Generally speaking, the real estate market is on a downward shift at the moment. Owning a house is part of the American dream and letting go of a place that a renter was finally able to call their own can be difficult. Yet with the current state of the market, making a decision to say sell my house fast could be the best and only option. This is especially in a situation where a home owner is facing imminent foreclosure.
The economic downturn means most people cannot afford to buy a home so those trying to sell are having a hard time finding buyers. For a homeowner facing foreclosure, this may be the only way out. For one, selling directly to another buyer which is called a short sale even if the offer price is not very good could cut ones losses in the long term.
This is because recovery in the real estate market is not expected to be forthcoming for at least two years from now. Holding on to property with the hope of getting better offers for it could lead one to selling it at an even lower price as the economy continues to slide.
Another benefit of a short sale is that one can cash in on the buyers market. It would be possible to get a house that is worth a lot that the owner also needs to dispose off fast. When things begin to look up, the house bought for a low price could then be sold for what it is worth which would mean making a good amount of money.
A direct sale will also see the cost of selling come down significantly compared to a sale that is made through a bank. No surveys fees, realtors fees and their commissions and other costs such as evaluation fees or costs of closing a sale will have to be paid. Instead, a buyer and seller agree on a price directly and will only need to pay a lawyer to draw up a sale agreement and change the name on the deed of the house.
After this, the only cost that will be encountered is getting the sale agreement made formal through a lawyer and a getting a payment agreement drawn up. The other cost that may be incurred is the cost of getting the property listed and this can inexpensively be done online where 80 percent of prospective home owners look to see which properties are on the market.
The short amount of time it takes to wrap up a direct sale is the other benefit it offers. It can take two to three weeks for an offer to be made, final figure to be agreed on and the transaction formalized. It takes much longer if selling through a third party like a realtor or bank and in the meanwhile prices could be dipping even further.
It is also worth selling directly of it means a home owner avoids foreclosure. It can make a serious dent on a persons credit rating and history. A direct sale though would put a home owner in a position to access credit in the future without the hindrance of a foreclosure reflecting on their credit history.
The economic downturn means most people cannot afford to buy a home so those trying to sell are having a hard time finding buyers. For a homeowner facing foreclosure, this may be the only way out. For one, selling directly to another buyer which is called a short sale even if the offer price is not very good could cut ones losses in the long term.
This is because recovery in the real estate market is not expected to be forthcoming for at least two years from now. Holding on to property with the hope of getting better offers for it could lead one to selling it at an even lower price as the economy continues to slide.
Another benefit of a short sale is that one can cash in on the buyers market. It would be possible to get a house that is worth a lot that the owner also needs to dispose off fast. When things begin to look up, the house bought for a low price could then be sold for what it is worth which would mean making a good amount of money.
A direct sale will also see the cost of selling come down significantly compared to a sale that is made through a bank. No surveys fees, realtors fees and their commissions and other costs such as evaluation fees or costs of closing a sale will have to be paid. Instead, a buyer and seller agree on a price directly and will only need to pay a lawyer to draw up a sale agreement and change the name on the deed of the house.
After this, the only cost that will be encountered is getting the sale agreement made formal through a lawyer and a getting a payment agreement drawn up. The other cost that may be incurred is the cost of getting the property listed and this can inexpensively be done online where 80 percent of prospective home owners look to see which properties are on the market.
The short amount of time it takes to wrap up a direct sale is the other benefit it offers. It can take two to three weeks for an offer to be made, final figure to be agreed on and the transaction formalized. It takes much longer if selling through a third party like a realtor or bank and in the meanwhile prices could be dipping even further.
It is also worth selling directly of it means a home owner avoids foreclosure. It can make a serious dent on a persons credit rating and history. A direct sale though would put a home owner in a position to access credit in the future without the hindrance of a foreclosure reflecting on their credit history.
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