Buy My House Now! That is exactly what we are going to be covering in this article to help you understand what options are available to sell your house fast for top dollar without the headache of having to list it with a Realtor.
It’s unfortunate that today’s economic conditions have left a lot of homeowners in a position where they need to sell their home FAST. Listing your home with a real estate agent sounds great in hindsight, but nowadays it can actually take anywhere from 8 to 12 months for your house to sell if it even sells at all.
No Equity? Behind on House Payments? No Problem It’s Our Specialty!!!
Before you give up hope, there may be one last solution capable of helping you. I know you are waiting for the solution, so I’ll just go ahead and tell you right now. Listed below are 3 best-kept secrets to sell your house:
Option 1: Quick Cash Sale
The absolutely quickest way to sell for cash would be to sell to cash buying investors. Cash buyers do not have to obtain loan qualification from a bank or hold off for lender loan docs that needs to be prepared. As cash buying investors we can make an immediate decision very very quickly to purchase your property. Another advantage of paying all cash is that most of the time we pay all closing cost, bring back payments current and or property taxes, and do whatever it takes to close the deal. Something to keep in mind is that well the majority of lenders require surveys, property inspections, property appraisals, and even repairs, as cash buyers we don’t require this in order to close with you.
As cash home buyers we need to buy at a fair price that is a win win solution that allows us to resell at market value price for a profit. This means that our overhead expenses needs to be covered in the transaction.
For example, as cash buyers we must pay the following expenses for each property:
Closing costs to buy the property – 2%
Realtor and/or Broker commissions to resell – 6%
Closing costs on the resale of the property – 3%
Monthly holding costs until the property is resold – 4-6%
Required Repairs/Renovation – $5-10K to 100K+
All of these expenses total to 15% if not more of the resell market value for the property, which implies as investor cash buyers we can only afford to purchase the property at 60% to 75% of the current market value to make it possible for us to earn a modest profit for each property we buy. This options would work best for sellers with a lot of equity and need to sell fast but for those sellers with little to no equity this is not there best option.
Option 2: Subject To Existing Financing
Another alternative to selling your house quickly would be to sell it “Subject To” the current existing financing. Subject-To is a variation of seller financing. In this type of transaction the homeowner deeds the house to the investor and or buyer who is now 100% responsible for making the mortgage payments on the loan directly and will even bring the loan current at the time of closing if the seller is behind on payments. This should not be confused with an assumption being that the loan remains in the sellers name.
Example of a Subject-To property:
House value: $200,000
Existing loan balance: $205,000
Cost to sell: $24,000
Sale price: $200,000
Selling this property traditionally through a real estate agent would have to be sold for $229,000 or much more in order to payoff the lender mortgage at closing. Alternatively, selling via subject-to allows the seller to sell this property to an investor and or buyer for $205,000 and pay no closing cost other than possible property title insurance and a handful of minor fees paid by the investor or buyers.
Option 3: Lease Option
Lease option is another nontraditional way you can sell your home fast without being responsible for any of the repairs, maintenance or payments. In this type of transaction you lease the property to the investor buyer with an option to buy the property at an agreed upon date and price. The investor buyer will agree to pay for all future maintenance issues and repairs to the property. The seller typically do not pay any of the closing cost all of which is paid for by the investor buyer.
In these uncertain times, more and more people are finding themselves saying I must sell my house fast. It is for this reason that we buying houses specialize in turning problem properties into fast cash that you can spend however you want. Do yourself a favor and unload the headache of a property and move on with your life.
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