Selling your house for cash has become a popular option for homeowners who want to sell their property fast. With the present credit clog and slow-moving real estate market, several sellers find it challenging to locate good buyers. Instead, they are relying on parties that are can and want to pay in cash or on real estate investors who buy houses.
Selling a house for cash is not that unique from selling to a buyer who gets conventional financing. But of course, there are advantages to cash deals which are just not possible when bank funding is needed by the buyer.
The key pro of selling your home for cash is that deal can can be finalized in days instead of weeks. You don't have to fill out forms with the lender, nor wait for them to approve your application. Banks are currently imposing stronger restrictions on borrowers. These days, you can no longer find mortgages that don't require money down. For buyers to get mortgage approval, they should have a good FICO score and the capacity to put at least 20% down payment.
It's an open secret that the economy is not at its best. With the ever-climbing unemployment rates, most people are scared to purchase real estate because they're afraid they might lose their job and then their house. They're hardly willing to take a risk too huge. Almost every homeowner feels the pain from a shortage of quality buyers.
On the other hand, real estate investors claiming "we buy San Antonio TX properties fast for cash"are acquiring house after house in various areas across the country. Plenty of them are buying properties through cash just because traditional lending providers not that attractive anymore. While the media likes to paint a picture of financial doom, there is still a rich supply of private money. Stable investors can make use of that money to spread out their real estate portfolios their clients and themselves.
Selling a property to a private investor allows the the seller to benefit from their proficiency. Majority of investors are highly skilled in terms of short sale transactions and foreclosures. Both necessitate professional knowledge and solid relationships with a variety of lenders.
Short sales can be distinctively slippery, requiring particular documentation. Homeowners who have acquired short sale approval cannot turn a profit from selling their home. Rather, they need to locate a buyer in exchange for the lender getting a lower amount than what is owed on the loan. Finding the right short sale expert can multiply a successful result tenfold.
Another good thing of selling a house for cash is that a Realtor becomes unnecessary. This means the seller can save thousands of dollars in commission. Legal documents are needed for transferring real estate. The contracts should be well understood prior to signing. It is recommended that a a real estate attorney is hired to make sure documents are legally valid. You could also visit http://www.ehow.com/how_4484294_sell-creative-ways-sell-house.html for a related feature story.