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Selling a Home Due to Illness

Posted Tuesday, December 30, 2014

Health problems can sometimes make it difficult for an individual to work, which can result in missed mortgage payments. Homeowners should be focused on their health, rather than worrying about losing their home. Selling the home quickly may be the best option for those with health issues.

Normally when a person wants to sell a home, time and expense goes into repairing the home and making improvements to increase the chance of selling. When health problems arise, this may not be the best option.

When a person has a serious, long term, or terminal illness, selling the home quickly is the best option. This allows money to be freed up to use for health expenses, while making sure that the bank does not foreclose on a home, due to missed mortgage payments.

Two options available for selling a home are:

  • Using a Realtor
  • Selling the Home to a Home-Buying Business

Using a licensed real estate agent can help make selling a home easy. The real estate agent will put the home on the market, advertise, show the home to potential buyers, and prepare the paperwork needed in order for the home to be transferred to the buyer.

A real estate agent can help an individual get the money that the home is worth. It can, however, take time to find a buyer and sell the home. This may mean that the mortgage will need to be paid on the home until it is sold, which can take longer. There are also legal fees and commissions that must be paid to the real estate agent.

Another option is to the sell the home to a home-buying business or program offered by a real estate agent. The home is sold quickly in this situation, freeing up money for health expenses. Some businesses will allow a person to stay in the home and pay rent, which may save costs on moving expenses. Selling the home to a home-buying business also takes the stress off of finding a real estate agent and the hassle of having prospective buyers tour the home. There are no fees or commissions that need to be paid, and most home-buying businesses buy the home as-is.

Because the home is being sold quickly, the amount of money from the sale may be less than what would have been received from selling it to a private party. 

When homeowners need to sell a home quickly due to an illness, using a real estate agent or a home-buying business is the best way to ensure that time, energy and money are being used for getting well.