Here’s a common scenario today- You have been living in your dream home for several years now, but because the economy has gone sideways and inflation is skyrocketing, making your monthly mortgage payment has become increasingly difficult. Every credit card is maxed out and you have started wondering whether or not you should consider selling your home. Selling a home to pay off debt is a common solution that many homeowners have pursued.
Determine the Reasons for Your Debt Situation
Over 1,000 individuals Google search this very topic each month throughout the year. Just keep in mind that listing your home on the market is not the same as impulse buying a new pair of shoes. Be careful before sticking that “For Sale” sign in your front yard and determine why you are in debt before doing anything else. According to the “Visual Capitalist” (May of 2022), US consumer debt was approaching the $16 trillion mark, indicating that people are struggling everywhere. Here are 3 possible reasons:
- You had a financial emergency – according to the Washington Post, 46% of adults claimed that they did not have the funds to cover any emergencies such as vehicle problems, health issues, and so on.
- You purchased a more expensive home than what you can actually afford – when you purchased your current home you were approved for a more expensive home than what you could afford. So you bought that bigger home anyway and now you are suffering financially.
- Managing finances is difficult – if you see something you want, you may buy it without giving a thought to your finances. Saving may be difficult for your. Seeing the financial big picture, is not your strong suit.
While these are 3 of the more common reasons that people get overwhelmed with debt, it does not have to happen to you. You may not have any financial management issues but you still can be in a difficult financial situation. Selling your home to pay off debt may be your best option. Reach out to Homeinc today to determine what your options are. One of our advisors can take you through an analysis and provide a competitive cash offer with a quick closing. Post-occupancy options are always available.
Before Selling Your Home, Answer These Questions First
Once you understand why you are in financial straits, it is time to answer the 3 following questions before deciding to sell your home:
- Are you prepared to sell quickly?
- How much money do you need to walk away?
- How much do you owe?
- Do you need post-occupancy options?
If each of these questions has a favorable answer, selling your home to Homeinc might be the best option for your situation. To learn more about selling your home quickly for cash, call or text Homeinc today at (888) 850-2636.