If you need to sell your house quickly and do not care whether you make a profit on it or not, you may want to consider selling it through one of these two options. Each option offers a way to sell a house fast, and you may find that one of these options is the solution you have been looking for.
Use a short sale
A short sale involves selling your house for a price that is lower than the balance you owe on the house. The only way you can use a short sale is if you get permission from your lender. When you talk to your lender, the most important question to ask is how they deal with the loss on the sale, and there are two different ways this can be handled:
- The lender will agree to consume the loss – With this option, you will have nothing to lose. The lender will forgive the amount of the loss on the sale, and you will never have to pay it. If this is the case, the paperwork will state that this is a non-deficiency sale.
- The lender will charge you for it – If the lender tells you that you will be responsible to pay for the loss, you may want to look for a different way to sell your house.
You may have tax ramifications from this though. If so, you will have to report the loss of sale as income on your taxes.
Find an ugly house buyer
There are companies around that are in the business of buying houses. They advertise that they will purchase any house, and it doesn't matter if it's a nice house or an ugly one. According to Business Week, these companies try to pay around $0.65 per $1.00 on the house. In other words, if your house is worth $100,000, they might offer you $65,000.
The benefit of using this option is that the sale can go through quickly, and this is primarily because you do not have to wait for a buyer to want the house. It's also because cash sales on homes may go through faster, because there is no waiting for bank financing.
If you really need to sell your house fast, your best option is to find a company that buys houses. This will offer the fastest way to sell your home, and this may help you solve the dilemma you are facing.