Selling Your House for Downsizing in Wichita, KS

Downsizing Your House Serving Sedgwick County and Surrounding Area

Credit cards and unsecured loans are over your head, several strategies can give you relief, like debt management plans or an aggressive debt-payoff strategy. If you’re a homeowner, there is one more solution to your debt woes: simply downsize your home. Downsizing means that you trade your present house for a smaller or less-expensive home that is more affordable and if you successfully downsize you reduce your mortgage debt by taking on a less-expensive home and it may also reduce your monthly mortgage payment – that leaves extra cash to deal with your other needs. If you own a house, selling it and buying a less-expensive one allows you to buy a new home in Greater Wichita and see the difference.

Requirements on Downsizing

Downsizing requires financial and lifestyle adjustment – with the financial benefit that you need to live efficiently. The process of financing is smooth when you have a strong credit score of over 700. It often involves hard decisions and uncomfortable conversations before, during, and after the process. It also needs sufficient home equity – the difference between your home’s market value and your current mortgage balance – is to come out with a deal with adequate cash. The best-case scenario is that you will have enough equity in your property to cover the down payment of your new home and also pay off your other debt balances.

Challenges in Downsizing

Downsizing a home seems easy but you can get into a few obstacles along the way. First is finding a lender to approve you for a mortgage at a new house while you’re still obligated at the original home. You should have a top credit score and plenty of cash to successfully take this route. But if you do not have good credit and cash, the alternative way is to close the sale of your current home then proceed with the purchase of your new, downsized home – you can then proceeds from the sale to put a down payment on your new place and it is important to consult with a lender and financial advisor about this move in advance. Homeowners might find it prudent to downsize but it may not do much to improve your overall debt situation in the short term. A short sale is often more advantageous than a foreclosure. When you sell a home to us at Professional Home Buyers there’s no need to do any repairs, cleaning, or to pay expensive real estate commissions. Let our professional staff take care of it for you. Contact us at 316.217.9532 and Get your free cash offer.

Preparation for Downsizing

Here is what it will take:
Run the numbers. How much you can save by downsizing your home.

Get a trusted real estate agent. Talk to your agent about what you can afford to spend on your new home and ask for guidelines on buying options.

Search for lenders who understand your intentions. The lender should be willing to work with you and explain that you’re looking to downsize.

Fix your home. Make every effort to get it ready for a favorable appraisal.