How to Sell Your Edmonton House Even if You are Behind on Your Mortgage

Let’s hope it never comes to this…but if it does, hopefully this article from Sunrise Home Buyers can offer you some guidance and direction to navigate the process.

Behind on your mortgage payments? Trying to avoid a foreclosure on your Edmonton home? This is certainly a very stressful time for you and your family, both emotionally and financially. It’s bad enough that the Alberta economy has been in the tank for so long. Now compound that with Coronavirus complications! It’s a perfect storm. But please understand, you are not alone in this tough spot. There are plenty of families finding themselves in that same predicament. Sometimes there is no easy way out…no easy decision. It’s just a matter of choosing the ‘least worst’ option. So if you are behind on your mortgage, please read on to learn about your options and how to sell your Edmonton house.

Avoid Delays

Throwing out your mail or ignoring phone calls can alleviate the pain in the short term, but it won’t help you in the end. Even if If you find yourself late on your mortgage payments in Edmonton, Sherwood Park, St Albert or Spruce Grove, PLEASE don’t hesitate or bury your head in the sand. This is especially true if your lender has started communicating that foreclosure is on the horizon. It may be the case that selling your home or property fast may be the best option. The time is NOW to sell your Edmonton house if you are behind on your mortgage.

If you’ve got a plan or money coming to get caught up, GREAT. But if all you are doing is hoping for a miracle, talk to your lender and let them know the steps you are taking to resolve the missing payments. Keep those lines of communication open! It is important to avoid making any careless errors as you take action to resolve your financial difficulties. Sadly, a failure to act leads to a MORE complicated foreclosure processes and vanishing home equity. Don’t fool yourself by believing that this means you will be free of your financial obligations to the lender.

In many cases, there are deficiency judgments, where the lender is still legally owed any remaining debt on your mortgage note after the lender receives the foreclosure sale proceeds. Seek out help. Ask the experts. If things ARE that bad, reach out to a local company or one of the top debt relief experts in Canada. While the latter company is in another province, much of the information they share applies across Canada. Call a lawyer. Any way you slice it, talk to someone about the mountain you’re facing.

It is possible to avoid the pain in the short-term. But that plan isn’t really a plan. And it comes with the most expensive price tag in the end.

Selling on Your Own

On the surface, taking the challenge of selling your Edmonton home if you are behind on your mortgage may appear to be a money-saving solution. But there is a tremendous amount of paperwork, each with their own deadline, when selling a piece of Edmonton and area real estate. Another challenge will be pricing your home without adding unrealistic value based on your emotional attachment to the property. It is hard enough for a person to do that without the financial pressures you are facing. Do you really think you can pull that off on your own?

If so, prepare for a financial outlay of several thousand to prepare your home to sell on the open market. Repairs, improved curb appeal, negotiations; they will all cost you money. And should you successfully sell the home, you will need to be aware of any legal risks involved. Any major repairs discovered after closing, even if previously unknown, could mean facing legal liabilities on your own as well.

Real Estate Agent

Listing with a local real estate agent is another way to sell your Edmonton house even if you can’t pay your mortgage. You will need to have some equity to do this. Or funds to cover any realtor fees to cover their commission. But if that was the case, you wouldn’t be in this position….right?

Unless your property is in mint condition, repairs, renovations, and upgrades may be required. Many real estate agents include a staging strategy at your expense as a part of the overall marketing and advertising budget. In addition to these expenses, you will also be paying commissions and closing costs. When already struggling to stay afloat, their demands may sink you financially before your home ever sells! Remember, when listing the traditional way with a realtor, you have no guarantee if your house will sell, nevermind when your property might sell.

Most Edmonton homes are sold by realtors; and that is the case in EVERY market. While its true they can usually get you the best price, if you are looking for a FAST sale of your house or have limited equity, you may have a different priority. And its in these situations where an Edmonton cash house buyer like Sunrise Home Buyers can help.

Selling Directly

When you are considering selling your Edmonton, Leduc or Fort Saskatchewn house if you are behind on your mortgage, selling directly to a company like Sunrise Home Buyers may be your ideal option. Don’t overlook the advantages of working with a direct home buyer, especially when you have debt looming over your head and you get nearer to the deadline of a foreclosure every day. You can get ahead of the lender and the foreclosure process by selling directly before it is too late. Plus there will be no interruptions in your life from showings and no pressure to keep everything spotless at all times. You will not be left under the gun by working with inexperienced buyers, or would-be buyers backing out, and failing to close. None of the expenses of listing a home will come into play, including real estate commissions coming off the top at closing.

We strongly believe the best way to sell your Edmonton house is to Sunrise Home Buyers, even if you are behind on your mortgage! Unlike traditional listings, you will have a guaranteed sale of your as-is home, combined with a quick closing on the date of your choosing. Hopefully in this way you can avoid a foreclosure and that lengthy credit blemish. But its not just that. The team at Sunrise Home Buyers operates with integrity and attempts to create win-win solutions for both the home buyer and seller. Read our reviews and see what our clients have to say. To learn more, send us a message or call (587) 982-7576 at any time!

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