Some homeowners in St. Catharines face mold, fire or water damage they can’t afford to repair. Others are confronted with unexpected financial issues that force them into a foreclosure or power of sale situation where they face eviction. In these situations and others, a cash home buyer company can get them cash for their properties in as little as one day.
Homeowners facing financial issues in St. Catharines who are looking for a quick sale also have some other advantages working for them.
Current Trends in Real Estate in St. Catharines
The real estate market is positive . According to the Niagara Association of Realtors, single-family detached homes in St. Catharines stayed on the market for an average of only 8 days in Q4 2021. That was down from 14 days in Q4 2020. That means homes are selling quickly.
The median sale price also set a new record for these types of houses in the St. Catharine’s area. It rose just over 27% year-over-year to $757,000 in the fourth quarter of 2021. That means the amount you’ll get when you sell a home in this city is going up.
These numbers are good news for homeowners in St. Catharines facing money troubles. Some of them struggle with a mortgage.
What Happens When You Miss Your Mortgage Payments?
Even one missed payment can cause a ripple effect. Here’s a few of the consequences.
- You’ll need to make up for the payments you missed. The next one you make will be considered late. Right away you’ll be playing catch up.
- That means you’ll be charged a late fee. Every mortgage payment is considered a make up payment until you pay all the previous missing payments.
- After several missed payments, most lenders will start a power of sale or foreclosure process. Remember there’s a difference between the two.
With a power of sale, the bank or lender sells your property. In a foreclosure, the title to your home gets taken over. Excess profits go to the homeowner in a power of sale. A former homeowner gets nothing with the foreclosure.
That’s one of the reasons people who own property in St Catharines need to consider their options when they go to sell.
Selling Options Open to St. Catharines Homeowners
There are a few different options for selling a house. These can include:
- Selling with a realtor. These experts can help you decide on the right time to list. They can also help you pinpoint different ways to increase the value of your property. Real estate agents and realtors can also arrange open houses and showings. One of the important things to remember is sellers pay a real estate agent’s commission.
- Selling your home in St. Catharines yourself is another option. You need to be highly involved here. People who choose this route need to be comfortable in negotiations with agents and their buyers. You’ll also need to set aside the time to show the house.
Homeowners looking to sell quickly can be facing either a power of sale or foreclosure. That means time is an element because they are facing eviction. Others are facing large repairs like a roof damaged by a flood or a fire that’s gutted the inside. Some of these people can’t afford to fix what’s wrong.
There are some specific steps to take when they need to sell a property quickly.
Steps for Selling a Home Quickly
Here’s a few things you can do if you’re going to try and list the property on your own:
- Creating an excellent listing description can make a big difference. You will need to highlight the best features in the property and use keywords that are appropriate.
- Make sure to add things that make your neighborhood desirable like local parks and restaurants, public transportation and schools.
- Timing your sale is very important. The best period to list your home is early May. According to Zillow, listing your home during this particular time frame means you’ll sell faster than the average.
There’s a lot of work involved for St. Catharines homeowners who want to sell using this method. You’ll also need to confirm financial deadlines with a lender before you start.
A quicker way to fast cash is using a cash home buyer company. There are several ways to find a credible business. You can Google a term like “cash home buyer in St. Catharines” to begin. Once you have a list of names, check out the Google customer reviews. Look for a company that doesn’t require any repairs or cleaning. They should also have verified cash on hand to close the deal.
You can also ask friends and relatives if they can suggest a name. Word-of-mouth is still oneof the best ways to find a credible company that can offer a quick cash sale.
There are several benefits to using one of these companies.
Advantages of Using A Cash Buyer in St. Catharines
There are no surprises when you work with a cash home buyer. They buy the home AS IS, which means there’s no repairs or cleaning needed.
- They purchase the property for below market value without any hidden fees.
- There’s no commissions to pay and the buyer won’t back out at the last minute.
What’s more, they handle the paperwork for you. Some people who need this service are in financial difficulty and behind on their payments. Others might be close to foreclosure or power of sale.
Mortgage Brokers Store is a cash home buyer in St Catharines. We regularly buy homes in the area for below market value. Our team can take over a property and sell it quickly in its current condition.
If you don’t have the financial means or time to sell on the open market by preparing your home listing with a real estate agent, we can help. Our system saves you the significant cost of listing and selling your property through more traditional channels.
Email ron@mortgagebrokerstore.com or call 416-499-2122 today.