Life can be unpredictable, which is why you should be open-minded about selling your home if the need arises. Unfortunately, some situations call for you to sell your home fast. And yet, when that happens, you may have difficulties doing so. A bank-financed deal can fall through, or the potential buyer may walk away. You may also be trying to avoid hiring a realtor. Whatever your reasons, you need to know there are other options, including those companies with a sign “we buy houses as-is in North Carolina for cash” on their office door. But first, you need to decide whether it’s well-worth to sell fast.
So, at what point should you consider selling your home for cash?
1. When you have a medical emergency or debt
Debts are not always a good thing. But what do you do when a medical emergency arises? After all, sickness cannot be postponed. And timely treatment may be required to save your life or that of your loved one.
Research shows that nearly 50% of people who experienced medical bankruptcy cited hospital bills as their largest expense. If incurring unnecessarily huge medical debts is something you are trying to avoid, consider selling your home and using the profits to pay for medical treatment. It may take you a while to realize your dreams of homeownership again, but you prevent incurring large debts that can only worsen your financial situation.
2. When your dream job comes calling, and you need to relocate fast
What happens if you need to move to another state fast to keep your new dream job and enjoy your new perks?
You could leave your home behind and hope the realtor you hire will sell it on your behalf eventually. But if you need additional funds to relocate and buy or rent a home in a new area, you probably want the home to sell faster. In that case, you may be better off selling your house for cash and using the amount of money you get as a deposit for your new home after you move.
3. When you are struggling to pay your mortgage
The median home value in North Carolina is about $204,300. But in your case, you bought a house with a price steeper than you can afford. For that reason, you may be struggling to keep up with the mortgage payments.
The thought of not being able to stick to your repayment schedule may worry you. You probably don’t want the bank to foreclose your home. In that case, you need to find out whether it’s feasible to sell your property, pay off your mortgage balance, and walk away with no debt. If you have built up considerable equity, you may even be able to pocket a decent profit that enables you to move to a smaller, more affordable home.
It can be quite painful to sell a home you once hoped was your dream home. But some life situations call for it. The good news is you can sell your property fast without hiring an agent or putting it up on the market and waiting for a decent bid for months.