Landlord-tenant law is complex, making it difficult to know your rights as either tenant or landlord. Dealing with rent payments, late fees and repairs can be particularly stressful. One common way of defending against deficiency judgments is through the sale of assets you own – such as your house. Here are some tips on selling your property fast with little or no money down.
Assess Your Property Value and Loan Needs
The initial step in selling your house is determining how much you need to sell it for upfront in order to cover all associated costs, such as closing costs and attorney fees. If a deficiency judgment could present issues down the line, it may be best to sell your property at a lower value than needed in order to safeguard yourself against creditors. To learn more about selling your house for cash and without any contingencies, visit: https://www.martinlegacyholdings.com/.
Scheduling an Estate Sale
Once you’ve determined how much money is necessary, contact a real estate attorney. They will supply you with paperwork needed to make an offer on your house – known as an “Estate Offer”.
Signing the Sale and Closing Documents
Your attorney will send you the Estate Offer to be signed, the “Final Agency Agreement”, as well as a draft of actual closing documents. These must all be signed by both parties involved in the sale, and they should all be sent to your legal counsel within 60 days after verbally agreeing to a sale.
Schedule to Sell Your House
Once you have all of the necessary documents, contact a real estate agent who can arrange the sale. The process for selling a house varies by state, but typically, an agent must set the sale date, assign appraisers to assess the property value, and announce an auction date three weeks or so afterwards.
Closing on Your House
The closing process will differ depending on several factors, including whether or not all cash is being used at closing. For instance, if the property is being sold with a conventional loan, then it will follow similar guidelines to any other sale. On the contrary, if using all cash at closing, both attorneys must agree on an effective date for transfer of ownership. You might also consider using an Assignment of Lease in Lieu of Foreclosure