Selling a home to a real estate investor can be a much easier process than selling to a private buyer. If that seems odd to you, here are some facts that you might want to consider, particularly if you need to sell quickly, or if your home requires work that you do not have the funds, the time, the expertise or the desire to complete.
In most circumstances, a prospective buyer must qualify for and secure a new mortgage on a property. Even in the best of circumstances, that process takes time. In addition, most home buyers will ask for an independent property inspection and an up to date survey, as well as other required documentation before a closing can be scheduled. It can sometimes be a nail-biting process to get to closing, and the minimum time frame is often 30 to 45 days. All the time, the clock is ticking and your commitment to keep paying does not end until the papers are signed and the sale is recorded.
Home mortgage debt is a major concern for anyone who is behind on payments; it is also a major concern for owners who must move because of a job transfer or change in personal circumstance. One way to forestall an impending foreclosure situation is to negotiate a sale to an investor who has the cash reserves to satisfy any mortgage balance on the property. When you sell to a reputable investor, the sale can be accomplished quickly — sometimes with two weeks — and with little outside documentation. Even if you’re not behind on payments, a quick sale often makes financial sense.
For you, the seller, it is a way to simplify the transaction, satisfy your existing lender, and walk away from your property with no strings attached. You do not have to worry about timing, the hassles of arranging for necessary repairs or updates, or the continuing payments coming due.
Real estate investors have the resources and the knowledge to make reasonable judgments about the value of specific properties, based on neighborhood “comparables,” overall market conditions and estimates of required repairs. It is their expertise that comes into play in any transaction. So, if you have a home to sell, and you want to sell quickly, think about dealing with a reputable real estate investment firm.