“Can I sell my house fast in Manchester if I still owe money on it”? This is a question we’ve frequently gotten over and over again from the clients that we’ve worked with in Manchester, New Hampshire. Their financial situations are sometimes a bit challenging because they still owe quite a bit of money on their mortgage. Or perhaps a hardship has left them unable to pay the city the property taxes they owe for one or more years. Still, other Manchester homeowners have found a lien placed on their home; maybe from a contractor they were unable to pay or even a tax lien from the IRS.
Whatever your situation may be, it is worthwhile to read through our latest post. Here at Summit Buys Houses we’ve worked with Manchester New Hampshire homeowners for many years and we’ve seen a lot of challenging situations. We’re proud to say we’ve helped homeowners move through those problems, clear up their debts and move on to a great new chapter in their lives.
Can I Sell My Manchester House Now If It Has a Mortgage?
You can most definitely sell your Manchester house quickly even if it has a mortgage. This is very common and most Manchester home sellers do have a mortgage on their property when they put it up for sale. Don’t worry about this scenario at all! There are a few things to consider however when you’re getting ready to sell that property.
You’re going to need to know what the balance on your mortgage currently is. And of course, you’re going to work to sell your house for an amount that is higher than the current balance of your mortgage. This will allow you to pay off your lender in full and take the leftover cash from the sale to move on to the next chapter of your life.
Some people selling their Manchester house do overlook a few things when planning to pay off their mortgage. First, you are going to have some costs between the time your house goes up for sale and you finally arrive at the closing table to transfer the ownership of the property. One cost you have to account for is making some repairs to the property. This is particularly common if you are working with a Manchester real estate agent who wants the property in showroom condition before it goes up for sale.
The second cost that few home sellers account fully prepare for is the amount of money you must pay to the realtor as a commission for their services in selling your Manchester house. Most people know that they have to pay real estate commissions, but surprisingly few actually calculate the huge amount of money that this ends up being! Many realtors in the Manchester area are going to charge you 6% of the sales price as a commission. Sounds OK right? But let’s say your property sells for $450,000. Before you can walk away from the closing with any cash in your hand you are going to have to pay the realtor a whopping $27,000 in commissions. (That is not a misprint—simply do this calculation; 450,000 x .06 = 27,000)
Can I Sell My Manchester House Fast If I’m Facing Foreclosure?
If you find yourself in the unfortunate situation of facing foreclosure, you still have a number of options to sell your house. It’s important not to panic but to understand exactly what you can do and then take some action so that you don’t end up losing the property at an auction and damaging your credit for a long period of time.
The first important fact is you still own the property and have every right to do whatever you’d like with it up until the day that the bank horse a foreclosure auction and takes the property back from you. So, you most definitely can sell your Manchester house when you are facing mortgage foreclosure. But typically, you need to take action swiftly so that bank and legal charges don’t pile up and make it impossible for you to pay off the amount you owe.
If you find yourself in this situation you owe it to yourself to talk to a professional cash home buyer. The first important reason to do this is that typically they can work very quickly and buy the house well before a foreclosure actually occurs. This saves you thousands of dollars in legal fees and rescues your credit profile from having a black mark for a minimum of seven years.
A second important reason you may want to consider a reputable investor when you’re facing foreclosure is that they’ll buy the property no matter what condition it’s in. If you don’t have the extra cash needed to make repairs or clean out the house this is likely to be your best alternative.
Can I Sell My Manchester Home Quickly If I Have Liens?
We’ve worked with Manchester property owners who aren’t even aware that they have a lien placed against their house. You might ask “How can I possibly have a lien on my house that I didn’t know about?” One very common scenario for having a lien on your property is that you’ve used a contractor in the past to do some work on your home. That contractor may have used subcontractors to complete some of the work.
And if your contractor did not pay the subcontractors as agreed, they could put a lien against your property in hopes of getting paid what they’re owed. It hardly seems fair to you since you paid all the money that was owed, but it does happen, particularly with some less-than-trustworthy contractors.
The good news is you can definitely sell your property if you have liens against it. The bad news is all of those liens have to be paid off and released prior to a sale being finalized.
