Comments on: What does it mean to sell my house for cash? http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/ News Views Guidance and Solutions to a Fast House Sale Tue, 07 Sep 2010 04:35:03 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: liveinaustin http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-322 liveinaustin Tue, 04 May 2010 00:31:52 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-322 1. Cash sale: typically allows for quicker close with no issues typically associated with financed sales. 2. Current Mortgage: the title company will take care of paying off the mortgage and this will be reflected on HUD-1 (closing statement) 3. Credit: It will only reflect that you've paid the debt in full 4. IRS: No, you aren't making anything so there's nothing to take a hit on If you purchased the house new and have only been in for a year, you'll more than likely take a financial hit and then some. You may have to come to the closing table with YOUR cash in order to get the home sold, but the only thing worse than that is trying to be a long distanced landlord doing repairs after some goober destroyed your home while renting. As far as Texans (as you can see, I live in Texas) irrational beliefs....I can only say that an upstairs master bedroom is not nearly as popular for most buyers because if an individual has knee, back, hip, etc. surgery, they've essentially cut themselves off from their bedroom for a period of weeks, if not months. Doesn't happen often, but it's happened twice in my family so I can attest to this. Where are you located? 1. Cash sale: typically allows for quicker close with no issues typically associated with financed sales.

2. Current Mortgage: the title company will take care of paying off the mortgage and this will be reflected on HUD-1 (closing statement)

3. Credit: It will only reflect that you’ve paid the debt in full

4. IRS: No, you aren’t making anything so there’s nothing to take a hit on

If you purchased the house new and have only been in for a year, you’ll more than likely take a financial hit and then some. You may have to come to the closing table with YOUR cash in order to get the home sold, but the only thing worse than that is trying to be a long distanced landlord doing repairs after some goober destroyed your home while renting.

As far as Texans (as you can see, I live in Texas) irrational beliefs….I can only say that an upstairs master bedroom is not nearly as popular for most buyers because if an individual has knee, back, hip, etc. surgery, they’ve essentially cut themselves off from their bedroom for a period of weeks, if not months. Doesn’t happen often, but it’s happened twice in my family so I can attest to this.

Where are you located?

]]> By: frankie b http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-321 frankie b Tue, 04 May 2010 00:16:42 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-321 Honestly it doesn't make much of a difference to you. The normal upside to a "cash" deal is you can close fast, and they you do not need to meet any mortgage contingencies. In the end the closing will be the same and the closing attorney will pay off the mortgage and give you the cash left over. No different than if they got a mortgage. In the end cash is cash no matter if it comes from the bank, or a private person. Honestly it doesn’t make much of a difference to you. The normal upside to a “cash” deal is you can close fast, and they you do not need to meet any mortgage contingencies. In the end the closing will be the same and the closing attorney will pay off the mortgage and give you the cash left over. No different than if they got a mortgage. In the end cash is cash no matter if it comes from the bank, or a private person.

]]> By: DJ B http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-320 DJ B Mon, 03 May 2010 23:17:28 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-320 Here is my suggestion: Either do this yourself or hire a company that handles these routinely. AUCTION DETERMINE YOUR BOTTOM LINE. Schedule the auction two weeks in advance, with 4 hour window for viewing. State all buyers must have PRE APPROVAL LETTER OR CASH, IF BORROWING - MUST CLOSE WITHIN 30 DAYS. You have options, but you need to make quick decisions now because time is short for you. If I can assist further, please email me. Best of luck! Realtor in Minnesota Here is my suggestion: Either do this yourself or hire a company that handles these routinely. AUCTION

DETERMINE YOUR BOTTOM LINE. Schedule the auction two weeks in advance, with 4 hour window for viewing. State all buyers must have PRE APPROVAL LETTER OR CASH, IF BORROWING – MUST CLOSE WITHIN 30 DAYS.

You have options, but you need to make quick decisions now because time is short for you. If I can assist further, please email me. Best of luck! Realtor in Minnesota

