How to Deal With a Mortgage When You Need To Move Quickly

Taking out a mortgage loan is probably the most common practice people use to purchase a home. It lets them borrow money to buy the home, and they pay it back with interest over a specified period of time.

Until the mortgage is repaid fully, they don’t fully own the home. And if they plan to move at some point, the mortgage needs to be paid off first. Fortunately, there’re several options available if you want to move quickly and still owe on the home.

Here’re the most popular ones from which you can take your pick.

Rent Out the House

If you don’t want to sell the home just yet, you can think of using it as a rental property. This strategy works well when you’ve got a low mortgage. You can easily collect enough money from the rental to cover your mortgage, maintenance and insurance costs, and taxes.

However, it’s important to understand that being a landlord has many responsibilities that you must carry out. Also, if you’re moving to a faraway place, you may need to engage a local property management company to take care of things on your behalf.

Opt For a Short Sale

Ideally, you should consider a short sale as your last option because it’s a lengthy process. However, if you owe more on your mortgage than the value of your home, you cannot use a traditional way to sell it (unless you’ve got the funds to cover the difference).

In a short sale, your house is sold for its current value, the lender receives the proceeds of the sale and writes off the remaining balance. One major downside of choosing a short sale is that your credit gets negatively affected, and you may need to wait a few years to obtain a new mortgage loan.

Sell the Home for Cash

This is probably the best option when you’ve got a loan to repay, and you’re planning to move quickly. The first thing you’ve to do is find a ‘we buy houses’ company or an individual buyer who’ll purchase the home for cash. You can publish an advertisement stating ‘I want to sell my house for cash’ to attract such buyers.

As these buyers don’t need bank financing, the closing process can be started as soon as you receive and accept the offer. Usually, you can close within one or two weeks and receive the cash.

Moreover, cash buyers purchase houses in as-is condition, which means they’ll buy your house in its current condition. You won’t need to think about organizing and staging the house or cleaning it. It’s a win-win situation for everyone – the buyer receives a discount on the house, and you get a quick offer and a much faster closing process than a traditional sale.

If you’ve got a fixer-upper, selling the house quickly using a traditional method of sale is a very difficult task. In that case, selling it to a ‘we buy houses’ company for cash is perhaps the best method to have a hassle-free transaction.

 

Download our
FREE Market Guide
Now

  • This field is for validation purposes and should be left unchanged.

See Our Google Reviews

Kevin Crawford
Kevin Crawford
00:01 06 Sep 22
Professional team, they delivered as promised. Very friendly and prompt. It was an absolute pleasure to deal with them.... If I could give more than 5 stars I wouldn't hesitate.read more
nikki taylor
nikki taylor
16:04 01 Aug 22
Rented a furnished place in town because I was on a temporary assignment. The process was quick and easy, and... accomodations were perfect He was professional throughout. I would not hesitate to do business with him again.read more
Larry Custer
Larry Custer
12:48 08 Jun 22
Great location to everything on the Hudson. Apartment is very clean. Owners are very responsive to requests. Would... definitely stay againread more
Jana
Jana
04:22 07 Apr 22
Ken was such a joy to work with! I stayed at a property he renovated and my stay was phenomenal! He truly cares for his... tenants and the people he does business with. He is honest and fair. He was very speedy with repairs and ensured that my stay was very nice and comfortable. He communicated extremely well and was very professional throughout every encounter. I would absolutely recommend going to Ken for any rentals/purchases Going to the New Jersey area. Thank you Ken for everything!!read more
Rachel Velazquez
Rachel Velazquez
21:00 21 Mar 22
Very professional and willing to work with you. Ken and his team were so dedicated, even after the deal. It was a... pleasure working with this group. I was not an easy client and yet their cooperation and willingness to help me was incredible. Thank you!read more
Soufyane Bourass
Soufyane Bourass
15:58 07 Mar 22
I had a great stay at Ken's rental apartment. He was responsive when the heat broke and fixed it within 24 hours. He... made sure the apartment stayed warm and provided space heaters. I highly recommend him. Thank you Ken!read more
ALAN SCHINSKI
ALAN SCHINSKI
17:11 01 Nov 21
Ken from Cash Buyer NJ was a pleasure to deal with. I filled in and sent the online questionnaire, Ken called me ten... minutes later, we made an appointment and two hours later he was at my house. Ken did his due diligence and in two days we agreed on the price. The sale was as is so I only moved what I wanted and left the rest. The closing was completed on time. Ken is honest, and a gentleman who you can take at his word. The whole deal couldn't have gone smoother!read more
Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
YASMINA VASQUEZ
YASMINA VASQUEZ
15:13 02 Aug 21
Ken and his team were professionals ,they promised and they delivered or anything
Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
Next Reviews
js_loader

Site Map
Privacy Policy

Click for the BBB Business Review of Cash Buyer New Jersey

BBB RATING: A+