How to Sell Your Murfreesboro House Even if You are Behind on Your Mortgage

behind-on-mortgageBehind on your mortgage? This can be a very stressful time for you and your family, both emotionally and financially. Understand that you’re not alone, there are a great number of families finding themselves in this predicament. Read on to learn how to sell your  Murfreesboro house even if you are behind on your mortgage.

Don’t Delay

Should you find yourself among those in this position currently, don’t hesitate, especially if your lender has started communicating that foreclosure is on the horizon, selling your home may be the best option. The time is now to sell your Murfreesboro house if you are behind on your mortgage. Talk to your lender and let them know the steps you are taking, keeping open lines of communication is important to avoid making errors as you take actions to resolve your problems. Failure to act leads to complicated foreclosure processes. Trust me, you do not want a foreclosure on your financial record! For a full understanding of what foreclosure is, the damages it can do to you, and how the process works, please read our article “What is the Foreclosure Process in TN?”

Don’t fool yourself by believing that this means you will be free of your financial obligations to the lender. And in many cases, there are deficiency judgments, wherein the lender is still legally owed any remaining debt on your mortgage note after the lender receives the foreclosure sale proceeds.

Selling on Your Own

Undertaking the task of selling your Murfreesboro house if you are behind on your mortgage may appear to be a money-saving solution, on the surface.  Do read our article “Can I Successfully Sell My House as a For Sale by Owner?” There is a tremendous deal of paperwork and multiple timelines for paperwork submissions involved in selling a piece of Real Estate. Another difficult problem for you will be pricing your home without adding unrealistic value based on your emotional attachment to the property. Prepare for a financial outlay of up to thousands of dollars in preparing and making repairs to your home if you decide to put your house on the market.

Should you successfully sell the home, you need to understand there are legal risks involved. Any major repairs discovered after closing, even if previously unknown, could mean facing legal risks on your own as well. What happens if the repair costs are more than your net proceed from the sale? Who owes what to settle the house?

Real Estate Agent

Listing with an agent is another way to sell your Murfreesboro house even if you can’t pay your mortgage. Unless your property is in mint condition, repairs, renovations, and upgrades may be required. Real estate agents include a staging strategy at your expense as a part of the overall marketing and advertising budget. In addition to these expenses, you will also be paying commissions, fees, and closing costs. When already struggling to stay afloat, their demands may sink you financially before your home ever sells. Remember, in traditional listings, you have no guarantee when and if it sells. The longer your house is on the market, the more carrying costs and late payments you owe. Our article “7 Reasons to Avoid The MLS When Selling Your Middle Tennessee House.”

Selling Directly

When you are considering selling your Murfreesboro house if you are behind on your mortgage, selling directly may be your best option. It is important to consider the advantages of working with a direct buyer or real estate investor. This is especially important when you have debt looming over your head and you get nearer to the deadline of foreclosure every day. You can be ahead of the lender and the foreclosure process by selling directly before it is too late.

The benefits of selling to a professional real estate investor are many. No interruptions in your life from showings, no pressure to keep everything spotless at all times, and no worries with repairs and updating your house. You will not be left under the gun by working with inexperienced buyers, backing out, and failing to close. Currently, 40% of all contracts to purchase a house fail because the loan wasn’t approved at underwriting. None of the expenses of listing a home will come into play when selling to a professional buyer, including no real estate commissions coming off the top at closing.

The best way to sell your Murfreesboro house is to Southern Homes Investments, even if you are behind on your mortgage! Unlike traditional listings, you will have a guaranteed sale, a quick closing date you can rely on to avoid foreclosure. To learn more, call 615-500-4466 at any time! Please, please do not let your house go into foreclosure, call us first!

Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.

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