We all have seen the yellow signs ” We Buy Homes For Cash“
We buy homes for cash is a catchy phrase for will buy your home only if we make a good profit on it. This can be a good deal for the person who has a home in need of several repairs and can’t afford to make them. Investors are needed for these type of homes because the majority of home buyers are not interested in taking on the big headache. Warning! Before you hand over your home for cash make sure you understand the terms of the sale with an investor.
Make sure your dealing with an investor who really has cash to buy your home, otherwise you will be selling your home on terms you both agree to.
If an investor wants to take over your payments know that if the investor does not make the payment your still responsible to the bank until the note is out of your name. Your credit is on the line.
There is a good chance the investor will rent your home to make the payments. Nothing wrong with that, but depending on the terms you agree to you should know that up front.
Don’t ever transfer the deed out of your name until your bank and you are paid in full. Once you transfer the deed any money you owe on the home is still going to be your problem.
If you agree to allow the investor to assign the contract than you just hired a middle man to sell your home and make a quick profit. The investor is only looking out for their best interest not yours. Your better off hiring a licensed, experienced Realtor who is looking out for your best interest.
If your home is need of several repairs before it will sell than try getting a home equity loan and make the repairs. I can put your home on the market within 30 days of all repairs being completed so it sells quicker and put some extra money in your pocket.