Selling a house for money is a popular alternative for homeowners who need to sell their property quickly. Given the current credit crunch and slow real estate market, it is difficult for most sellers to find suitable buyers.
Money transactions offer benefits that cannot be achieved when a buyer needs bank financing. If you want to know how to quickly sell your house in Dallas for money, you can check this out.
The main advantage of selling your house to get money is that the deal can be closed in a matter of days, not weeks. There are no long forms to fill out with the lender, and you haven't been waiting for approval.
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For buyers to obtain mortgage approval at this time, they must have a favorable FICO rating and be able to pay a minimum deposit of 20 percent.
Sellers use their expertise when selling real estate to private investors. Many investors are familiar with foreclosures and short sales. Both require extensive knowledge and relationships with different lenders.
Short sales are complex and require special documentation. Homeowners who have received a short sale agreement cannot benefit from selling their homes.
Instead, they have to find a buyer so that the lender receives less than they should for the loan. Another benefit of selling a house for money is not needed for real estate. This value can save thousands of dollars in commissions.