Now is the time to sell your unwanted house in Milwaukee to take advantage of the low-interest rates!
The first and most important thing that will help you sell your unwanted house is to offer it for sale at an appropriate asking price. In order to do so, you should spend some time researching the comparable sales in the neighborhood. Analyze all aspects of the property, such as the existence of a pool or a big yard, the year the house was built, how close it is to the city center, mall, grocery stores and similar important locations. Then you calculate the average price by using the most recent sales possible. Keep it in the 6 month period span. If there is no building that you can compare your own to, you should consider using the properties that are available in the area and approximately add or remove the value depending on the features your house does or doesn’t have. If you offer the property for too high price, no one will want to buy it. If you list it bellow the average price, potential buyers will wonder what is wrong with it. This is why it is important to do this step right.
Sell to a Home Buyer
If you are in an urgent need to sell your house in Milwaukee, selling to a professional home buyer might be the option for you. They usually provide cash offers with an extremely quick closing time frame and may or may not require an inspection first. The home buyer will usually have a large network of investors with multiple portfolio types and can easily add your property to it. You can use this quick cash to have your down payment for your next property to take advantage of the low-interest rates.
Offer Owner Financing
Offering owner financing might be a great option to open up your house to a lot more buyers. There are many people who would want to buy a house who don’t have the best financial history on the paper, but are trying their best to improve their situation. Just be sure to do a background and a reference check for every buyer. Owner financing is also a great option if you would like to have long term monthly payments. If you already have a down payment for your new house, this can be a great option.
Find a Property
It is important to do research on your next purchase before jumping into something to take advantage of the low-interest rates. Check out the schools, entertainment, access to shopping and groceries. Check that the taxes are paid, check the zoning, verify if the property is in a property owners association, this will cost you over time and eat into your rental profits. Make sure you conduct an inspection of the house you are interested in, most lenders will require this anyway. You want to make sure you pick a house with a good structure, a comfortable floor plan, and some curb appeal.
Find a Mortgage
The mortgage rates are at a low point right now, take advantage of this opportunity! Lower interest rates mean the lenders are more willing to originate loans. Shop around different mortgage companies to find the best rate you can get with your financial situation. Keep your credit score in mind, and contact multiple lenders to see what they can do for you. Choose the lender that has the lowest interest rate with the length of payment and type of loan that works for you and the property you plan on purchasing. Having a pre-approved letter in hand will give you the advantage when making an offer on your new house.