Homeownership is an important goal for most Canadians. There is a distinct pride in being able to call your house or condo your own. With this pride of ownership also comes great responsibility as well as the flexibility to make any changes to your property as you see fit.
The financial responsibility comes with the requirement to pay all monthly housing costs on time along with the designated mortgage payment. Although a responsible homeowner will undoubtedly try to cover all related housing expenses every month, life has a way of throwing financial curveballs.
With changing economic circumstances and the possible addition of other monthly liabilities that fall outside of housing costs, an Ontario homeowner may find it increasingly difficult to meet the monthly mortgage payments.
Current Trends in Toronto Real Estate
The Toronto housing sector, including Etobicoke, North York and Scarborough has outperformed all expectations throughout 2020 and well into 2021. Ontario homeowners are in the advantageous position of seeing significant appreciation in their homes.
According to the August Toronto Housing Report, Toronto property year-over-year increases have reached 28.1% in the GTA and central Toronto. Home sales have also seen a marked increase during this same time despite the ongoing Covid-19 pandemic.
While overall housing numbers remain encouraging, Toronto homeowner’s finances may have been affected by the personal economic constraints during the Covid-19 pandemic. Meeting all monthly liabilities has become increasingly more difficult for some.
Selling a Condominium (Condo)
Toronto has had a condo boom over the past decade and condo buildings continue to be built. But selling a condo has some specific challenges such as allowing people into the building. In most condo buildings all people entering the building must be signed in by a person at the front desk. Always check with property management to confirm if and when you can allow people to view your condo.
What Happens When You Miss Your Mortgage Payments?
If a Toronto property owner has fallen behind in their monthly mortgage payments this is referred to as falling into mortgage arrears. A lender has a choice to start default proceedings if there is a missed or incomplete mortgage payment.
When approaching the problem of mortgage default, the majority of Toronto lenders will choose to use Power of Sale. Although another default method that is occasionally utilized by a Toronto lender is to start foreclosure proceedings.
If you are a Toronto homeowner it is important to understand that there are ways to stop a power of sale or foreclosure on your home. One method is to sell your house through a Toronto-based buyer at market value with a discount. There are established buyers throughout the GTA who will buy your house before a lender can take possession.
Selling Options Open to Toronto Homeowners
Toronto homeowners will benefit by considering the different methods that are available to help stop a lender from eventually evicting you from your property and taking back possession of your home.
Toronto homeowners can also be forced to sell a property quickly for other reasons which can include:
- Property is need of substantial repair and may be hard to live in
- Rental tenants that are causing problems
- Looking to downsize and can’t sell
- Fire damage
- The economic realities of a divorce
- Liens on the property
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.
One such option that may prove to be the best solution to holding on to your home is to approach an established Toronto buyer who will appraise your property. A home buyer will buy your property at fair market value with a discount. The location, current condition, and appraised value will all come to play when determining the final selling price of a given property.
There are several types of buying options for Ontario homeowners including:
- An Ontario homeowner can approach a cash home buyer- There are home buyers that are well established in Ontario who will be able to buy your property very quickly for cash. A home buyer will assess a recent appraisal of your home and look at the current condition of the property. They will buy the property in the condition it is currently in for cash with a discount.
- Real Estate agents that specialize in quick sales– All real estate agents are experienced in buying and selling homes for clients. There are however Ontario-based real estate agents that are specialized and experienced in very quick sales (the sale is completed in typically a week). Hiring such agents can allow a homeowner to sell quickly while avoiding a lender repossessing the property.
- An Ontario homeowner can sell to family or friends- An Ontario homeowner facing a potential power of sale or foreclosure on their home can always approach family or friends who may be able to buy the property before the threat of repossession of the property.
Steps to Take to Sell Your Home Quickly
When a Toronto homeowner is facing compelling reasons to sell their home quickly it is worth the time to research buying options in your area. For any potential home repossession, time is of the essence. For any other reasons, it is always best to explore options that will give you the peace of mind that your valued home can be sold with little cost or stress involved.
Use your time and take the necessary steps to sell your home quickly:
- Research the different home buying options
- Have an appraisal of your home by using a reputable Ontario-based appraiser
- Look at all your monthly liabilities and try to pay down the higher interest debts first
- Talk to family and friends to see if selling through them may be an option
- Arrange a meeting with a home buyer or mortgage lender specializing in quick sales to see what option can be arranged
Advantages for Using a Toronto Cash Home Buyer – No Commission
One of the biggest incentives of utilizing a home buyer to buy your property is the sheer cost savings involved in avoiding a power of sale. Selling your home to a home buyer will prevent the possibility of paying exorbitant costs involved with a power of sale which can run up to 30,000 dollars and you will not be on the hook for renovation costs or fix up as the property will be sold as-is. There are no real estate agents involved which means there are no commissions to be paid.
Toronto home buyers can be companies specializing in quick home sales or individuals. Of all the routes to a quick home sale, selling through an Ontario home buyer is significantly considered the fastest method. The overall time it will take to sell your property can be as little as 48 hours.
Other advantages can include:
- No commissions or fees or sign any contracts with a real estate agent which will require you to sell only through them.
- You can have control over the closing date
- You do not have to put the time into cleaning or dealing with repairs
- You will not have to put time and energy into finding a suitable real estate agent
Mortgage Broker Store is very experienced and willing to buy houses quickly for cash. It may be worth the time to research the attractive option of selling your home through this route to help to avoid possible home repossession.