Buy House for Cash
"Buy House for Cash" signs can be found in nearly every community across America. As more people fall into foreclosure and fewer buyers are able to obtain credit, the need for cash transactions has drastically increased.
Buy house for cash real estate deals can create a win-win proposition for both buyers and sellers. Today, millions of Americans are enslaved to over-leveraged real estate. A large percentage of homeowners hold a second, and even third, mortgage on their house. Many mortgage loans have been refinanced several times as homeowners struggle to maintain their payments.
As a private real estate investor, I am approached by distressed homeowners facing foreclosure on a daily basis. Oftentimes, these people purchased a home using no money down financing. Others engaged in subprime lending in order to reach their goal of achieving the American Dream of homeownership. When their low-interest term expired, their house payments doubled or tripled. It didn't take long for them to default on their mortgage note and enter into foreclosure.
Homeowners who have defaulted on their mortgage note and owe more than their house is worth should consider contacting their lender to obtain a short sale. Using a short sale, lenders agree to accept a lesser amount than is owed on the mortgage note.
There are two types of short sales: Deficiency Judgment and Payment in Full without Pursuit of Deficiency Judgment. When a Deficiency Judgment is used, the homeowner is required to repay the difference between the short sale amount and loan balance. When Payment in Full without Pursuit of Deficiency Judgment is used, the homeowner is not required to repay the difference. Obviously, this is the way to go.
Obtaining short sale approval can be a complicated and lengthy process. However, selling your home using a short sale is less detrimental to your credit history than foreclosure. In order to obtain a short sale, you must first contact your lender's loss mitigation department. Once your lender authorizes the sale, the loss mitigator will provide a packet of forms which must be filled out and returned.
Over the years, I have become an expert in buying distressed properties. I understand the urgency of your situation and can help you sort through the confusion surrounding foreclosure and short sales.
If you are facing foreclosure and need to sell your house quickly, take a moment to fill out the "We Buy Houses" form. I specialize in buying houses for cash in Southern California. However, I have a network of over 2,000 private investors who are looking for great real estate bargains across the nation.