What If I Have a Mortgage and Need to Move Quickly?
Most people who purchase a home in Las Vegas do so with a mortgage. A mortgage loan lets you borrow money to pay for your home, and you pay it back with interest over a period of time. Until you pay off the home, you don’t fully own it. If you end up needing to move at some point, you’ll need to pay off the mortgage first.
If you’re planning on moving and still owe on your home, rest assured that you have a number of options to make a quick move possible. Let’s cover what they are.
Rent Out Your Property
If you’re not interested in selling your property just yet, you can consider turning it into a rental property. This can be a smart decision when you have a low mortgage and can easily collect enough to cover your mortgage, taxes, insurance and maintenance costs.
However, you must be up for the challenge. Being a landlord comes with many responsibilities. And if you’re not moving nearby, you might have to hire a local property management company to manage things on your behalf.
If you have to sell your home before you move, you may be able to submit a contingent offer. Contingent offers are not as attractive to sellers, but they’re worth a try, especially in a buyer’s market. Basically what this type of offer means is that you will take out a new mortgage once your current home sells. If you can’t sell your home, your offer becomes invalid.
Perhaps one of your best options is to sell your home for cash in Las Vegas. In this type of transaction, a buyer will offer to purchase your home for cash. Because they don’t need bank financing, you can start the closing process as soon as you accept the offer. Typically, you can close within a week or two and walk away with cash in hand.
Additionally, cash buyers purchase homes in as-is condition, meaning they’ll buy them in their current condition. You won’t have to worry about cleaning, organizing and staging your home, especially when you could be packing! In exchange for a quick offer and expedited closing process, the buyers get a discount on your property.
This is a lengthy process, so we don’t generally recommend it if you don’t have to. However, if you owe more on the mortgage than what your home is worth, you won’t be able to sell it the traditional way (unless you want to cover the difference).
In a short sale, you sell your home for its current value and the lender writes off the remaining balance. The downside is that your credit will be negatively impacted and you may have to wait several years to take out a new mortgage.
Get Your Free Cash Offer Today
Finding out you need to relocate right away is stressful, especially if you have a fixer upper in Las Vegas. We Buy Any Vegas House buys properties in all conditions and price ranges. Let us make you an offer – it’s free and no obligation – and then you can determine which option is right for you!