Whether you overpaid for the property in a bidding war, you’ve fallen behind on mortgage payments, or property values have dipped, being upside-down on your mortgage or owing more than the current market value is a less-than-ideal situation for homeowners. If circumstances force you to sell your house due to foreclosure instead of waiting out a market turnaround for values to rise, you may feel backed into a corner. Understandably you don’t want to make a costly misstep when faced with this dilemma, so exploring your options is helpful.
With so many decisions ahead, being fully informed and weighing the benefits of each will help you feel confident in the action you take. So read on as we explore four things you can do if you are upside-down on your mortgage in Baltimore, MD.
Assessment
The first thing you should do if you’re upside down on your mortgage in Baltimore, MD is to get a clear and realistic understanding of your financial situation. This means reaching out to your lender to get an accurate figure for the amount still owed on your mortgage. Additionally, scheduling a professional appraisal of your home is key to knowing its current market value. Having these precise numbers will give you a better idea of the gap between what you owe and what your home is worth, allowing you to assess your options more effectively. This step is crucial for making informed decisions about the next steps and understanding where you stand in the process.
At Perry Hall Investment Group, we understand how important it is for you to make an educated and informed decision about your home’s future. Our professional buyers take the time to explain the details behind our offer, so you can compare it to what you might earn from listing your property traditionally. We’ll show you how much you could expect after listing, factoring in agent commissions, repairs, and time on the market, versus our straightforward cash offer to buy your house directly as-is. With us, there’s no need for costly repairs, cleaning, or prepping your home for showings. We provide a transparent process, and we’ll make sure you feel confident that our offer is fair. At Perry Hall Investment Group, we want you to feel comfortable with the decision and know that we’re here to support you, even long after the closing process is complete.
Short Sale
Naturally, if you’re upside-down on your mortgage in Baltimore, MD, you’ll want to explore every option available to avoid more serious financial consequences. While a short sale does come with some drawbacks, such as the potential for a hit to your credit score, the impact is far less severe than the long-term damage caused by bankruptcy or a foreclosure. A short sale allows you to sell your home for less than the balance of your mortgage, helping to avoid foreclosure and its drastic effects on your financial future. While this process can be complex, professional buyers like those at Perry Hall Investment Group are highly experienced in negotiating short sales with lenders, ensuring that the terms are as favorable as possible for you while mitigating any negative consequences.
A direct sale to one of our professional buyers at Perry Hall Investment Group offers an even simpler solution for homeowners in Baltimore, MD struggling with an upside-down mortgage. With our straightforward cash offer, you can avoid the lengthy and complicated process of listing your home, dealing with inspections, repairs, and showings. Our team handles all the details, working directly with your lender to ensure the process is smooth and efficient, whether it’s through a short sale or a quick sale of the property. Selling directly to us means you can quickly resolve your housing situation and move forward without the stress and uncertainty of traditional home-selling methods. At Perry Hall Investment Group, we’re here to make solving your home-selling troubles as easy as possible, so you can focus on rebuilding your financial future.
Pay the Difference
Another thing you can do if you’re upside-down on your mortgage in Baltimore, MD is to sell the property and bring the amount owing to the closing table to pay off the remainder of the mortgage. With a direct sale of your Baltimore, MD house to professional buyers like those at Perry Hall Investment Group, you’ll get a fair value and won’t pay any hefty real estate commissions. At Perry Hall Investment Group, our professional buyers operate with total transparency. At Perry Hall Investment Group, there are no hidden fees, and because of our full-service in-house team of industry specialists, you won’t pay any closing costs, and we can provide you with a fast, guaranteed closing day. Or talk to your professional buyer from Perry Hall Investment Group about selecting the best calendar date for your closing.
At Perry Hall Investment Group, our professional buyers are the best option if you are upside-down on your mortgage and need to sell. At Perry Hall Investment Group, our professional buyers stop everything and listen to sellers to help find the best resolution for your situation. Feel free to ask us any questions or express any concerns you may have about the process of a direct sale of your house. At Perry Hall Investment Group, we are your neighbors who live and work alongside you, and we are proud of the work we do helping Baltimore, MD sellers with unique and individualized solutions, one seller, one property at a time. So why learn more about the difference a direct sale of your house can make by talking with a professional buyer from Perry Hall Investment Group for yourself without obligation? Call Perry Hall Investment Group at (410) 989-5200.