Selling a house for cash is becoming a popular alternative for homeowners who need to sell their property quickly. With the current credit clog and sluggish real estate market, many sellers are finding it difficult to locate qualified buyers. Instead, they are turning to investors who are able and willing to ante up cash.
Selling a house for cash is no different than selling to a buyer who obtains traditional financing. However, there are benefits with cash transactions that can not be obtained when the buyer requires funding through a bank.
The primary benefit of selling your home for cash is the deal can be closed in a matter of days instead of weeks. There are no long forms to fill out with the lender and no waiting for approval. Currently, banks are placing tightening restrictions on borrowers. There are no more "no-money-down, get-in-over-your-head" mortgages. In order for buyers to obtain mortgage approval today, they must have a decent FICO score and able to provide a down payment of at least 20-percent.
It's no secret the economy is in the dumps. With the ever-growing unemployment rates, people are afraid to buy real estate for fear they will lose their job and then their home. They are not willing to take that much of a risk. Nearly every homeowner is feeling the pain from lack of qualified buyers.
On the other hand, real estate investors are buying houses all across the nation. Many of them are purchasing properties with cash simply because traditional lending sources have been discharged up. Although the media likes to project financial gloom and doom, there is still an abundance of private money available. Established investors are able to tap into that money to expand real estate portfolios for their self and clients.
When selling real estate to a private investor, the seller benefits from their expertise. Many investors are skilled in foreclosure and short sale transactions. Both require extensive knowledge and developed relationships with various lenders.
Short sales are particularly tricky and require specific documentation. Homeowners who have obtained short sale approval are not able to profit from the sale of their home. Instead, they must locate a buyer in exchange for the lender accepting less than is owed on the loan. Working with a short sale specialist can increase a successful exit ten-fold.
Another benefit of selling houses for cash is there is no need for a Realtor. This alone can save thousands of dollars in commission fees. Legal documents are required to transfer real estate. Always read and understand these contracts before signing on the dotted line. It is best to retain the services of a real estate attorney to ensure documents are legally binding.
Few people are aware that they can sell their house to real estate investors. If you need to sell your home fast, take advantage of this little known resource and reap the rewards.
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Source by Simon Volkov