I almost titled this blog “3 Reasons To Sell Your House in Miami.” However, I’m delving into reasons you need to get rid of your house fast.
This isn’t simply a matter of you are in the mood to sell your property. We’re going into reason you need to strongly consider moving on from the property before a very dramatic and painful event occurs. Hanging on to a property in these scenarios below can be a disaster and this blog is going to tell you why.
3 Reasons To Get Rid of Your House in Miami
Foreclosure & Late Mortgage Payments
Foreclosure is scary. Foreclosure is defined as the situation where a property owner fails to make monthly mortgage payments (i.e. “delinquency’) and the back files litigation to repossess the home. Back in 2005 through 2008, after the collapse of the real estate market and economy, foreclosures were often due to a combination of income loss and property value loss that selling for an amount to cover the mortgage was not possible.
There are very good reasons you need to sell a Miami house once the bank comes knocking to foreclosure. If you can’t get even on your mortgage, and fail to sell the home, you will lose the house entirely. No cash in your pocket. Insult will be added to ths injury.
Foreclosure destroys your credit – you will not be eligible for a new mortgage in the foreseeable future. Low credit also means high interest rates on credit cards and loans, credit and loan applications may not be approved, failing credit checks to be approved for an apartment, utilities companies insisting on a security deposit, no cell phone contract, denied employment, higher insurance premiums, harassment of debt collectors, trouble starting your own business, no car loans. The list goes on, and on, and on.
Want to avoid these disturbing events? Get a little cash in your pocket before the bank takes over? Getting rid of your house in Miami (or finding some way to get even on your mortgage) before the bank comes knocking is absolutely critical.
Property Needs Major Repairs
Ugly houses have many risks associated with them. The local municipality may begin issuing fines for violations in your home, such as unsafe structure, old and outdated appliances and HVACs, overgrown grass. The possibilities are endless and vary city to city. There is also legal risk to maintaining an unsafe environment – particularly with a tenant. Throughout the United States, tenants have the right to a safe apartment with no health hazards or criminal activity. As a landlord, you need to make sure to handle this.
Another reason to get rid of Miami property that needs big time rehab is that fixer-upper properties require considerable money, time, and attention. It is not uncommon for renovated a 2,000/sf house to cost over $40,000. A project along these lines may run more than 2 months, especially if you are living at the house during the repairs. Finally – are you able to devote attention to this property rehab? It is very common that the reason the house fell into disrepair is that you didn’t have the time to take care of it. Selling a house quickly resolves this issue.
Tenant got you down? Landlords have stress at all angles. Bad tenants may do any or all of the following: (1) make unpermitted renovations and modifications to the residence, (2) stop paying rent, (3) complain, (4) break plumbing, (5) criminal activity, (6) keep the property messy attracting bugs, rats, and other vermin, (7) intentionally damaging the property, (8) recklessly damaging the property.
If you’re tenant has pushed you over the edge, it may be time to get rid of the rental house. You don’t want to wait for months of not collecting rent or property damage before selling. This will only devalue your asset. Sell high, buy low. If the tenant has you stressed, it may be the best move to sell fast.
Nonetheless, selling a house with a tenant is very difficult. Imagine a buyer coming for a showing, only to find an angry tenant who hasn’t presented the property well? Not the recipe for a good sale. You have a couple options here. You can wait for the lease to expire – but then you are stuck with the house. On the other hand, you can use “tenant” incentives to encourage the tenant to cooperate with the sale. This can include a break on rent, surprise benefits like a hotel when you want to do the open house, gift certificates, offer to pay moving costs upon sale. Making the tenant your ally – if possible – can make all the difference in getting the property sold.
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