Can I Sell My House With Bad Credit?
One common question we receive is, “Can I sell my house with bad credit?” Fortunately, the answer is “yes.” In many cases, there is nothing preventing you from selling your home, even if you don’t have the greatest credit. However, there are some other issues to take into consideration if you are attempting to sell your house with bad credit. We’ll review what you should be aware of, and how to make the process easier.
How Does Your Credit Score Affect Selling Your House?
With many of us feeling the effect of a pandemic followed by increasing inflation over the past few years, it is no surprise that many people’s credit scores have taken a hit. There are many implications of a declining credit score, but for the most part, your ability to sell your home will remain unaffected.
One thing to be aware of though, is any liens on your property. Any outstanding liens are usually paid off by the selling party using the money from selling the home. While this is a fairly common occurrence, it certainly is something to be aware of and you should try to determine if there are any outstanding liens early on in the process.
Where a credit score comes into play is when you are looking to buy a home. This is because in order to buy a home, you will most likely be applying for a mortgage. For the most part, when someone is selling their home, they are buying another home, which is why there is some confusion on the impact of your credit score on the process.
How Does Your Credit Score Affect Buying A House?
When going to a lender in order to get a mortgage, your credit score is a very important factor. Your credit score directly determines your interest rate in most situations. Those applying for FHA loans or VA loans are somewhat less penalized for having a lower credit score.
Since improving your credit score significantly is usually a long process, usually most home shoppers are basically stuck with whatever rate they can get. While you may be able to shop rates around a little, there will most likely not be any serious differences. In extreme cases, lenders may not approve you for a mortgage at all.
While that is certainly a setback, it doesn’t mean you are out of options. For one, you can buy a house using cash. This is becoming a more common occurrence as more and more people are turning to home buyers such as Property Buyer Connect instead of traditional realtors.
How Can Property Buyer Connect Help If You Have Bad Credit?
If your credit is preventing you from getting a traditional mortgage, buying a house with cash may be your best option. Property Buyer Connect streamlines the house selling process and gets you cash in your hand fast! One of the biggest setbacks when buying a home cash is finding somewhere to stay until your home is sold and you get paid. Property Buyer Connect minimizes this amount of time, so you aren’t stuck in limbo waiting for your home to sell for months. In addition, you don’t have to worry about realtor fees which would usually leave you with less money for your new property!
We buy all types of properties – not just homes. If you have an empty lot, squatter occupied property, commercial building, Property Buyer Connect will make you an offer. Additionally, Property Buyer Connect does not charge you any fees. We also do not deduct any money from you for repairs or service fees.
If you are considering selling your property – we can help. You don’t need to worry about making repairs, cleaning the property, or paying realtor fees. We simply give you a cash offer for your home and then take care of the rest once you approve.
We specialize in Philadelphia, New Jersey, and Lehigh Valley properties. If you are looking to buy, sell, or anything in between, give us a no obligation call (215)-660-3122, or send us a message online and we will get back to you ASAP!