Someone Wants to Buy My House for Cash
Recently received a call, and now you are saying ” someone wants to buy my house for cash ?” Using an investor may not be best option for everyone because they don’t always have the best reputation, but you’re not crazy to consider it.
There is a drastic rising in the number of companies providing cash offers for homes. These offers seem to improve the experiences for sellers with advanced technology, the fact that you do not have to wait months to clean up your home, list it and then wait months to close on your house appeals to many sellers that are stressed out over the whole process. A home that needs renovating, a divorce in the family, a job relocation or even money problems can all be great motivators to go for the speed and convenience of a cash sale.
You don’t always know who is purchasing your home, it could be a nice little family, a neighbor down the street or maybe an investor. What are the pros of having a real estate investor purchase your home? We buy the property “as is”, the investor doesn’t plan on living in your home so he or she doesn’t care if your home isn’t updated with a brand-new kitchen, hardwood floors and the top of the line finishes. Many investors prefer purchasing homes that are outdated so they can tear it all out and start fresh, this technique is calling “flipping”. Normally the investor comes in and tears out all the kitchen and bathrooms including flooring and makes the home look brand new. This makes the process easier when selling because who doesn’t want to walk into a brand-new home?
Another pro is you don’t have to worry about the investor having the proper fund to buy your home, this is in fact what they do for a living, so they normally purchase the house fast-and with cash. Since the investor has cash on hand the closing can typically happen within 10 days. If you sold to a buyer that needs an actual mortgage, this could take up to 3 months.
Let’s say your upside down on your mortgage which means you actually owe more than what the house is currently worth. A real estate investor has options and can take over your mortgage payments so you can move on with your life. We call this “subject to”. The investor will put Title in their name but take over the mortgage (this stays in the sellers’ name). If for any reason the investor doesn’t make a mortgage payment, then the Title would go back into the sellers’ name so he would again own the home. This is not for everyone but as you can see investors have many different options to help a homeowner out of a sticky situation
There are not very many cons to using a real estate investor because the investor is looking for homes that typically need updating. You will get a fair price for the home so that the investor can then go in and upgrade those bathrooms and kitchen. You obviously want to make sure you use a trusting and reliable source so do your research. Leia Buys Houses is a small family owned business that strives in providing top notch customer service. We are here to help the community we live in.