People in Orillia may have to sell their homes quickly for a variety of reasons. They might have fallen on economic hard times and are facing eviction. Other people don’t want to show the property using traditional methods that can include an open house and inspections.
A cash home buyer works around these issues and others. These buyers can offer a fair purchase offer in as little as 24 hours.
Here’s why this is a good option for some homeowners in Orillia.
Current Real Estate Trends in Orillia
Real estate prices in that city averaged $784,682 . The housing data for the town shows a median number of days on the market for a house is 14.
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.
Orillia has seen 35 new listings in 28 days. All of these numbers are current to January 18th, 2022.
An Upward Trend in Orillia
That represents a year over year (YoY) increase of 23.3% even though the prices have dropped 6% from what they were in December, 2021. Overall, real estate in Orillia is still showing an upward trend. There’s constant demand in the town that would make it easy to sell a home quickly.
That’s positive news for homeowners in the area that are facing financial hardships.
What Happens When You Miss A Mortgage Payment in Orillia?
A common red flag that a homeowner might need to sell quickly is a missed mortgage payment. Here’s what can happen when that represents the beginning of a downward financial slide.
The lending institution calls or sends a letter after the first missed payment. After that the situation can snowball quickly into either a Power of Sale or a Foreclosure. As a homeowner, it’s important to know the difference between the two.
The Power of Sale
With this tool, the lender can evict the people living on the property when the borrower defaults on the mortgage. Then the mortgage lender sells the property on the open market. The homeowner gets profits here after the mortgage debt and fees have been paid off.
Foreclosure
This is a different process in one important way. With Foreclosure, the lender takes the title to the home. These take more legal work and time, but the former homeowner isn’t entitled to any profits from the sale.
Other Options Available
Both of these situations are end of the road destinations for distressed homeowners. There are other options for people facing a mortgage crunch.
Other Options Open to Orillia Homeowners
Asking friends and relatives for some financial help is a quick fix that may or may not work depending on several factors. Keep in mind that one of these mortgage loans can be similar to the one you get from a financial institution.
The person in your family or friend supplying the money should draw up a loan agreement that includes the amount borrowed, the interest rate and repayment terms.
Can Friends and Family Solve Your Financial Problem?
Reputable sources suggest this type of loan agreement should state what happens in case of non-repayment. These types of loans might solve a homeowner’s financial problem temporarily, but they aren’t a permanent or long term solution.
Read on to learn about another alternative you might want to consider.
Check The Financial Numbers With The Lender
Confirming your financial deadlines with a lending institution is the first step in finding a solution.
You can bring a mortgage that is in Power of Sale back into good standing during The Redemption Period. You’ll need to know the numbers for legal fees as well as any penalties and how much your mortgage is in arrears. After the Redemption Period is over, the lender may demand that the entire amount needs to be paid in full.
All the Amounts Should Be Listed
The Notice of Sale should have all the amounts listed. Remember you need to pay everything that’s owed to stop the process if the redemption period is expired. If that sounds like a hard task when your finances are spiraling out of control, there’s another option.
Researching different cash home buyer companies is a more sensible approach for homeowners facing financial hardship.
How To Find a Good Cash Home Buyer
There are a few steps you can take to find a qualified reputable professional.
- There should be no fees or commissions to pay. Look for a no-nonsense offer usually within 24 hours that’s below market value.
- Make sure you don’t need to sign a contract binding you to a real estate agent.
- The cash home buyer company should offer a flexible closing date and time.
- A reputable company won’t ask you to make any repairs or upgrades.
One of these companies should buy your home regardless of the condition. Other capabilities you should check for include cash home buyers that can easily buy inherited properties and those with tenants.
When you weigh all the options for selling a house fast in Orillia, you’ll see how the cash home buyer choice tops the list for people who are not able to sell normally.
Advantages of Using A Cash Buyer in Orillia
Here’s a few more advantages to using one of these services.
- These companies don’t need approval from banks or other lending institutions. There’s no need to be concerned one of their offers will fall through.
- They take the home off your hands when there’s been unexpected financial problems
- They will buy your home even if there’s been extensive fire, mold or water damage.
Remember, you have more control over the timeline for closing when you use a cash buyer in Orillia. The whole process is simple. There are no middlemen to complicate the transaction like appraisers, realtors or banks. If you like the offer that you get from one of these companies, just sign, pick a closing date and get your money. It’s simple, quick and efficient.
Finding A Good Cash Home Buyer
The Mortgage Broker Store is a cash home buyer in Orillia that meets all of the criteria in this article. We have the experience that you are looking for. And the client testimonials from people who have used our services and found they exceeded expectations.
Get 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.
This area also has many other affordable communities such as, Bala, Atherley, Rama, Oro, Beaverton, Port Bolster, Washago and Severn.
We can buy your home at below market value and help you to free yourself from financial difficulties. Mortgage Broker Store services the GTA and clients through Ontario. Get in touch with us at 416-499-2122 or email ron@mortgagebrokerstore.com today.