Nearly 30,000 people searched online for "sell house fast" tips last month alone. The ever-increasing unemployment rate is causing many people to choose between feeding their family and paying their mortgage. A large percentage of borrowers owe more on their mortgage loan than their property is worth and have little chance of finding a buyer.
Many reasons exist for needing to sell house fast. However, the most common is to stop foreclosure. When borrowers become delinquent on their home loan and do not possess the financial means to repay their debt, banks will sometimes offer the option of short selling.
Short sales can be a blessing when borrowers are financially strapped and dangerously close to foreclosure. Understand not all banks offer short sales, nor do all properties or borrowers qualify. Those who do meet established criteria must undergo a financial audit and will be responsible for locating a qualified buyer.
Most banks stipulate borrowers have a buyer in place before short sale approval is granted. Others are generous enough to allow property to be listed through a realtor and borrowers are given two to three months to locate a buyer. When properly executed, short sales provide benefit to all parties involved.
Regardless of the bank's short sale policy, borrowers must sell their house fast to satisfy the agreement. Finding qualified buyers is challenging on many levels. Many people would like to take advantage of the historically low housing prices and interest rates. However, most are fearful to invest due to unbalanced economic conditions and rising unemployment.
New lending restrictions have made it difficult for potential buyers to obtain financing. The days of no-money-down, no-income verification subprime loans are gone. In order to obtain a mortgage loan today, buyers need exceptional credit, high FICO scores and a minimum 20-percent down payment.
Economic instability combined with fewer buyers and an explosion of discounted properties has created an oversaturated market. Qualified buyers can pick from a wide range of real estate. How can sellers ever hope to locate a buyer for their home, let alone find one in time to satisfy a short sale agreement?
The secret is to seek out private real estate investors. Ask friends and family for referrals. Banks and realtors can be a good source for locating reputable investors. Use the power of the Internet to locate investors. Enter the search term "real estate investors" and add your city or state to narrow down results.
Always engage in due diligence to ensure you are working with a reputable and licensed investor or investment group. Check public records to determine if the investor is licensed to do business in your state. Visit the Better Business Bureau to see if complaints or compliments have been filed.
Experts recommend interviewing a minimum of three private real estate investors or investment groups. Ask each for a list of referrals and contact them. Ask investors to provide a list of successful real estate transactions. Reputable investors will not have a problem providing a list of achievements and referrals.
The key to selling your house fast in a recessed market is to work with a professional real estate investor. The key to obtaining a successful outcome is to take time to investigate investors and verify credentials.