How to Sell Short Sale Homes in Ohio Fast
If you are behind on your mortgage payments, you may be exploring options for unloading your property quickly to avoid foreclosure. One option for many homeowners is to sell short sale homes in Ohio to a local home buyer. A short sale allows you to sell your house directly to the buyer, pay off your debt, and prevent the bank from selling your house at auction.
A short sale is not a way to make a profit on your house. However, it is a way for you to get out of a stressful situation. While a short sale may affect your credit slightly, it does not have the impact on your credit score that a foreclosure has. You may still be eligible to buy a house in a relatively short period. Read below to find out more about how to sell short sale homes in Ohio fast.
What is a Short Sale?
When you owe more on your home than it is worth and you need to sell your house fast, the transaction of selling your property is called a short sale. You need your mortgage lender’s approval to do a short sale because they will be accepting less than the loan balance. There are many reasons homeowners opt for a short sale, but one of the most common is to avoid going into foreclosure.
To get approval for a short sale, you need to do three things:
1. Provide Proof of Economic Hardship
To start the short sale process, you need to provide proof of hardship. The two most accepted hardship cases are proof that lower income has made your home unaffordable or that you are subject to a mandatory job relocation. When reviewing your hardship case, your lender will analyze your income and assets. If your debt-to-income ratio has risen, it will help your short sale approval.
2. Find a Local Home Buyer in Cleveland, OH
Once the lender has approved the short sale, you can begin your search for a local home buyer in Cleveland, Ohio. You will need to present any offers to the lender for approval. This process can take two weeks to several months. However, working directly with a local buyer is faster than hiring a realtor and selling your house the traditional way.
3. Get Approval from the Lender
The lender will review the buyer’s offer and decide if they will approve the sale. Once approved by the lenders, the short sale can close as soon as you and the buyer set a closing date. Most local buyers are already pre-approved for the sale because they pay cash for your house and buy it as-is. You make no repairs or renovations. Plus, you pay no closing costs or realtor commissions.
Is a Short Sale Your Best Option?
There are some benefits to a short sale as an alternative to foreclosure. You can eliminate a sizable portion of your debt. You can also repair your credit in a shorter amount of time. In some states, you can get relocation assistance for up to $3,000 after the sale. However, there are drawbacks to a short sale.
- The lender may seek a judgment against you for the remainder of the balance after the sale.
- You may have to pay taxes on claimed income if the lender waives some or all the remaining balance.
- You may get lowball offers from buyers attempting to take advantage of your situation.
- You may go through the hassle of negotiating with several buyers, which can delay the sale.
- If there are multiple lenders (primary and junior), they all must agree to the sale.
If you have sufficient income or assets, the lender might require you to sign a promissory note to pay back some of the deficiency as a condition of agreeing to the short sale.
How to Sell Short Homes in Ohio in 3 Steps
Step 1: Call Our Local House Investors
Call us today and schedule a quick walkthrough with one of our house buyers. We can assess your property to decide if we would like to move forward with a purchase. If so, we will make an offer within 24 to 48 hours. Do not worry about preparing or cleaning your property. We buy houses as-is.
Step 2: We Will Make a Fair Cash Offer
If we like what we see, we will make a cash offer on your house at just below its current market value. We will not try to buy your house at a rock-bottom price. Instead, our local house investors try to create a solution where everyone benefits. As local buyers, we understand the real value of your property in Ohio
Step 3: We Pay You Cash
If you accept our offer, then you can schedule a close date that is convenient for you. In most cases, we can close in as little as seven days and have cash in your hand in only a few weeks. We pay all closing costs. You pay nothing. Simply walk away from your property with no strings attached.
Sell My Short Sale House Fast in Cleveland, OH
Before you contact the realtor or list your house on the market, do not pass up the chance to sell your house as-is for cash. Home Buyers Ohio is here to help you find the simplest solutions to get cash-in-hand quickly without wasting time and money on repairs and closing costs. To schedule a quick, no-obligation walkthrough with one of our local house buyers, call 440-490-4600.