Having a place called home is a comfort and pleasure most of us desire and aim for. That is why most of us decide on applying for a mortgage loan to be able to achieve it earlier in life and work hard to pay for the monthly dues years later. Many of us are committed to do this. But there are times when life derails our plans, and we end up in complicated situations that we didn’t expect.
Perhaps you lost your job due to the pandemic and are struggling to make ends meet. Maybe a loved one needed money and you had to give them all you have. These financial difficulties may cause you to suddenly be unable to pay your mortgages and are left with the hard decision to sell your home. If you need to sell your house, condo, or cottage in Milton quickly, consider selling to a cash house buyer. The process can be done in as fast as five days to two weeks.
Current Trends in Milton Real Estate
According to The Oakville, Milton and District Real Estate Board, the overall MLS® Home Price Index composite benchmark price was $1,477,800 in November 2021, a considerable increase of 36.3% compared to November 2020.
Drilling down to the types of homes, a single-family home was $1,645,100, an increase of 40.6% from the same month in 2020. For townhouse/row units, the benchmark price was $794,600, an advance of 24.8% on a year-over-year basis in November. Lastly, apartment price was $721,200, up by 20.5% from a year ago.
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.
Zolo reports that the current average house price in Milton is $1,216,146 and that it has 117 new listings in the last 28 days this January 2022. As of January, Milton housing data shows that a listed home as an average of only 7 days in the market and that the selling to listing price ratio is at 112%. Milton also ranks 16th out of the 23 GTA Cities, 11th fastest growing, 1st fastest selling, and 22nd highest turnover.
What Happens When You Miss Your Mortgage Payments?
So you’ve missed paying your mortgage—what happens next? You may be contacted by your lender, and you will need to pay double the next month, plus some late payment fees. However, missing multiple payments might lead to serious consequences such as a big drop in your credit score and the repossession of your property in Milton. If this happens, the mortgage lender can then use the power of sale process to sell your house, take the amount of money owed, and leave you the rest of the profits from the property sale. Power of sale is used in Ontario and the process takes around four to six months. Alternatively, in foreclosure, the court gives the lender the right to repossess and take title to the house. Upon selling it, all proceeds go to the lender. This proceeding takes from six months to a year to complete.
Selling Options Open to Milton Homeowners
Listed below are the ways you can sell your house, condo, or cottage in Milton quickly:
- Fo Sale by Owner (FSBO). This is when you sell your home yourself without any help from a listing agent or a broker. The good thing about this is that all proceeds go to you as you do not have any commission fees to pay. The hard bit is that you assume all responsibilities and legal risks in the process of the sale. Be sure you know what you are doing before considering selling your property on your own.
- Through a Real Agent or Broker. Find a broker that specializes in quick sales. This is the most common option used by sellers as you have a middleman to do all the hard work and an expert at navigating the real estate market. The agent will find a buyer for you and assist you with the process, all for a fee of course.
- Selling to a cash house buyer. A cash house buyer is someone who will buy your home for cash. This is a quick way to sell your property because you avoid dealing with a buyer that needs to be approved for a mortgage and all the inspection, clearance, and paperwork it entails.
Steps for Selling Your Home Quickly in Milton
- Know how much your house is worth and about the current housing market so you know some facts and be more equipped in dealing with a buyer. You can have your home appraised by a professional too.
- Research about the different ways you can sell your home quickly and decide what works best for you.
- Talk to your family, friends, and neighbors if they are interested or know someone who wants to buy your house. Maximize the use of your social media too.
- Try to make your place look presentable and if you can, do some quick fixes to increase the chances of selling your house and/or pricing it slightly higher.
Additional tip if you have limited funds before you are able to sell your house, it is best to check all your financial dues and be sure to pay those with higher interest debt first.
Advantages of Using a Cash Buyer in Milton
Of the three proposed options in selling your property quickly, selling to a cash home buyer is the easy and fast option. The process does not involve a lot of people or paperwork. There are no real estate agents involved, meaning you do not pay any commission or fees. You have more control over the timeline as there are fewer steps involved. You skip the dragging steps such as mortgage loan approval of the buyer, home inspection, and underwriting that also involves several other parties that can further delay the process depending on their findings and how busy they are.
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.
Moreover, a cash house buyer purchases your house in an “as-is” condition. You do not need to clean up or do repairs to your property. The offer price may be a little lower if your house is in poor condition, but this still saves you the time and stress of doing the fixes yourself. Mortgage Broker Store is a trusted professional company willing to buy houses quickly for cash. We can be contacted for free advice.