How It Works | Moore-Brittingham Properties Real Estate, Short sale, Foreclosure Real Estate listings and homes for sale

Cash for your house; how does that work?

Do we show up at your front door with a big bag full of money? Well, not exactly…

When we say “cash”, it means that we do not go to the bank to finance the property. Instead, we purchase the property with money that we have in escrow specifically for acquiring real estate.

We will come out and evaluate your property and your situation, and do a FREE valuation of the property. Then, with your best interest in mind, we will determine the best possible solution, and make a cash offer on your property.

Why should I sell my house for cash?

Everyone knows the old maxim, “time is money”. Selling your house for cash allows you to save substantial amounts of both. Here’s how:

The average property sits on the market for a minimum of 180 days. We can purchase your property and settle right away—often in as little as fourteen days!

With the economy in the shape it’s in, it’s very difficult for a lot of potential buyers to acquire financing. Financing rules and regulations have become increasingly stringent, and buyers who could qualify a year ago may not be able to get financing this year. This means houses are sitting on the market longer, as the pool of potential buyers is much smaller.

Even if you are able to find an interested buyer relatively quickly, it doesn’t necessarily mean the finish line is in sight. A financing contingency in a contract makes it so that buyers can walk away from the deal with no recourse at the last minute if the bank changes their mind or doesn’t feel comfortable lending to the buyer. In other words, a financing-contingent contract is far from a done deal, and offers no guarantee. We guarantee a cash contract and guarantee we will go to settlement—no ifs, ands, or buts.

Why wait 180 days while strangers traipse in and out of your house, when you can sell for cash today?

So you can save me time. What about money?

We will buy your house “as-is”; that means no changes, no updates, and no money out of your pocket.

Did you know that 97% of house sales are contingent upon the buyer receiving a home inspection (AND the successful repair of any and all items which don’t pass)? In most cases the bank won’t even lend money unless a home inspection is performed. The average repair cost for home inspection items is $1,500, and if you have older HVAC, electrical, plumbing systems, or an older roof, you could be facing a bill for repairs that could run into the tens of thousands of dollars!

Another reason to sell your house for cash that many sellers often don’t consider is carrying cost. Carrying costs are the very real expenses that you pay every day to live in your house. Most sellers overlook this when selling their home but it should be taken into careful consideration. Here’s an example:

The carrying cost on Mr. and Mrs. Davis’ house is $1,500.00/month—this includes mortgage payment, taxes, and insurance. It takes 180 days for the Davis’ house to sell.

$1,500/month x 6 months = $9,000.00

That means it cost Mr. and Mrs. Davis $9,000.00 to carry the house while it was listed. (And that’s without considering utility expenses!) Had they listed their house for $189,900.00 and the carry was $9,000.00, before realtor and other expenses they would have received a net of $180,000.

Why not save time, hassle, and headache and take less upfront rather than wait 6 months for the same amount of money? If a cash buyer offered you $180,000 today, would you take it? 6 months from now you would net the same amount of money!

Cash sale is perfect for the buyer looking to “trade up”!

So you have watched the market closely and it seems that right now there’s an abundance of “dream homes” from which to choose, but there’s also a hitch; you need to sell the house you own now! Why not sell your current house for cash to trade up to the one you want?

“But I run the risk of getting less than I think the house is worth. Don’t I?”

Well, look at it this way: If your house is valued at $190,000 and you take 10 % less than market value ($19,000), but you purchase a house that is $250,000 at a 15% under market value (15% of $250,000 = $37,500), you have still gained $18,500 in instant equity ($37,500 - $19,000 = $18,500). You get instant equity, and you get trade up to a more ideal home—all with no hassle!

The opportunity that this market offers may only come along once in our lifetime, so why not take advantage of it today? The amount of time involved in listing your house for sale on the market can mean missed opportunities for you to land the home you really want. Selling your house for cash today means that when the house of your dreams does materialize, you don’t miss your chance to call it home!

If I am in foreclosure can I sell my house for cash?

Yes. You can, and you should!

If your house goes to foreclosure not only will you lose any equity you have in it, but you may end up owing the bank and IRS a lot of money. Get cash in pocket for your house and free yourself of the stress and worry associated with a foreclosure

What if I have no equity in my house? Can I still sell if for cash?

Absolutely.

In this situation your best option is a short sale. The short sale specialists at Moore-Brittingham can guide you through the process with the ease and confidence that comes from over 40 years’ real estate experience. Don’t spend another day upside-down! Contact us today to find out which options are best for you!