Cash buyers for houses used to be associated with equity purchase companies before the popularity of social media. Now some people call them “opportunity investors,” “cash for house companies,” or “buy a house for cash company.” The housing market has slowed down within the last few years due to an economic decline. Perhaps you’re in a predicament that you can no longer afford to live in your home and don’t want to deal with the financing aspect of it and hoping someone will buy it.
The emphasis is on the word “opportunity.” These are companies that purchase homes from sellers who must sell their home quickly because due to financial distress. They may offer to close on the property usually within 30 days because they don’t have to deal with a bank to arrange for financing. Opportunity investors offer cash and typically waive inspection probabilities. The process is quick and easy. These provide homeowners a lifeline who are desperate to get out of their homes and their loans as quickly as possible.
Opportunity Investors’ Specific Sellers
Cash-paying buyers advertise the types of situations you may be facing to increase the likelihood you’ll give them a call. The typical situations homeowners find themselves in are:
- Someone who can’t sell his home, or the listing has expired
- Homes in probate
- Homes in foreclosure
- Employers have transferred them to a different location
- Evicted tenants
- Damaged homes
If any of the above situations apply to you, consider contacting someone who can help you get out of the bind you’re experiencing. An agent is happy to take the load off your shoulders by buying your home.
How Does the Process Work?
The strategy used is to negotiate the lowest price possible for your home. Each cash-buyer company is different, so on average, they may offer about 65% of a home’s market value.
The buyer will sometimes take over your mortgage payments. But if you don’t pay off your mortgage with the cash you receive, you’re still subjected to the loan terms until it’s paid off.
With buy-homes-for-cash deals, you won’t have to worry about being approved for financing, and if your place requires repairs, you won’t have to worry about the bill for the repairs. You also don’t have to worry about appraisals and inspections. The process is easy and convenient for those who desperately want to get out of their home loan.
In general, when a seller chooses to work with a “cash for house” company, it’s for two reasons: they are in a financial bind and want to get cash fast or because they don’t want to deal with the stress of going through a bank and other burdens of selling a home. Hence, “cash for house” deals aren’t for everyone. It’s essential to evaluate your needs and determine if it’s necessary.
Each homeowner’s situation is different, so before you take on the burden of selling your home, consider your needs and if you need fast cash for your home. If you find yourself in a tight spot and need to get out of your home loan, contact Liz; I will help you find the best solution to your circumstance.