How We Helped Dan Get Out of an Expensive Mortgage With a Creative Home Sale in Monroe, Michigan
Other companies had already failed him, one even put a lien on his home. Here’s how Great Lakes House Buyer found a solution a standard cash offer couldn’t.
When a Cash Offer Isn’t Enough to Cover Your Mortgage
Sometimes a house is worth close to what’s still owed on it, which makes a typical cash offer fall short of what a seller actually needs. Dan’s story shows what’s possible when you need creative home selling solutions in Michigan, beyond a standard cash close.
How Dan Got Out From Under an Expensive Mortgage
Dan found Great Lakes House Buyer by searching Google for local home buyers and investment companies. He’d already worked with a few other companies with no luck, one of them even placed a lien on his home after failing to complete the transaction. Dan runs his own business out of his house and was looking for a smaller, more affordable place to live and run his business separately. The problem was his mortgage balance was close to what the house could actually sell for, which made a straight cash sale difficult, the cash price buyers could pay was lower than his payoff amount.
We reached out to some of our best connections on the east side of the state to get cash offers as high as possible. A couple came in close, but none high enough for Dan to reach his goals. That’s where we got creative.
We found an investor who was able to cleanly assume Dan’s existing mortgage, start making those payments so he didn’t have to, and give him cash on top at closing. This got Dan out of the mortgage obligation, sold the house, and let him walk away with a significant amount of money for his next place, more than a traditional cash offer would have gotten him. The investor bought the house completely as-is, paid all the closing costs, and even gave Dan extra time in the house after closing to move his things out on his own timeline.
“We found someone who could help Dan in a different way, get him out of an expensive mortgage and into a better place for him, his family, and his business.”
— Alex Jenkins, Founder, Great Lakes House BuyerWhy Michigan Sellers Trust Great Lakes House Buyer With Tough Mortgage Situations
Dan’s situation needed more than a standard offer. Here’s what we bring to a hard case:
Creative Solutions Beyond a Cash Offer
When the numbers don’t work as a straight cash sale, we look for other structures that can.
We Fix What Other Companies Got Wrong
Dan had already been burned by other companies, including one that placed a lien on his home.
Buyer Covers All Closing Costs
Dan paid nothing in closing costs. The investor covered everything.
Extra Time to Move on Your Schedule
Dan got extra time in the house after closing to move his things out at his own pace.
Sell As-Is, No Showings Required
Dan didn’t want to do showings or get the house retail-ready, and he didn’t have to.
Statewide Michigan Reach
Dan’s home was in Monroe, on the east side of the state. We work with sellers across Michigan.
How the Process Works: From First Call to Closing
Tell Us About Your Mortgage and Situation
Call (616) 208-2888 or fill out the form on this page. Tell us where your mortgage balance stands compared to what the house could sell for.
We Explore Every Option, Including Creative Solutions
If a straight cash offer won’t get you where you need to be, we look at other ways to structure the deal.
Close As-Is, Get Cash, Move on Your Timeline
The buyer covers closing costs, and you can often negotiate extra time to move out.
Watch Dan’s Story
After closing, Dan shared what it was like to finally get out from under a tough mortgage situation with Great Lakes House Buyer.
Frequently Asked Questions: Selling With a High Mortgage Balance
We look at creative alternatives to a standard cash offer, like Dan’s deal, where an investor assumed his existing mortgage and gave him cash on top at closing.
In some situations, yes. We worked with an investor who cleanly assumed Dan’s mortgage payments as part of his sale.
That’s exactly what happened to Dan before he found us. We were still able to find a workable solution to get his house sold.
No. In Dan’s case, the buyer paid all closing costs.
In Dan’s case, yes, he was given extra time after closing to move his belongings out on his own schedule. This depends on the specific sale and buyer.
Helpful Resources for Michigan Homeowners With a High Mortgage Balance
IRS: Tax rules on selling your home (capital gains exclusion)
Consumer Financial Protection Bureau: What is a due-on-sale clause?
Owe Close to What Your Michigan House Is Worth?
A standard cash offer isn’t your only option. Get a no-obligation conversation about creative solutions that could work for you.
Get My Cash Offer Today Or call us directly: (616) 208-2888