If you need to sell your house quickly, you may consider contacting a local we buy houses company that will offer to buy your house for cash. What does that mean?
What are the pros/cons of selling for cash?
The pros of selling your house for cash:
- Fast close. The cash buyer is able to buy your house and close quickly. Some cash buyers are able to close in just a few days. All cash buyers are able to buy your house faster than a traditional buyer that may need to go to a bank and get a new mortgage.
- No new mortgage. Getting a new mortgage from a bank adds time and complexity to the sale of your house. Banks required appraisals and inspections. Also a bank typically will require 30-60 days for loan processing and there can be problems with loan documents at the closing table.
- Hassle free. A cash buyer just presents a check at closing. There is not a bank involved so there won’t be any problems with funding or loan documents.
Cash buyers are great for selling your house fast.
Cons:
- A cash buyer has a limited amount of cash available to buy houses and may be only able to offer a price that is below your asking price.
How do I pay off my mortgage if I get cash?
Paying off your mortgage will be the same if you get cash or if you have a buyer getting a new mortgage. Your cash buyer will bring a check to the closing table and your escrow or title company will use that money to pay off your mortgage.
Will it affect my credit?
It is exactly the same if you have a cash buyer of if you have a traditional buyer. The advantage would be if you are missing payments, a cash buyer can close quickly, payoff past due late fees and help you sell your house before you miss any more mortgage payments.
Will I take a hit from the IRS?
If you sell your house for a profit, you may have to pay income tax on the profit amount but in most times there will be no hit from the IRS.
If you’re looking for a cash home buyer, vist our we buy houses website today!
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