When it comes to selling you home quick and for all cash, not all solutions are the same. When it comes to selling your home for all cash, you have to make sure that you are really receiving cash! That may sound strange but not every home buyer actually uses cash to buy your home.
There are countless seminars traveling the country selling their courses on how to get rich in Real Estate and how to buy Real Estate when you have no money. You have probably heard these ads on TV, seen them online or even heard about them on the Radio. Here is how this can play out so you need to be aware.
The first way someone will try to buy your house without actually using cash is to try and execute what is called a “Subject to” purchase. What that means is that the buyer is actually wanting to take over your existing mortgage. Yes they will bring it current and they may give you a little something as well, but the reality is that your name and credit are still tied to the mortgage on that home.
Why it can get ugly is that in this process, you are going to be convinced to deed over the home to the “cash buyer” but when that happens, you give up the legal right to the property. The bad news is that you are still on the hook on the mortgage. Let’s fast forward a few months down the road. The buyer is running low on funds, can’t find a tenant for the property or just runs into some bad luck. They can walk away from the home and not worry about the mortgage because it is still in your name! You take the hit to your credit and may wind up with a foreclosure and there is nothing you can really do to stop it because you technically don’t own the home anymore!
The other scenario is that the buyer shows up and says they are a cash buyer. The problem may be that they don’t actually have any money. They are going to buy your home with a “Hard Money” loan. Those loans are generally at 65-70 percent of the homes value and are subject to the lender doing an appraisal and have to navigate through a lender process. This could take weeks and there are no guarantees that the loan will close. And since the buyer really doesn’t have the cash to buy it, if they need to pay more that what the loan will allow, how are they going to overcome that problem? Chances are, they won’t.
In the end, if you are dealing with a true all cash buyer, they will be able to close in 5 days or less. And that is what we do. You can stay longer in the home but if you need the money, we can close that fast, get you your cash and we can work out how long you can stay in your home RENT FREE! So no matter if your home needs work, you owe back taxes, are behind on your mortgage, have problem tenants or are just ready to get some cash, try Honest Home Offers.com. We will give you an honest home offer and pay you fast!