]]> By: tiscpa http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-319 tiscpa Mon, 03 May 2010 22:19:37 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-319 They don't want to give you much for your house. Expect to take a big loss. Typically they look for houses that the sellers are desperate and will sell well below tax value, which they want to pay way far lower than market value. Their intent is to make a profit. Think of used car sales. You trade in your car and they don't give you anywhere near what it's worth. If you have a high mortgage balance, then you may as well as forget it. You don't want to sell for cash and still owe a balance. Instead of used car dealers, they are are used house dealers., They buy to fix up to sell for a profit or to rent until they sell it. Is it worth selling that route? No. Then again it does depends on your situation. Sometimes it's best to cell at a loss to avoid a bigger loss. So, that's something you'll need to think over seriously. Weigh carefully your options. You might want to look into having your house managed and rented out for you by a professional real estate company who specializes in doing that. Anyway, be careful and investigate your options.. I know a couple who moved and couldn't sell their house and they had a company to manage and rent to for them. It's been about 3 - 5 yrs, and so far that has worked out well for them. The mortgage is getting paid, while they're still building equity into the house. You may want to consider that. Think carefully your options. Hope things work out well for you. They don’t want to give you much for your house.
Expect to take a big loss.
Typically they look for houses that the sellers are desperate and will sell well below tax value, which they want to pay way far lower than market value.
Their intent is to make a profit. Think of used car sales. You trade in your car and they don’t give you anywhere near what it’s worth.
If you have a high mortgage balance, then you may as well as forget it. You don’t want to sell for cash and still owe a balance.
Instead of used car dealers, they are are used house dealers.,
They buy to fix up to sell for a profit or to rent until they sell it.
Is it worth selling that route? No. Then again it does depends on your situation.
Sometimes it’s best to cell at a loss to avoid a bigger loss.
So, that’s something you’ll need to think over seriously. Weigh carefully your options.
You might want to look into having your house managed and rented out for you by a professional real estate company who specializes in doing that.
Anyway, be careful and investigate your options..
I know a couple who moved and couldn’t sell their house and they had a company to manage and rent to for them. It’s been about 3 – 5 yrs, and so far that has worked out well for them. The mortgage is getting paid, while they’re still building equity into the house. You may want to consider that.
Think carefully your options. Hope things work out well for you.

]]> By: Glennroid http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-318 Glennroid Mon, 03 May 2010 21:55:20 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-318 When you sell for cash, you're getting money from someone who's not taking a mortgage. It doesn't make any difference, you're still getting money. You're not actually going to get a bag of cash, you'll still get a check. You're just not getting it from a mortgage company. So it doesn't make any difference at all. At your closing you'll give the "cash" to your mortgage holder and sign lots and lots of papers. Just as if you got the money from a buyer who was getting a mortgage. If you're not getting any interest in your house there's a reason: it's listed too high! Period. People think they can get what they think a house should be worth and are frequently disappointed. If you want to sell it, list it a the fair market value or a little less. If you're not getting any lookers and it's a good house then you're asking too much. Good luck! When you sell for cash, you’re getting money from someone who’s not taking a mortgage. It doesn’t make any difference, you’re still getting money. You’re not actually going to get a bag of cash, you’ll still get a check. You’re just not getting it from a mortgage company.

So it doesn’t make any difference at all. At your closing you’ll give the “cash” to your mortgage holder and sign lots and lots of papers. Just as if you got the money from a buyer who was getting a mortgage.

If you’re not getting any interest in your house there’s a reason: it’s listed too high! Period. People think they can get what they think a house should be worth and are frequently disappointed. If you want to sell it, list it a the fair market value or a little less. If you’re not getting any lookers and it’s a good house then you’re asking too much.

Good luck!

]]> By: I_Love_McRedneck http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-317 I_Love_McRedneck Mon, 03 May 2010 21:40:01 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-317 Have you considered a lease option? You usually collect 2 to 3 months rent as a deposit in case they do something stupid and destroy the house. You negotiate a selling price after a set amount of time, usually a year or two. They either buy it and get their deposit back or they don't buy it and you get to use the deposit to repair their damages if needed. At least you'd have your mortgage paid for a year. Don't "sell your house for cash" - they're lousy deals. If you really must sell asap, consider lowering your asking price. Have you considered a lease option? You usually collect 2 to 3 months rent as a deposit in case they do something stupid and destroy the house. You negotiate a selling price after a set amount of time, usually a year or two. They either buy it and get their deposit back or they don’t buy it and you get to use the deposit to repair their damages if needed.
At least you’d have your mortgage paid for a year.
Don’t “sell your house for cash” – they’re lousy deals. If you really must sell asap, consider lowering your asking price.

]]> By: Ask M http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/comment-page-1/#comment-316 Ask M Mon, 03 May 2010 21:30:58 +0000 http://need-to-sell-my-house-fast.com/questions-answers/what-does-it-mean-to-sell-my-house-for-cash/#comment-316 Just make sure you at least take cash to pay off the current mortgage and walk away even. You close enough to any college that would rent it ???? Military Base? Just make sure you at least take cash to pay off the
current mortgage and walk away even. You close
enough to any college that would rent it ???? Military Base?

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