As long as you have enough equity in your Manchester house to pay off both your mortgage and the total of any liens that are on your property we will gladly help you take care of those and clear up any problems that exist.
Can I Sell My Home Fast In Manchester If I Owe Money To The IRS?
Absolutely nobody wants to have problems with the IRS—am I right? They have an awful lot of power and owing them back taxes is one problem that very seldom—if ever—goes away without dealing with it properly.
An IRS lien on your Manchester property normally means you owe a significant amount of money for tax payments you failed to make to them. The first thing to be aware of is that this lien shows up on your credit report and makes it more difficult for you to get new loans in the future whether it be for a car, a new credit card, or a new mortgage.
Having an IRS lien against your property doesn’t necessarily mean you need to sell your house. There are other ways to solve this problem. The most common one perhaps is to negotiate with the IRS to establish a payment plan, and over a period of time make regular steady payments to them which will pay off all of the debt you owe.
However, sometimes homeowners don’t have that type of money to make up these back taxes. In that case, selling your property quickly just might be the best chance to cut your losses and start fresh in another home.
When I Sell My Manchester House -Where Exactly Does All The Money Go?
Once you’ve accepted an offer to sell your Manchester house, how do you end up calculating the amount of money you’ll receive at the closing table? There’s a simple phrase that sums this up “Money flows to the people you owe before it flows to you.”
The title company handling the sale of your property has to coordinate all of the debts that have been linked to the house. In the end, they provide you with a detailed breakdown of all the money and where it is distributed, known as a HUD Settlement Statement.
They make a list of all the debts and then plan to issue payoffs to all the stakeholders. This may mean that you will pay off your first mortgage and second mortgage if you have one. Then they will pay off IRS liens and any city tax or utility charges that are on the property. Then if there are any other types of liens on the property, they will arrange to pay those as well. Once all of those people have been paid the remaining amount of money will come back to you as cash at the closing.
You can sell your property in Manchester fast at virtually anytime you feel you’d like to move on. It normally does not matter whether or not you owe money on the house. The only time it would create a problem for you is when the total amount of money you owe on all your debts is more than the amount that you would get for the sale of the house. Unfortunately in that case, you would have to take money out of your pocket to make up the difference at the sale closing.
We’re Here To Help You Sell Your Property
We buy houses in Manchester NH all the time and have been doing so for years. If you are uncertain about what is the best way for you to proceed with the sale, you should give us a call. We enjoy answering seller questions and we never require you to sell your house to us just to provide you with helpful information. We’re here to help regardless of what you decide.
There is never any high-pressure sales from us. We’ll visit with you to talk about what your situation is and more importantly what you hope to accomplish by selling your home. Then we’ll write you a cash offer that is guaranteed not to change. It’s 100% free to see our offer—so why not give us a call today?
A Trusted Home Buyer Like Us Can Be Your Most Valuable Player!
Are you looking for a non-traditional method of selling your property quickly? This makes the entire process easier for you and your family. You eliminate any waiting and uncertainties because you stay in control throughout the process—from the initial offer all the way through collecting your money at the closing. And we pay all of the closing costs, cleaning, and repairs.
We are “The Local Guys” who buy Manchester New Hampshire properties for cash.
Our long list of satisfied clients is a testament to our experience and caring for your needs.
Give our team a call if you have any questions or would like a free quote on your home. There are never any “high-pressure” sales tactics from us and everything is free of charge. We are here to help—what have you got to lose by giving us a call?
You’ll quickly see why the Better Business Bureau of New Hampshire has awarded us their highest business rating. It’s an honor we’ve earned by helping homeowners like you sell their homes quickly and profitably in the shortest amount of time.
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We buy houses all over the state of New Hampshire in places like Manchester, Nashua, Concord, or Derry to name just a few locales. We buy the ugliest houses along with those that are in good shape—it doesn’t matter—we’re ready to buy your property! Why not contact us for a quick, confidential, no-obligation cash offer and the best, no-pressure advice. We buy houses in any condition and we promise to give you the HIGHEST POSSIBLE CASH OFFER in writing. “Summit Buys Houses” is Summit RE Group LLC. and is duly registered to operate in the states of New Hampshire, Massachusetts, and Nevada.