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 Fort Walton Beach so you can move on with your life!
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 Fort Walton Beach, we want to hear from you!
Sell It Fast
The easiest and most convenient way to get out of your mortgage in Fort Walton Beach is to sell your house to a direct buyer. Gulf Coast Home Buyers buys houses directly from local homeowners and can close in only a matter of days. Selling your house fast in Fort Walton Beach 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. For those who are looking to sell right away, a direct sale to Gulf Coast Home Buyers will help to save time and money, giving you the peace of mind you need!
Hire An Agent
Many homeowners in Fort Walton Beach turn to real estate agents when selling their property. While agents can provide value in certain situations, the associated costs and fees often outweigh the benefits. If you’re comfortable covering agent commissions, tackling repairs, and waiting for the right buyer, hiring a Fort Walton Beach real estate agent might be a suitable choice.
However, if you’re looking to quickly get out from under your mortgage without the delays and expenses, selling your house directly could be a more practical solution. At Gulf Coast Home Buyers, we specialize in hassle-free home sales, allowing you to sell your Fort Walton Beach house without paying commissions or making costly repairs.
Choosing the right method to sell your home ultimately depends on your goals and timeline. Traditional listings may take months to close, leaving you responsible for ongoing expenses like taxes, utilities, and insurance. By selling directly, you can save time and eliminate the stress of showings, negotiations, and waiting for financing approval.
Rent It Out
While you will technically remain responsible for the monthly mortgage payments, renting out your property allows your tenants to cover these costs for you. In some cases, with the right tenants, you can even generate passive income beyond just covering the mortgage. This can be an excellent way to build wealth while retaining ownership of your property.
However, it’s essential to remember that not every home makes an ideal rental, and not everyone is suited to the responsibilities of being a landlord. Managing tenants, handling maintenance requests, and ensuring consistent rent payments can become overwhelming, especially without experience.
Gift It
You don’t have to give your property away to solve your financial challenges—you can transfer it to someone else and have them assume the mortgage. If you have children, relatives, or close friends interested in the house, this could be a practical and mutually beneficial solution.
Depending on the lender and the loan terms, it might be possible for them to formally assume the mortgage, taking over the payments directly. Alternatively, you could sell the property to them for the amount you owe, ensuring the debt is fully paid off without incurring additional penalties or fees.
This approach offers several benefits: you free yourself from the financial burden and responsibility of the property, while your family member or friend gains a valuable asset at a great price. It’s a win-win situation that strengthens relationships and provides a straightforward resolution to your situation.
Keep in mind that transferring property to a loved one may still involve legal and financial considerations, such as documentation, taxes, and lender approval. If you’re exploring this route, consult with a real estate professional or financial advisor to ensure a smooth transition.
Rent To Own
Selling your house through a rent-to-own agreement can be an excellent option for homeowners looking to sell at market value and willing to wait for the full sale price. This method allows you to attract a wider pool of potential buyers, increasing your chances of securing a fast sale at a competitive price.
While you won’t receive the entire sale amount upfront, a rent-to-own agreement provides financial benefits along the way. You’ll collect a higher-than-average monthly rent, an initial deposit, and a steady, guaranteed income for 1-2 years. Once the rental term ends, the tenant will have the option to purchase the house outright, fulfilling the agreement and allowing you to cash out on the property.
However, there’s always a possibility that the tenant may not be able to follow through with the purchase. In that case, ownership of the house remains with you, leaving you with flexibility. You can choose to re-list it as a rent-to-own opportunity, sell it on the open market, or keep it as a rental property to continue generating income.
Are you ready to get out of your mortgage in Fort Walton Beach? Working with Gulf Coast Home Buyers will help you get the price you want for your house while saving you a fortune along the way. 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!