Selling a house fast in Simcoe is the right choice for people under the threat of eviction through Power of Sale or Foreclosure. Other people who take this option are swamped by major repair bills that get uncovered or are the result of an accident or natural disaster.
Either way, these homeowners are facing financial hardships that make the cash option the best choice. Best of all for people in this situation is the fact that a deal can close in as little as just five days.
This is the situation for some of the homeowners in Simcoe, Ontario.
Current Trends in Simcoe, Ontario
The current real estate trends in Simcoe are positive although the market is smaller than in some other southern Ontario locations. As of November of this year, the average house price in the area is $611,488. There were 17 new listings over the last 56 days with the median day for a house on the market was seventeen.
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.
Simcoe is a small town with just the right mixture of amenities and arts centres, conservation areas, restaurants and businesses. Real estate in this area is in high demand as people look to leave the hustle and bustle of the city behind.
What Happens When You Miss A Mortgage Payment
The path that starts with the need to sell your house fast in Simcoe quite often begins with a missed mortgage payment. That often starts the downward spiral that can lead to eviction through Power of Sale or Foreclosure.
Here’s how those two financial tools work.
Power of Sale
This gets set in motion when a borrower breaks a mortgage agreement. More often than not it starts after they’ve missed one or more payments. Other ways to default include using the property for any illegal activity or not insuring it.
The legal notice is called a Notice of Sale Under Mortgage. Typically the lender needs to wait for 15 days after a default to issue one of these. If the situation isn’t remedied, a homeowner can be evicted and a lender can sell the property.
A Foreclosure takes a different route to the same end.
Foreclosure
Under this process, the institution takes title to your house and property. This is different than in a Power of Sale where the lender has the right to sell the house. The end result can be eviction in both cases. However, in a Foreclosure, a homeowner loses the title to the property.
Homeowners in Simcoe, Ontario who find themselves in either of these positions need to look at their selling options.
Selling Options Open to Simcoe Homeowners
Sell it Yourself.
There’s a lot to consider here that can be overwhelming if you’ve got financial troubles.
For example, just prepping the house and working on the curb appeal takes up a lot of time. Consider the fact that exterior painting can cost just under $3000. If you’re looking to stage the place to get top dollar, that service can set you back is much as $1800. Total it all up and you’ll find the average homeowner spend as much as $20,851.
Hire An Agent.
Remember there’s no guarantee that you’ll get a quick sale by hiring an agent. You’ll more than likely be only one of many clients.
Here’s another reason hiring a realtor might not be your best move if you need to sell quickly. A full-service agent that has experience can be expensive. They can take a large percentage of the total sale price.
Other people who want to sell quickly don’t want to show the property at all. Major repairs they can’t afford keep them from putting it on the market. Maybe the place is run down and they don’t have the cash to make it presentable.
Older home repairs can be especially costly. Many of these require plumbing and electrical work as well as additions. Quite often permits are needed and those can be a further strain on time and money.
A bad foundation can cost the most. If the walls spread, settle and crack, the whole house can shift.
Steps for Selling a Home Quickly
People with these issues might need to sell quickly. They can use these suggestions to speed the process up.
- Borrow some money to make minor repairs. However, a recent HomeStars report says most Canadians use a professional renovator. That’s difficult if you’re already cash strapped.
- Remember you need to confirm financial deadlines to sell a house. Consider closing costs. You need to set aside around 3% to cover things like legal fees.
Another excellent option is considering different cash home buying companies. Research the options you have means checking online reviews and taking company experience into account. Make sure any candidates you are considering will supply informative answers to all of your questions.
There are several advantages to using one of these services. Here’s a few reasons why they make the most sense for some homeowners in Simcoe.
Advantages of Using A Cash Buyer in Simcoe
A cash home buyer is the quickest way to a fast sale with little or no red tape. Here’s why:
- There’s no need to sort through contractors and hire them for repairs. Remember it’s best if you conduct interviews first and get estimates. A cash home buyer buys your place “as is” for under market value.
- You have more control over the process. The cash home buying deal saves on different closing costs like processing and appraisal fees. There is no waiting for a mortgage to be underwritten or stressing out over a less-than-perfect credit score.
- These eliminate the risk that a sale will fall through. Financial issues are one of the main causes that sales derail with traditional mortgages.
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 that can help you get the quick sale you’re looking for. If you are a homeowner in Simcoe who needs to sell their home quickly, we supply this option that’s worth exploring. Call 416-499-2122 or email ron@mortgagebrokerstore.com.