In March 2018, 4.3% of U.S. home mortgages were delinquent. 0.6% of those delinquencies were already in foreclosure.
In Utah alone, one in every 2,540 homes were in foreclosure back in September 2017. That represents a tiny 0.25% decrease in foreclosure rates from the previous year.
If you think you’re in danger of foreclosure, consider selling your house for cash.
Otherwise, you may lose not only your home but also the potential money you could still make off your house. You’ll also deal with the serious, long-term financial consequences of a foreclosure.
Besides, there are plenty of other reasons to team up with house for cash buyers, which I’ve listed in this post. Work with these real estate investors, and you can enjoy the following benefits.
1. Avoid a Foreclosure
Let’s expound on what foreclosure can do to you and your finances.
Foreclosure happens when a mortgage borrower stops making payments toward the loan. Many homeowners facing a foreclosure lost their jobs or fell ill. Because they have no means to pay back their loan, they missed or stopped paying it back altogether.
Whatever the reason, missed payments lead to a violation of the loan’s contract terms. This can then result in eviction.
It also damages a borrower’s credit, pulling it down so low to the point they can’t get new housing anymore. A third of Americans have such low credit scores that they often get denied of personal loans. In fact, a study found that 76% of people who applied for a personal loan got rejected because of a poor credit score!
Furthermore, a foreclosure will stay on your credit report for up to seven years. That’s seven long years of possible rejection for any type of loan.
If you’re in a financial pinch serious enough to put you in danger of foreclosure, team up with a cash for home buyer. They can get you the money you need to avoid foreclosure.
2. Selling Your House for Cash = Sold in a Few Days
Sell your house the usual way (as in the MLS way), and you can be waiting for up to 65 days on average. That’s more than two months, and that’s only the average! That means your home can be sitting unsold for more than several months.
Whereas selling a house to a cash buyer can mean getting it sold in a couple of weeks. House for cash buyers still need to do some house inspection and check the legal side of your title. They’re paying cash after all, so they also need to verify these things.
But compared to two months of selling the traditional way, two weeks is nothing.
3. Get Out of a Mortgage
Let’s say you’re not in danger of a foreclosure, but you still want to get rid of your massive home debt.
After all, the average mortgage debt of Americans amounted to a whopping $201,811 in 2017. That’s only for home loans, so that amount doesn’t include other loans and credit card balances.
By working with cash for home buyers, you can get out of your mortgage faster. You can use the money you get after selling your home to pay off your mortgage. Your mortgage is likely the biggest loan you have, so getting rid of it puts you closer to a debt-free life.
4. Pay Off Your Loans Sooner
Excluding mortgages, the average American owes about $38,000 in personal debt. Those debts are a combination of auto loans, credit card balances, and student loans. Some also have personal loans they’ve taken out from banks or online lenders.
If you keep paying only the minimum amount due on these loans every month, it’ll take years to pay them all off. Part of what makes these loans even more expensive is their monthly interest.
Imagine what you can do with that money that goes towards paying off the interest alone. There’s a lot, from putting your money into investments or starting your own business. You can even put it away in your savings account for rainy days.
What I’m saying is you can — and should — pay off your loans sooner. One way is to sell a house you don’t want to live in anymore. You can use the cash to reduce your debts and start over fresh.
5. Cover Emergency Expenses
Less than four in 10 Americans say they have enough money saved up to cover a $1,000 emergency. 19% admitted they’d have to rely on their credit cards and 5% would take out a personal loan for such costs.
If you’re like the majority of the population, you’ll probably swipe your card or borrow money from family. Your last resort will be to apply for a personal loan. Either way, you’ll end up building even more debt.
Instead of taking on more loans, consider selling your home for cash. You’ll have more than enough to cover the emergency expenses.
6. Use the Cash to Move to a New (and Nicer) Place
If you’ve been planning all along to move to a new place or start renting, why not put up your house for a cash sale? You’ll hit two birds with one stone — pay off your mortgage and still be able to move houses. You may have even enough left to pay off some of your outstanding loans.
7. No Repairs Needed
One of the biggest advantages of teaming up with cash buyers for homes is that you can sell your house as is. Have plumbing issues that will cost you thousands to repair? No problem, professional home buyers will still buy your house.
8. No Home Staging Required
House for cash buyers don’t need you to stage your home to buy it. Granted, home staging helps attract prospective buyers. But they’re for sellers who can afford to wait for weeks to complete a sale.
If you need money as soon as possible, you can sell your home in whatever condition it is to cash buyers. They’ll take it off your hands and give you a cash offer you can choose to accept or not.
9. No Home Clean-Up to Worry About
You don’t have to give your home a spring cleaning to attract professional home buying companies. Again, no matter what state your house is in, you’re likely to receive a cash offer for your home.
10. Sell Even a Dilapidated House
What if your house is in such a run-down condition the only way to describe it is “ugly”? Don’t worry. Home buying professionals specialize in buying ugly houses too.
As mentioned above, you don’t have to commit to repairs when selling your house for cash. Even if you have a sagging porch, several broken windows, or water damage, you can still sell it. Real estate investors will buy it from you so you can move to a nicer, better dwelling.
11. Say Goodbye to An Unused Inherited Home
Do you have an inherited home that you don’t use and can’t afford to maintain anymore? So long as you have the title and the property is under your name, you can sell that for cash too. Again, you don’t have to repair, renovate, or clean it up.
You can sell almost any house to real estate investors, as is, even if many others think it’s ugly.
If you want to renovate it, then that’s completely up to you. But if you want to cash in on it and move on, then consider teaming up with a cash for house buyer.
Is There a Catch?
“With all these benefits, there must be a catch!” That’s likely what you’re thinking of after reading all those benefits to selling a house for cash.
It depends on who you’ll work with, of course. If you do your research to find out more about the buyer, then you can avoid scammers. Aside from a complete name, address, phone number, and a website look up reviews too.
Also, a legit house for cash buyer would want to see your home first before making an offer. That’s the only way they can give you a fair offer! If they don’t ask to see your house and give you a quote right away, that may be a sign you’re dealing with a shady business.
Reputable real estate investors will also make you a no-obligation offer. If you think their offer is too low, feel free to move on to your next option. There are no fees involved in rejecting a cash offer.
Ready to Get Rid of Your Home or Mortgage?
Selling your house for cash doesn’t have to be a pain. But, you also need to do your homework to ensure you’ll sell to a reputable buyer. So long as you follow the tips above, then you can close a deal with a fair offer in as little as two weeks.
Want to receive a cash offer for your home now? Then fill out this short form so you can get a quote today!