People need to sell their homes quickly for a variety of reasons. Some homes in Kawartha Lakes present hazards because they need major repairs. Other owners have fallen behind in their mortgage and other payments and are under the threat of foreclosure or power of sale. In either of these situations and others, owners can get cash in their hands in as little as 7 to 10 days.
Current Market Trends Are Good
The City of Kawartha Lakes is a popular holiday destination and municipality in Central Ontario. It is located 90 minutes northeast of Toronto. The area incorporates a variety of different communities including towns like Fenelon Falls, Lindsay, Kirkfield, Coboconk and Bobcaygeon.
An Active Market
The average house price in the area is $771,379 and the market is active. There were 137 new listings in 28 days with the median number of days a home stays on the market at eighteen. One hundred and fourteen homes sold in the last 28 days.
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.
Homes sell quickly in Kawartha Lakes as city dwellers look for quieter lifestyles away from the coronavirus in suburban locations. The lifestyle in the area is slower and quieter with no traffic congestion and tight knit communities.
Please read on to find how some homeowners in the area get into financial trouble.
Here’s What Happens When You Miss Mortgage Payments
Missing even one mortgage payment is a serious matter. Generally, there is no grace period. That said, lenders can start legal proceedings after just fifteen days past a missed payment. The homeowner’s credit score gets affected very quickly.
As more time goes on, your credit score drops further and that means you have a harder time getting a loan or low interest rates going forward. Most homeowners face legal action after they fall more than 90 days behind.
Lenders generally take one of two different legal routes — either a power of sale or a foreclosure.
More About These Options
In a power of sale, the lender gets a legal right to evict any residents of the property and sell it to recover their money. A financial institution can start this proceeding 15 days after one missed payment. Typically, there’s no extra money or additional profit for lenders.
In a foreclosure, the lender obtains the title to the property. This means they can rent it out or sell it as they please. Foreclosures and powers of sale are similar. However a foreclosure can take a year or more.
Kawartha Lakes homeowners facing financial trouble have options to avoid these legal proceedings.
Selling Options Open To Kawartha Lakes Homeowners
You might need to sell a home quickly in Kawartha Lakes to avoid either a foreclosure or power of sale. There are several options open for a quick sale including:
- Attract a Buyer on Your Own. This means you’ll need to do a few things quickly like gathering the details about your property and take pictures. You’ll also need a property profile and the time and effort to market. It’s a risky game because some homeowners are already in a position where eviction is looming.
- Selling Yourself. Some homeowners can take on the responsibility of selling a home by themselves. While it’s true you won’t need to pay a realtor for a commission. It also means you’re taking on all the responsibilities. That means you’ll need to be comfortable negotiating with agents and buyers and have the time to show your home by yourself. Chances are if you’re looking for a quick sale, this option will bog you down.
- Research Different Cash Home Buying Companies. This is one of the best ways to sell fast, but you only get below fair market value. One of the advantages is a typical close only takes 7 to 14 days. That’s compared to an average of 79 days for a more conventional sale. Checking out the service fees is a great way to narrow down your choices. Make sure your research includes minimum closing times and any other possible services like moving and repairs.
Steps for Selling a Home Quickly
Here’s a few other steps that can make a quick cash home sale go quickly.
Confirming financial deadlines is also an important way to make sure the process goes smoothly. Remember that courts have upheld time deadlines for things like waving conditions and delivery of deposits.
Doing some quick repairs or decluttering can make a difference. Distressed homeowners might be short on cash. Asking friends and relatives for some financial help can make a difference here.
Get The Timing Right
Timing a quick sale right is very important. Research points to the month of May on a Saturday as being one of the best times to list a home. Of course, peak selling times will vary based on a local real estate market.
Disclosing big repairs that need to be made also helps to move a property.
In the end, the best way to sell a home fast in Kawartha Lakes is to use a cash home buyer. Here’s why.
Advantages of Using A Cash Buyer in Kawartha Lakes
A cash home buyer is ready to take a property off your hands for less than market value when you’re facing eviction through foreclosure. Here are some advantages to using one of these companies:
- You don’t need to pay a real estate agent’s commission.
- You also save on a variety of closing costs. Using a cash home buyer means that you’ll save on items document fees and processing as well as appraisal fees plus credit checks.
Homeowners who use this process also have more control over the timeline involved. Contingent offers can often fall through for a variety of reasons like the fact a mortgage needs to be underwritten.
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.
A cash home buyer will buy the property as it is. There’s no need for extensive cleaning or repairs. The Mortgage Broker Store is a cash house buyer that will purchase your property in Kawartha Lakes. Contact us at 416-499-2122 or email Ron@mortgagebrokerstore.com today to learn more.