Selling House for Cash
Selling house for cash is becoming a common occurrence for homeowners who need to sell their house quick. With today's recessed economy and downturned housing market, many real estate investors are buying with cash. Why? Because it has become exceptionally difficult to obtain mortgage loans.
Selling house for cash isn't much different than selling your house to a buyer who engages in traditional financing. The primary difference is there are no lenders involved. From an investor's point of view, buying houses for cash makes economic sense. From a seller's point of view, selling your home for cash provides a quick exit plan. If you need to sell your house quick, feel free to submit information about your property via our "We Buy Houses" form.
This past year, the real estate market has undergone radical changes. Foreclosures have reached an all-time high. Unemployment rates are skyrocketing; forcing many homeowners to become delinquent on their mortgage note. More than two million people filed for bankruptcy protection last year. Nearly 60-percent of bankruptcy filings occurred to stop foreclosure proceedings.
Banks and lending institutions aren't lending much money these days. Instead, their books are filled with non-performing loans and foreclosure properties. In order to obtain a mortgage loan today, applicants must have a high credit score and as much as a 40-percent down payment.
Mortgage financiers, Fannie Mae and Freddie Mac, instituted limitations on the number of government-backed loans provided to investors. In previous years, real estate investors could purchase as many homes as they could afford. Today, these lending giants place a restriction of four active loans. This action has forced investors to ante up cash if they want to expand their real estate portfolio.
Selling house for cash creates a win-win for all parties involved. Homeowners who need to sell their house quickly will benefit from swift financial transactions. Buyers avoid the pile of documents from the bank and save a fortune in financing costs. Overall, cash transactions save time and money and allow both buyer and seller to profit.
The exception to this rule is in the case of short sales. When lenders accept short sale offers, the homeowner is prohibited from earning a profit. Using short sales, lenders accept less than the amount owed on the mortgage loan. They aren't going to allow homeowners to make a profit when they are taking a loss.
When homeowners obtain short sale approval, they must locate a buyer within a specific time frame. In most cases, lenders require homeowners to hire a professional realtor. Homeowners who have a buyer lined up before approaching their lender can improve their chances of obtaining short sale approval.
If you are delinquent by 30 days or more and feel a short sale might be an option for you, feel free to submit your property information via the "We Buy Houses" form. I buy houses for cash and am particularly interested in properties located in Orange County, California.
Whatever your reason for needing to sell your house for cash, I might have a solution. I have worked with clients facing bankruptcy, foreclosure, divorce and other life catastrophes. There is always a viable solution for every problem. Submit your property info today and let's see what options are available for you.