As a real estate investor, people call me daily saying, "I need to sell my house quick!" The problem is most of the people who contact me are facing foreclosure and running out of time. Oftentimes, they owe more on their mortgage loan than their property is worth.
If you reading this and thinking, "I need to sell my house quick" then I encourage you to consider selling your home to a private investor or buyer who can buy your house for cash. Most people do not know they can sell their house to investors. This little known resource can save you time and money while reducing your level of stress.
In today's real estate market, there are more sellers than buyers. It has become increasingly difficult for the average American to obtain traditional financing. In order to qualify for a bank loan, borrowers must have a good credit rating and the ability to produce as much as 20-percent down. With the current economic recession, few people qualify for a mortgage loan.
On the flip side, real estate investors are buying houses at record speed. Housing prices have dropped by as much as 50-percent in some cities; making real estate investing a lucrative choice. Investors have the opportunity to purchase real estate at bargain basement prices and provide distressed homeowners with the opportunity to start fresh.
Another reason homeowners need to sell their house quick is due to bankruptcy. Oftentimes, people file for Chapter 13 bankruptcy to stop foreclosure. Although bankruptcy can temporarily halt the foreclosure process, if the debtor fails out of bankruptcy lenders can petition the court and request the bankruptcy be dismissed.
It is estimated that nearly 75-percent of debtors fail out bankruptcy within the first year. This stems from the fact that debtors are required to adhere to a repayment plan. In addition to normal living expenses, a large percentage of their disposable income must be contributed toward repayment of debts.
If the bankruptcy judge dismisses the bankruptcy, the debtor loses all protection from the court and lenders can commence with collection actions. What many people fail to realize is mortgage lenders can commence where they left off prior to the bankruptcy. In some cases, homeowners are forced out of their homes within a matter of days.
Another common reason for selling real estate quickly is property held in probate. Probate is the process used to validate a decedent's Last Will and Testament and ensure assets are distributed accordingly.
The decedent's estate is responsible for maintaining the property throughout the probate process. If there are insufficient funds, a probate judge can order the property be sold.
Regardless of the reason for selling your house quick, consider working with a private real estate investor before placing your home on the market. Working with an investor can save thousands in realtor commissions and expedite the transaction.
Investors who buy homes can be found by conducting research online or by obtaining referrals from mortgage lenders, brokers, and realtors. Most investors participate in real estate clubs, so consider attending a meeting to meet potential investors face-to-face.