| You have seen the ads 'We buy houses for cash', | | | | want to sell your house quickly and after looking |
| 'Sell your house for cash', 'Sell your house quickly | | | | into the 'we buy ugly houses' companies you |
| for cash', etc. or the big yellow billboards reading: | | | | found out that the 'we buy house for cash' is not |
| 'We buy ugly houses'. And yes, if you have to sell | | | | going to work out for you. You know you need |
| your house quickly, e.g. because of relocation, | | | | to do something now to sell your house quickly! |
| divorce, foreclosure, etc. this definitely looks like a | | | | Here is the solution for you: Lease-Purchase or |
| perfect solution. Since those companies buy | | | | Owner-Finance, for FULL asking price! |
| houses for cash they can close within a few days. | | | | A lease-purchase or lease-option is simply a lease |
| For most sellers this method is not a viable | | | | agreement combined with a purchase contract, |
| solution though due to lack of equity. Lease-option | | | | which gives the new tenant/buyer the right to |
| and owner-finance are great alternatives and you | | | | purchase your home under specific terms. During |
| can even sell your home for full price. | | | | the lease term the tenant/buyer can work on |
| As a general rule the maximum offer that | | | | credit issues or their down payment and as soon |
| companies that buy houses for cash will make is | | | | as they can qualify for a loan, they will purchase |
| 60% of the home value. They then turn around | | | | the home from you. Since the tenant/buyer is |
| and sell it to someone else who will fix it up. | | | | planning on buying the home, they will take care |
| This way to sell your house quickly for cash is | | | | of it as if it is their own. |
| obviously only an option if you have no large | | | | Owner finance means that a new mortgage will |
| mortgage on the house and you aren't willing or | | | | be created between you and the buyer. This |
| able to spend the money to fix it up and sell at | | | | means that you become the bank and the seller |
| current market value. And that is the beauty of | | | | pays their monthly mortgage payments to you. |
| such companies. If the house you are selling | | | | This way you receive a nice positive monthly |
| needs work, you have to weigh the cost of | | | | income without the hassles of tenants. After all, |
| having that work done against selling your house | | | | would you call Wells Fargo or Bank of America |
| quickly for cash, without having to do any work. | | | | when your toilet is broken??? |
| Now how is this going to help you if you have a | | | | In today's market both the owner finance and |
| large mortgage on your home (on which you | | | | lease purchase technique are great solutions to sell |
| might face foreclosure), or if you simply don't | | | | your house quickly AND receive your full asking |
| want to lose that much equity in your home? | | | | price, since many potential buyers will qualify; |
| Well, it won't. These cash offers are not going to | | | | buyers that won't qualify at a bank yet, but will |
| help you and might even offend you, especially if | | | | qualify soon, after their credit has been repaired. |
| your home is in a relative good condition. So, you | | | | |