People will often buy a house only to have their needs change as the years go by. Paying a mortgage on an unwanted house can be incredibly stressful and frustrating. In this post, we offer 5 ways to get out of your mortgage in Indianapolis so you can move on with your life, even during a massive public health pandemic.
Paying an expensive mortgage month in and month out can take its toll. Especially if you have grown out of the house and are looking for something different. Below, we offer information to help you get out of your mortgage fast, without having to worry about excessive fees or penalties. If you have any questions about getting out of your mortgage in Indianapolis, we want to hear from you!
Sell It Fast
The easiest and most convenient way to get out of your mortgage in Indianapolis is to sell your house to a direct buyer. 317 Home Buyers buys houses directly from local homeowners and can close in only a matter of days. Selling your house fast in Indianapolis will save you a fortune on holding costs including continued utilities, property maintenance, taxes, homeowners insurance premiums, and more. A traditional listing can be effective, but the process can end up taking several months while costing you a lot of money. During this Coronavirus outbreak, there are still buyers looking on the market yet there are certainly not as many. For those who are looking to sell right away, a direct sale to 317 Home Buyers will help to save time and money, giving you the peace of mind you need!
Hire An Agent
Many people choose to hire a Indianapolis real estate agent when it is time to sell their home. While an agent can be beneficial in some transactions, in others, the costs and fees aren’t worth it. If you do not mind paying agent commissions, making repairs, or waiting around for a buyer, hiring a Indianapolis real estate agent may be the best option for you. If you need to get out of your mortgage right away in Indianapolis, you may be better off with selling your house directly. Working with our team will help you get out of the mortgage for your unwanted house in Indianapolis without any cost or hassle.
Rent It Out
While technically you will still be on the hook for the mortgage payment each month, you will be able to have your tenants pay it for you. Finding the right tenants can not only help to pay off your mortgage, but you may be able to collect passive income by renting out your house as well. Keep in mind that not all properties make great rentals and not everyone is cut out to be a landlord. Even still, if you find the right property management company, you can find great tenants, rent out your property, and have someone else pay your mortgage for you. Just be careful in this uncertain time, as you may not be able to evict your tenants for any reason – even if they stop paying.
You don’t necessarily have to give the property away, but you can give it to someone else and have them assume the mortgage. Sometimes there are children or another family member who would be interested in owning the house. You can either have them assume the mortgage if possible, or you can sell it to them for what you owe, ensuring your debt gets paid off, without any further penalties or fees. You will benefit by cutting your ties with the house, and your friend or family member will land a great deal on a property that they want. It’s a win-win situation for everyone involved.
Rent To Own
Selling your house via rent to own works great for those who want to sell for full market value and don’t mind waiting a while before the home is sold outright. A rent to own agreement will open the door to numerous potential buyers, giving you better odds of a fast sale at a great price. While you won’t see the entire sale price right away, you will be able to collect a large downpayment, higher than average rent, and guaranteed income for the next 1-2 years. Once the rental term is up, your tenant will have the option to buy the house outright. If they are unable to, the house will remain in your name, and you can either choose to sell it or repeat the rent to own process and rent it out to another individual.
Are you ready to get out of your mortgage in Indianapolis? Working with 317 Home Buyers will help you achieve that goal. We can help you get out of your mortgage so you don’t have to feel stuck with your unwanted property any longer! If you need to sell your house fast, our team is here to support you!