Every homeowner has different reasons for moving. The most common two reasons we hear is “I need to sell my home fast to downsize,” or relocate closer to work or family. Some others need a fast sale to avoid foreclosure and costly repairs. These reasons change the best method you should use to sell your home and how quickly you need to sell it.
“Any homeowner right now wants the maximum amount. Once we discuss their situation and provide options, they see there are many other things to consider besides price.”
-BRADEN KUSAY, PROPERTY SPOT
Let’s take a look at some of the most common reasons why a homeowner needs to sell their home quickly, as explained by Braden Kusay, our Business Operations Manager here at Property Spot.
Many homeowners want to sell their home fast for cash is to avoid foreclosure. While there was a drop in foreclosures in 2020, the rates are quickly rising again. The number of U.S. properties with foreclosure filings in July 2021 was 12,483 according to ATTOM Data Solutions. This is up roughly 40% from July 2020.
Here is how every state stacks up, via data from SoFi (as of August 2021).
To avoid foreclosure and protect their credit score, many sellers turn to quick sale options.
“No one wants to foreclose on their home,” Kusay explained. “They don’t want to hurt their credit and, more often than not, they don’t want to just give their home to the bank. They want a viable method that will pay off their mortgage and help get them back on their feet.”
Why Sell Fast:
Some people inherit homes after losing a family member. Many of these homes, while they hold great memories for the family, can be liabilities to their new owner. In most cases, the inheritor already has a home and doesn’t want to take care of, pay off, or renovate the inherited property.
“They turn to fast sale options to cover the remainder of the mortgage and put the money toward their family,” Kusay added.
A Fast Sale Can:
Depending on the company, the condition of your home does not matter with fast sales. Here are some of the homes we purchased in the past year!