Asset Liquidation. The phrase sounds like the end of a store, like a “Going Out of Business” sale at the local hardware store where you can buy not just some toilets and tool sets on sale but the cash registers as well.
The truth is, asset liquidation happens on the home front as well. Everyday in Hawaii and elsewhere there are people who find themselves in a jam and need to either walk away from a property or get some quick cash out of a house.
Reasons for Asset Liquidation of Real Property
The reasons why someone may turn to asset liquidation are many. For example, a couple gets a divorce but neither husband or wife can maintain the mortgage on one salary alone — it may be time to sell the house, get some cash and finally part ways.
Or a parent passes away, the surviving daughter inheriting the house already has one home and doesn’t want the burden of owning another with the costs of maintenance, taxes and insurance not to mention having to be a landlord for your new rental property. Liquidating the house can bring some quick cash and remove the new expenses and hassle of managing tenants. A probate case can take a long time but an agreed upon purchase contract for a house can actually lead to a fast sale.
Then there’s the infamous bankruptcy. Either voluntarily or more forcibly, you may have no choice but to sell your house quickly, get what you can out of it and move on to better days ahead.
Certainly not least, job loss or reduced income can be a major factor. While Hawaii has shown better numbers than the national average, there are still plenty of people that have been out of work, some for long periods of time. When the paycheck dwindles, those mortgage payments can be difficult to keep up. In these cases, it may be time to call it a day, sell off the house, get some cash and rent for a while. In the meantime, you can rebuild your credit and pad up your cash reserve account for another home purchase down the road.
Need to Sell ASAP? How to Liquidate Your House
If you’ve made the decision to sell off your house, among other assets, here are a few tips:
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Determine how much money you need. Don’t take this step lightly. Spend an afternoon going over your reasons for selling and how much money you need to get through the next six months. Be reasonable with your expectations and budget.
- Get the house in order. You won’t have to make any renovations or repairs, but make the place presentable so it can be assessed properly by your buyer.
- Be upfront about defects and issues that need attention. Any reasonable buyer will use a home inspector, so better disclose anything now.
- Inventory any personal property you want to keep or valuate what you want to sell. We may be able to buy your personal property items as well!
- FILL IN THE FORM at the top of this page for a FAST QUOTE to buy your house direct for CASH without any fees, or CLICK HERE. We may be able to buy your house directly and close with escrow in under a month.
About Michael Borger
