5 Ways To Get Out of Your Mortgage in Salt Lake

5 Ways To Get Out of Your Mortgage in Salt Lake

From upgrading your first home to downsizing, and from divorce or inheritance Peoples needs in their homes change.  There can be added stress and frustration when having to continue paying the mortgage on that unwanted house.  In this post Utah Close Fast offer 5 ways to get out of your property and mortgage in Murray, Taylorsville, Sugarhouse, West Valley, and the rest of Salt Lake County, allowing you to move on with your next plan! 

So if you’re looking for something different and want to quickly sale your property, Utah Close Fast offers some simple information to help you get out of your mortgage and property quickly.  If you have any questions about getting out of your property or mortgage in Salt Lake, we want to hear from you!

Sell It Fast

One of the easiest and most convenient way to get out of your mortgage in Salt Lake is to sell your house to a direct buyer. Utah Close Fast Cash Home Buyers buys houses directly from local homeowners and can close in only a matter of days. Selling your house fast in Salt Lake 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 and possibly get a higher return but the process can take more time.  For those who are looking to sell right away, a direct sale to Utah Close Fast Cash Home Buyers will help to save time and money, giving you peace of mind!

Hire An Agent

With us as your agent, you get local market knowledge and expertise in the sell process.  Having an agent to assist you in the local Salt Lake real estate markets will help you gain the understanding on whether you’re in a buyer’s or seller’s market, what buyers are looking for, and a valued partner guiding you through the process to closing. Having a great agent will help you maximize your margins on the sale.

Rent It Out

While technically you will still be on the hook for the mortgage payment each month, you will be able to have your tenants pay it for you. Finding the right tenants can not only help to pay off your mortgage, but you may be able to collect passive income this way too. Keep in mind that not all properties make great rentals and not everyone is cut out to be a landlord. Even still, if you find the right property management company, you can find great tenants, rent out your property, and have someone else pay your mortgage for you.

Gift It

You don’t necessarily have to give the property away, but you can give it so someone else and have them assume the mortgage. Maybe you have children or another family member who would be interested in having the house. You can either have them assume the mortgage if possible, or you can sell it to them for what you owe, ensuring your debt gets paid off, without any further penalties or fees. You will benefit by cutting your ties with the house, whereas your friend or family member will score a great deal by taking the property off of your hands. It’s a win-win situation for everyone involved.

Rent To Own

Selling your house via rent to own works great for those who want to sell for market value and who don’t mind waiting a while before the home is sold outright and they have collected the full sale price. A rent to own agreement will open the door to numerous potential buyers, giving you better odds of a fast sale at a great price. While you won’t see the entirety of the sale price right away, you will be able to collect higher than average rent, a deposit, and guaranteed income for the next 1-2 years. Once the rental term is up, your tenant will have the option to buy the house outright. If they are unable to, the house will remain in your name, and you can either choose to sell it or rent it out to another individual.

Working with Utah Close Fast Cash Home Buyers will help you get the right option that fits your needs. We can help you get out of your property, mortgage, or problem,  so you don’t have to feel stuck any longer! If you need to sell your house fast, our team is here to support you!

If you want to learn more about how to get out of your mortgage in Salt Lake, reach out to our team! We have answers to all of your selling questions! (801) 755-3865

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