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From The Desk of John C. Sbicca ProgramCritique.com
Location: Carlsbad, California, USA
Review Date: December 8, 2009 (February 15,2010)
Product Type: Selling on eBay (Cash Buyer For Your House)
Finding A Cash Buyer For Your House
What are the advantages of finding a cash buyer for your house? Lots of Americans are stuck, financially. One of the terms you see in the news is a discussion about ‘upside down’ mortgages and ‘underwater’ mortgages, where the home owner owes more on the mortgage than the house is worth.
The pros of selling your house for cash are that the closing cycle is usually a lot shorter. Sometimes the entire close process can happen in a few days; this is particularly useful for people who are trying to unload a house and get their money out of it. The big time savings in cash for houses deals comes from cutting out the 30 to 60 days needed to do a full mortgage approval process.
Finding Cash For Houses Buyers
This does beg the question of "Who’ll buy your house for cash?". Largely, it depends on your market. The vast majority of cash for houses deals happen in New York City and New Jersey, where financial industry professionals have annual bonuses to dispose of. It’s a little harder to arrange in places like Detroit, though cash buyers for houses do happen everywhere.
That being said, not all deals offering cash for houses are swung by financial moguls; particularly in areas that have been hard hit by the housing bubble, there are several intermediate steps before foreclosures (where a mortgage has been sliced and diced multiple times and nobody is exactly sure of the provenance for the loan) where the mortgage lender and house seller can agree on a cash for houses deal. Selling your house for cash can be as straightforward as asking your real estate lender to make a listing for it.
Credit Implications
First, if your house for cash deal is being structured to get you out from underneath an upside down mortgage, expect that your cash payment will be for much less than the assessed value of your home. You will be getting a cash offer that’s technically a loss. This isn’t entirely a bad thing; there are mitigating factors that can make losing money on a house sale appealing, like getting out from under two mortgage payments in different cities, or avoiding the thermonuclear disaster effect of a foreclosure on your credit rating.
On the flip side, what will likely happen is that if you sell a house for a loss, you’ll get a significant benefit on your taxes for a year or two; this can do a lot for retiring the remainder of the debt. Likewise, whether or not a ‘loss’ on the house is a cash flow hit depends largely on how much equity you’ve built into the house…it’s entirely possible to sell the house for a cash offer, get a large chunk of cash, pay off the rest of the mortgage and still have money left over; this is the most common situation for cash for houses sales.
Concerns About Cash For Houses Options
The first thing to do when doing a cash for houses sale is to verify that the buyer has the cash available. Not that they can get it, but that they have it available. By doing the cash transaction, you are effectively taking on the risks that the buyer is a deadbeat. Most aren’t, but there are some who are and it’s a definite risk. However, a cash buyer for your house transaction can still be a sweet deal for all parties involved.
Sell House Fast For Cash…..Finding a cash buyer is the easiest part of the process.
You Think Your House Is Worth WHAT??…..A house is worth what somebody will pay for it.
How To Sell My House Quickly…..Once you do find that trustworthy company, then selling your house to a local cash buyer can make perfect sense.
Sell House Fast For Cash Myself…..You can surf the web and to find these buyers.
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Cash Buyer For your House