If you own property in New York City that you need to sell fast, you should know that you have quite a few options. If your finances have you saying, I need to sell my house fast, we can help. Selling on short notice can be a daunting prospect, but there are several avenues for getting your home and mortgage off your hands quickly.
Selling your home to a fast cash investor could be an appropriate move, especially if you need to sell within days. A fast cash investor will buy your house from you “as is” and leave you with cash in hand in a matter of days. There are other options, too – Here’s a quick overview of everything:
Fast Cash Investors: The Quickest Option
While most homeowners prefer to sell through traditional real estate agencies, maybe you need to move out fast. It should matter why you need to sell quickly. We all know sometimes life leaves little room for response time.
Events which could necessitate a quick sale include a death in the family, loss of a job, separation from a significant other, unwanted inheritance, structural issues, property damage or code violations, bankruptcy, and foreclosure. While financial hardship is often behind a fast cash home sale, it can also be an ideal option if you’re simply looking to move fast.
If you find yourself in any of the scenarios above, selling your New York City house to a fast cash investor may be your best option to avoid foreclosure.
This article will go through a step-by-step process, then look at some of the pros and cons.
How The Fast Cash Process Works:
1) You Contact the Buying Company with Initial Details
This will include disclosing the type of information you’d find in a typical real estate listing: square footage, the age of the home, number of bedrooms and bathrooms, etc. It’s good to shop around at this point – contact several fast cash buyers to get a more accurate idea of a fair quote. Time is of the essence, especially if you’re facing foreclosure. So, call your fast cash investor ASAP.
2) The Buyer Offers You a No-Obligation Estimate
This step usually happens over the phone or online, and the estimate is based on the information you provide in step one. Remember to compare all your options! Don’t just jump on the best deal without thinking it over.
3) The Buyer Gathers Additional Information They Might Need
If you’re pleased with the quote you’ve received and choose to move forward with a sale, the buyer will generally arrange for an on-site evaluation to confirm the information provided and gather any remaining details.
4) After the Evaluation, the Buying Company Makes The Official Offer
Usually, they base this offer on your home’s projected After Repair Value (ARV) or a percentage of the average sale price for a home similar to your own. The buyer will estimate the costs required to get your property to resell on the market, such as repairs and real estate commissions, then subtract these from the ARV or average sale price, and finally offer you the difference.
You’ve accepted the offer, signed on the deal, and now the property is in the buyer’s hands. They take care of everything else! You’ll probably receive a check for the purchase within a few days.
Pros + Cons of Fast Cash Investor Sales
If you need to move out of your property quickly, there’s no beating a fast cash sale’s timing!
Quick and Simple
It’s fast. It’s cash. You don’t have to tidy up your house, you don’t have to fix anything, and you don’t have to wait for approvals. The buyer pays closing costs, so you don’t have to worry about buyer financing. Plus, there are no fees for any middleman.
No Work on Your End
This is your best option if you have to get out fast, in a matter of days to weeks. You’re selling to an investor, meaning they got the cash on hand and ready. No haggling, no realtors, no open house, and no tours.
In general, homeowners who choose this option can expect to see roughly 60-80 percent of their home’s market value in cash. You’re under no obligations: decline, or accept and sign!
While these pros are convincing, assessing the cons can help you decide if a fast cash sale is right for your situation.
Lower Value than Traditional Sale
The biggest con is that you likely won’t get the full value of your home – but you already know that going into this. It’s the sacrifice you make for speed when speed is necessary. Sure, you could get more money going the traditional route, but is the additional effort and time going to be worth it? It’s a gamble to wait it out using a realtor.
Fast cash sales admittedly aren’t for everyone.
Beware of Scammers
The fast cash market is rife with phonies looking to make a buck off sellers who haven’t done their research. With no intermediary person involved between buyer and seller, you have to be sure the buyer you choose is reputable.
While most fast cash home buyers are either wholesalers, investors, or builders, there are scam artists who will prey on your need to move quickly.
These buyers will use shady tactics to rob you of your home’s equity and leave you with a foreclosure down the line. They might also try and convince you to sign a misleading contract with you on the losing end.
Protect yourself from these disreputable buyers by making sure you’re dealing with a professional. Look up their reviews, check their credentials, and search for their listing with the Better Business Bureau. Additionally, you should always understand the contract you’re signing, and ensure all agreements are in writing.
And remember, if an offer seems too good to be true, that usually means it is.
In some cases, you might benefit from a lawyer reviewing a contract before you sign.
Don’t Forget To Pay the Mortgage in Full!
No matter what option you choose, you still are obligated to pay off your mortgage with your lender: Ideally, you’ll do this with the cash you’ve earned from the sale. However, if the value of your home is worth less than the remainder of your mortgage, you’ll need to make up the difference – in which case, a short sale might be a better option for you.
Sell My House Fast – Other Options
If selling to a fast cash investor doesn’t sound right for your situation, there are several different options for selling your property quickly:
- Loan Forbearance: Loan forbearance essentially suspends or reduces your mortgage payments until you can get up to speed. You’ll need to apply for this process with your lender.
- Deed-in-Lieu of Foreclosure: This option will put your property back into the hands of the mortgage lender. In this option, a negative balance may not be forgiven, which could negatively impact your home buying options in the future.
- Foreclosure: Ideally, you’ll want to avoid foreclosure, as it can hurt your credit for almost a decade. When foreclosure is impending, most people don’t realize they usually have other options.
- Short Sale: In a short sale, you work with your lender to sell your property for less than the remainder of your mortgage.
- Assumed Mortgage: an assumed mortgage is when your lender allows a buyer to take over the remainder of your property’s mortgage. While rare, this option may be best in your scenario.
Tips to Sell Your House Fast
The best tips for selling to a fast cash investor involve acting quickly and being thorough in providing front-end information. Since the buyer will handle everything else, you shouldn’t have anything else to worry about.
If you go with a more traditional sale option, here are some tips to sell your place quickly:
- Make repairs: Ensure that your property is in excellent condition to avoid losing value.
- Keep it clean: Don’t let grime and clutter distract buyers from what your home has to offer.
- Dress it up: Create an appealing atmosphere that showcases your home’s best qualities. Decorate and make it inviting!
- Price it well: Do some research to avoid pricing too high to sell or too low to profit.
If you find yourself saying, I Need to Sell My House Fast, give us a call and we can help you! Call 877-561-6987