credit, or even housing. Bankruptcy can also have a significant, lasting effect on your financial health, severely limiting your options for years to come.
On the other hand, a short sale allows you to sell your home for less than what you owe, with the lender’s approval, and in many cases, they may forgive the remaining balance. While this does have some effect on your credit, it’s usually less severe than foreclosure or bankruptcy, and it’s a much more controlled and proactive way to address financial difficulties. However, navigating a short sale on your own can be complex, requiring extensive paperwork and negotiation with your lender.
That’s where professional buyers like those at Wright Home Offer come in. Our team is made up of seasoned negotiators with years of experience working directly with lenders to facilitate short sales. We understand the process and can help ensure you get the best possible outcome, reducing stress and the risk of further complications. Our goal is to work on your behalf to make sure the short sale goes smoothly, allowing you to move forward with as little impact as possible on your financial future.
Alternatively, if you’re looking for a faster, more straightforward solution, a direct sale to one of our professional buyers at Wright Home Offer is a great option. This approach eliminates the complexities of dealing with lenders and paperwork, and we can buy your home as-is for a fair cash offer. It’s a hassle-free way to resolve your home selling troubles in Ohio quickly, without the uncertainty of traditional sales methods or the long delays that can accompany short sales.
Whether you’re looking for the best way to handle a short sale or need a faster way out, Wright Home Offer is here to provide you with the guidance and solutions you need. We’ll work with you to ensure that your home selling experience is as smooth and beneficial as possible.
Pay the Difference
Another thing you can do if you’re upside-down on your mortgage in Ohio is to sell the property and bring the amount owing to the closing table to pay off the remainder of the mortgage. With a direct sale of your Ohio house to professional buyers like those at Wright Home Offer, you’ll get a fair value and won’t pay any hefty real estate commissions. At Wright Home Offer, our professional buyers operate with total transparency. At Wright Home Offer, there are no hidden fees, and because of our full-service in-house team of industry specialists, you won’t pay any closing costs, and we can provide you with a fast, guaranteed closing day. Or talk to your professional buyer from Wright Home Offer about selecting the best calendar date for your closing.
At Wright Home Offer, our professional buyers are the best option if you are upside-down on your mortgage and need to sell. At Wright Home Offer, our professional buyers stop everything and listen to sellers to help find the best resolution for your situation. Feel free to ask us any questions or express any concerns you may have about the process of a direct sale of your house. At Wright Home Offer, we are your neighbors who live and work alongside you, and we are proud of the work we do helping Ohio sellers with unique and individualized solutions, one seller, one property at a time. So why learn more about the difference a direct sale of your house can make by talking with a professional buyer from Wright Home Offer for yourself without obligation? Call Wright Home Offer at 937-998-4239.