This is the fourth Express Homebuyers Blog in a series on how you can avoid foreclosure. Some of these options are more drastic than others, and they all come with unique advantages and disadvantages. We buy houses to help people out of foreclosure, so you know where we stand. But honestly, if you are facing a foreclosure situation, we believe you should be as informed as possible on the alternatives available.
Should You Sell Your House to a Homebuying Company?
Okay, so you've investigated all your options, and foreclosure looks imminent. Unfortunately, today that's not an uncommon occurrence. But knowing you are part of an increasing group isn't really helpful. Neither are signs hung all over the neighborhood offering to buy your house in a hurry - like this:
If you are like most homeowners facing foreclosure, you need to make a decision quickly after having reviewed all your options. And selling your home to a company may be the best option for you. Here are some of the advantages:
- Quick closing: A good homebuying company can buy your house in just a few days. They're experts at it, and know exactly what to expect.
- Cash: Often, these companies have the cash on hand to buy your house outright. Having the cash on hand is a huge advantage, particularly if you need to pay off many of the debts associated with your house or present financial condition.
- Few, if any, closing costs: Or hidden fees and commissions. Most reputable homebuying companies will handle, and pay for, all the closing costs; note, they can not pay mandatory local transfer taxes and fees. Those will still be your responsibilities at the point of sale. However, a good homebuying company will help you with those by making sure you have enough cash on hand at closing to cover these.
- A Positive Ending:If you are like a lot of people in your position, you may have reconciled yourself to a negative - if not ruinous - end to your housing issue. It doesn't have to be that way. Working with a good homebuying company can turn what appears to be a major financial problem into a positive position.
Let's be honest, though: you can't sell your house and expect to avoid the expenses you have on that house. The real advantage here is to get quick cash for the equity you have in the house so you can pay off the mortgage, back taxes, liens, and any other debt associated with the property. You may not get rich, but you'll have a better chance to get back on your feet with your credit rating intact.
Be Careful. They're Everywhere!
Wow. We've gone from real estate management to selling your house to an unknown company in just four blog posts. That can be pretty scary. How do you know if you're getting a good deal? If the company is reputable? What can go wrong?
As you can tell from the number of signs you see on the highway, there are homebuyers everywhere. In our next blog, we're going to share some tips on what to look for in a homebuying company, and how to find out and avoid some of the major pitfalls if you want to sell your house fast, or sell your house for cash.
But here's a hint: Check if they're Better Business Bureau accredited. If not, caveat emptor; buyer beware! You might be tempted to say: "Buy my house, now." But proceed with caution; not all homebuyers are the same.
We buy houses fast. And, we're Better Business Bureau accredited. Since 2003, Express Homebuyers has been buying, refurbishing and selling properties in the Washington DC metro area. If you want to have us buy your house, or know of someone who could benefit from our services, contact us at 1-(877) 907-3232.