Homeowners sell their properties quickly in Brantford for a variety of different reasons. They may have fallen on financial hard times and are close to either a foreclosure or power of sale. Other people are either relocating or retiring. Some homeowners have inherited the property they intend to sell. Some properties need expensive repairs the owners can’t afford.
Regardless of the reason, if they decide to use companies that buy houses for cash they can have the money usually within seven days. Understanding the real estate trends in Brantford is an important part of the process.
Current Real Estate Trends in Brantford
There’s good news for homeowner’s in Brantford. The home sales in the region set a new annual record last year. Numbers from the Brantford Regional Real Estate Association report 133 units sold in December 2021.
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Over the entire year, homes sales set a record of 2,758 houses sold. This was a YoY increase of 7.6 % from 2020. There’s more good news. The single family home benchmark price was $737,800. That represented a year over year increase of 40.4 percent. Nearby towns such as Caledonia, Cayuga, Port Dover, Delhi, Woodstock and Tillsonburg also posted similar results.
John Oddi, President of the Brantford Regional Real Estate Association, predicted the trend will continue.
“Without a significant uptick in the number of new listings in the near future,“ he told The Canadian Real Estate Association (CREA) recently, “ the current market conditions look to continue well into the first quarter of 2022.”
All of this is good news for homeowners in Brantford who have fallen behind in their mortgages and are considering quick sell options.
What Happens When You Miss Mortgage Payments?
Of course there are consequences when you miss mortgage payments.
- Your credit score can be negatively affected.
- Your lender can opt to start power of sale proceedings.
- A financial institution can foreclose.
The power of sale method is more common in Ontario. Under this process, the lender has the legal right to evict any residents of a home or property and then sell it to recover the funds owed. Lenders generally prefer this technique over a foreclosure since the entire process is quicker and involves less time in court.
Key Difference Between Power of Sale & Foreclosure
While the majority of recovery methods in Ontario use Power of Sale, it’s the lender’s option to use foreclosure. The big difference here is in foreclosure the title to the property is taken over by the mortgage lender. In legal terms, that means the lender can do what they want to with the property. They can sell it or rent it out.
A Quick Sell Option
Homeowners in Brantford want to avoid either scenario when they miss mortgage payments. Selling a property quickly to avoid having it repossessed is the number one reason why people consider a quick sell option.
However, this is only one reason why they might want to sell their properties quickly through companies that buy houses for cash.
Selling Options Open To Brantford Homeowners.
There are a number of other situations where someone might decide a quick cash sale is best.
- Property Tax Arrears. There can be some severe consequences when you fall behind in your tax payments. Eventually, once a local municipality has worked through all of its options, it can attempt a Sheriff’s Sale of Lands for money that is owed.
- Avoid Showings. Some people have animals or tenants that make it impossible to show their home through a traditional real estate agent.
There are several different ways that a homeowner in Brantford can sell their property quickly. You can choose to sell it on your own. That means there will be big savings since you’re not paying any commissions or fees. However, there’s lots of personal time involved with marketing, paperwork and such.
Other people take the traditional approach and hire a real estate agent. You’ll need to sign a contract here that runs for a specific period of time. There are several other requirements like promoting your property on different listing services and having in person viewings.
Read on to find out more about what you need to do when you use one of these options to sell.
Steps for Selling A Home Quickly
Whether you go it alone or use an agent, the home selling process isn’t usually as fast as people imagine. Here’s a few things that will need to happen.
- Get an Appraisal. It’s a good idea to clean the property as best you can before an appraiser arrives. Ask your real estate agent about alternatives if you receive a low appraisal.
- Put Together A Price. One of the bigger mistakes that sellers make is overpricing their property. A comparative market analysis report will keep the price you ask in line with what other properties have sold for. To get this right, you need to consider whether the market is currently neutral, cold or hot.
Remember using either method means that your home will sit on the market and cost you money since it takes time to sell. What’s more, your life can be seriously disrupted by showing your house to potential buyers.
Homeowners looking for a quick cash sale with more immediate results can research different cash home buying companies. Look for service providers that say things such as “We Buy Homes For Cash”, to make sure you can get an offer below market value within 24 hours. While cash buyers almost never offer the best price for properties, they are faster and more flexible than traditional buyers.
No Need For Upgrades
There shouldn’t be any showings needed. Any company you’re thinking about using should buy the place “as is” with no need for repairs or upgrades.
There are some other benefits you’ll want to know about.
Advantages of Using A Cash Buyer in Brantford
There are no fees and no commissions to pay when you use a cash home buyer in Brantford. These companies cover all the repairs needed and you get to pick the closing day.
When you see a print advertisement or online banner that says We Buy Homes For Cash, you’re looking at a direct way to sell quickly and move forward to the next phase of your life.
Need Advice on Your Sale?
You may have more questions on the entire process and how much money a cash buyer may offer. You can contact our team directly and we’ll do our best to answer your questions.
Mortgage Broker Store is a cash home buyer in Brantford that can help you sell fast. Call 416-499-2122 today or email ron@mortgagebrokerstore.com to learn more about the professional services we provide.