People, who are in the position, are paying cash for homes. The advantage of paying cash for any real estate transaction outweighs utilizing any kind of loan. There are several points to consider. Let’s look at a few of them. First and foremost is the immense sense of security this creates because you own your home free and clear of debt. In this day and age it’s a good feeling to know that no matter what your home is safe as long as you pay your taxes. Although not required when you own your home outright, it’s still a good idea to insure as well. When there is no mortgage to worry about keeping up with,paying your taxes is an incredibly easy responsibly to meet. Simply put money aside monthly as though you are paying rent. Either way it must be paid, why try to do it in one lump sum?Read More Here.
Secondly, paying cash for homes places you in a great negotiating position because the seller is likely to reduce the price of the home when cash is offered. There’s no waiting to hear what your lending institution has decided. Then there’s the appraisal process which is yet more time consuming and can present its own set of problems to be solved and dealt with. If an appraisal comes in too low the contract can be canceled. This is just one issue to contend with in this case.
Loan funding contingencies are another factor that can throw a monkey wrench into the equation. The reasons for a lender to choose not to approve are numerous, leaving buyer and seller alike waiting on pins and needles! The closing itself goes much faster. Instead of the standard 30 to 45 days to close, a closing can occur in as little as one week. For these reasons and more, people are choosing to pay cash for homes when possible.
How to contact real estate investors? It is important to find a reputable investor to sell too which can sometimes be done by asking a real estate agent or a real estate lawyer. You can even find local investors online, at your bank, or through the White Pages. You have seen the signs on the road that say “We Buy Houses” or “Cash for Houses” These numbers will also get you to a real estate investor. Keep in mind though that investors are not always reputable so you need to be sure before you make the deal. Having a real estate lawyer will help you ensure that the sale goes smoothly.