Some people in Guelph need to sell their homes quickly. These homeowners need to get rid of properties where they’re facing foreclosure and eviction. In many cases, a deal with a cash homebuyer can be closed when they choose. Plus there’s no need to repair or clean up the property.
Current Trends in Guelph
According to the MLS® System of the Guelph and District Association of REALTORS® the market in Guelph stabilized in October 2021 with 402 units sold. Although this represented a decrease of 17.6% year-over-year, sales were still 3.8% above the ten-year average.
More recent statistics for November 2021 indicate the average house price in the area was $918,169 and there were 267 new listings over 28 days. That represents an increase of 35.3% year-over-year.
Need to Discuss Your Sale?
The traditional mortgage or home selling process is not a good fit for everyone, and can feel overwhelming. You can contact us for a no cost consultation, and we can outline your options.
The Guelph real estate market is very active. The average days on the market for a house is nine. Even with that kind of positive news, some homeowners in the area find themselves in financial distress. Fergus, Cambridge, Acton and Orangeville are smaller towns near Guelph.
What Happens When You Miss Your Mortgage Payments?
Anyone can miss a mortgage payment. Some homeowners are facing short-term cash flow problems. Others are laboring with major repairs they can’t afford. Missing a mortgage payment is never a good thing. However, you can usually repay a missed payment plus interest.
Bigger problems start when you lose the ability to pay on a consistent basis. Lenders can take two different but similar courses of action—either a power of sale or a foreclosure. Unfortunately, in either case, the homeowner loses the property and is often evicted.
- Under power of sale, the lender has the ability to evict anyone who lives on the property and sell it when the mortgage has been defaulted on. Properties get sold at market value and the owner can claim profits after accumulated debts and other fees are paid.
- With a foreclosure, the institution that’s lent the money takes complete title of the property. The former homeowner sees none of the profits from any sale.
In Ontario, a power of sale from start to finish can take six months. A foreclosure, on the other hand, might need over a year to complete. Read on to find out what the other options are for homeowners facing financial distress.
Selling Options for Guelph Homeowners
There are several reasons a homeowner might need to sell a property quickly. People with property and houses in Guelph are no exception. We’ve already highlighted how some people are facing the threat of eviction. Others might be looking at financially overwhelming repairs. For example, some older homes don’t have the capacity to handle new appliances. The cost to rewire an older home or rewire a new one is between $4000-$10,000.
Other people suffer from issues that prevent houses from being shown. For example, Agoraphobia is an anxiety disorder which traps people in fear. People who suffer from this issue avoid public transportation, standing in line, or even being in the presence of other people in a crowd. If you suffer from this problem, you might not be able to sell a house using conventional means. People suffering from agoraphobia find it hard and/or impossible to have others come in for showings.
Steps for Selling a Home Quickly
There are variety of reasons why a homeowner in Guelph would want to sell quickly. There are some steps they can take to accomplish this goal including the following:
- Getting a quick evaluation of your property’s worth is important. Cash home buyers can often present one of these within 2 to 4 hours. Remember, you’re under no obligation to accept one of these offers which are under market value.
- Researching different home buying companies is another method to speed the process up. Make sure that any company you are considering takes several factors into account like what homes similar to yours are selling for. Find out how much work they estimate will be needed.
- Finding a place that doesn’t charge any closing costs or realtor commissions and any other fees is also important.
Confirming financial deadlines is another way to sell a home quickly. It’s good to have the proper documents like renovation contracts and property tax receipts in order. Transferable warranties are another aspect you should look at if you have the time.
You may not be able to do all of the major repairs necessary. However, asking family and friends for some financial help might give you the cash to do some smaller work quickly.
All The Details
Remember, using a cash homebuyer in Guelph looks after all of the details for you. Whether you are facing eviction from foreclosure, power of sale, or your house is in need of repair, these professionals will buy it for under market value.
Please read on to find out more about what one of these experts can do for you.
Advantages of Using A Cash Buyer in Guelph
Using one of these services benefits homeowners who are facing a financial crisis. For example, you won’t pay a real estate agent commission. Here’s an example of the money you can save. A listing agent can charge 2.5% on a house that’s worth $600,000. That means they get $15,000.
There are other advantages. Using our cash homebuyer service means you’ll have more control over the timeline and you won’t pay closing costs like legal fees and disbursements.
There’s no need for upgrades or repairs either. These companies buy your house as is for under market value. Homeowners don’t even need to clean the property before the deal goes through.
That can mean big savings on your time and effort. Research says that deep cleaning an entire house can cost as much as $50 an hour and start at $300 for a 300,000 ft.² property.
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.
The team at Mortgage Broker Store can act as a cash house buyer. We understand that the traditional methods of getting a mortgage or selling a house are not designed for everyone. We can purchase properties as is for owners looking for a quick sale. Why not get in touch with us today to learn more about how simple and efficient this process is?