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. If you owe more on your mortgage than your home is worth, also known as being “upside-down” on your mortgage, it can feel like you’re stuck in a difficult financial situation. However, there are steps you can take to regain control and move forward. If you’re facing this challenge in Buffalo, here’s what you can do.
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 Buffalo, NY.
Assessment
The first thing you can do if you are upside-down on your mortgage in Buffalo, NY is to get a realistic picture of where you stand. Then, contact your lender for the amount owing on the mortgage and schedule a professional appraiser so that you’ll work with exact numbers.
Professional buyers like those at Buffalo Brick & Mortar LLC want you to make an educated decision about your future, so they’ll compare what you could earn from listing vs. our offer to buy your house directly as-is for cash, and you can skip the prep, cleaning, and repairs. At Buffalo Brick & Mortar LLC, our professional buyers provide all the details used to calculate our offer because we want you to agree it is fair and feel good about working with us long after closing.
The first step is to assess your current financial situation. Determine how much you owe on your mortgage, how much your home is worth, and how much you can afford to pay each month. This will help you understand whether you can afford to keep making payments, or if it’s time to consider other options.
- Review Your Budget: Take a close look at your income, expenses, and savings. If you’re struggling with monthly payments, it may be worth cutting back on non-essential expenses or finding additional income sources.
- Determine Home Value: Get a professional appraisal or a comparative market analysis (CMA) from a real estate agent in Buffalo to determine your home’s current market value.
Short Sale
Naturally, you want to try every option if you are upside-down on your mortgage in Buffalo, NY; while a short sale has some consequences, they don’t compare to the fallout from claiming bankruptcy or a foreclosure on your credit record. Professional buyers like those at Buffalo Brick & Mortar LLC are highly seasoned negotiators who can work out a short sale with your lender. A direct sale to one of our professional buyers at Buffalo Brick & Mortar LLC makes it easy to solve your home selling troubles in Buffalo, NY. A short sale may be an option if you’re unable to afford your mortgage and your home is worth less than what you owe. This option allows you to sell your home for less than the mortgage balance, with your lender’s approval. The lender agrees to accept the sale proceeds as full payment, even though it won’t cover the entire loan.
Pay the Difference
Another thing you can do if you’re upside-down on your mortgage in Buffalo, NY 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 Buffalo, NY house to professional buyers like those at Buffalo Brick & Mortar LLC, you’ll get a fair value and won’t pay any hefty real estate commissions. At Buffalo Brick & Mortar LLC, our professional buyers operate with total transparency. At Buffalo Brick & Mortar LLC, 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 Buffalo Brick & Mortar LLC about selecting the best calendar date for your closing.
At Buffalo Brick & Mortar LLC, our professional buyers are the best option if you are upside-down on your mortgage and need to sell. At Buffalo Brick & Mortar LLC, 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 Buffalo Brick & Mortar LLC, we are your neighbors who live and work alongside you, and we are proud of the work we do helping Buffalo, NY 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 Buffalo Brick & Mortar LLC for yourself without obligation? Call Buffalo Brick & Mortar LLC at 716-403-2016.