The economy, while still strong, is a fickle thing. Many people are only one or two paychecks from serious financial trouble. Anything can happen to make your financial life a nightmare. Sometimes big moves are necessary to keep yourself out of trouble.
If you have recently lost a job, been injured, or suffered an illness with mounting medical bills, you may be thinking, “I need to sell my house fast.” Getting out from under your mortgage can help you avoid financial ruin and even bankruptcy.
When trouble hits, you may need to make a move sooner rather than later. Putting your house on the open market can leave you waiting months for a sale. If you need to sell fast, you may want to consider selling your home to an investor for cash. Before you make any decisions about a sale, you need to know some facts.
This is a list of the most common questions that people have about selling for cash. Take a look at some of the most important things that you should know before contacting a property investor in Annapolis.
How Does It Work?
Selling your home for cash is as easy as three simple steps:
Consultation
Most property investors will have a website that you can visit for information about how the process works. You will need to fill out an online application. You can expect to answer questions about the location, age and condition of your home.
You may also be asked to explain your reasons for selling. Once your application is processed a representative will call you on the phone to get more details about your home.
Get An Offer
After considering your asking price, the average house value in your area, and the “as is” condition of your home the investor will make you an offer. The offer will be accompanied with a full review of all of the details of the contract for you to consider.
Condition Verification
Once you accept an offer, a representative will visit your home to confirm all of the details of the home. You will not be required to pay any fees or closing costs.
What If My House Has Liens or Taxes Owing?
If you have any outstanding debts that are attached to your home it is essential to share those details with the investor. The total amount that is outstanding will be taken out of the offer amount and paid by the new buyer prior to sale.
How Is An Offer Calculated?
Each property investment company will have an entire department of underwriters whose only job is to evaluate properties. These experts will go through your application and phone interview and consider all of the facts before coming up with a fair offer. Aspects including the age of your home, your location, and the comparable market value of other homes in your area.
How Long Does It Take To Get A Check?
Compared to the traditional selling market, selling your home for cash is a very fast process. Once you set the closing date of your choice, the process moves quickly. The legal aspects and contract negotiation can take up to three weeks. You can easily have a check in your hand in less than a month.
What Now?
If you find that you are in a situation where you are considering selling your home, considering a cash sale can save you time and money. There are no real estate agents, commissions, legal or closing fees to worry about. As with any financial dealings, you should do your research before signing any deals. Selling for cash may not be for everyone, but it is an option to get money in your hand fast if needed.
