Many Maryland homeowners opt for selling their homes using the traditional method. They spend time and money getting their homes ready to sell, hire a real estate agent to list their home, endure countless showings and open houses, pay commissions and maybe three to six months later they can finally close the deal and get on with their lives.
Under certain situations there are benefits to selling a home directly to an investor or home buying company. We will discuss these benefits and why consumers may want to consider selling their home in this manner. The benefits include the following and we will discuss them in more detail as well.
l Payment in Cash
l Sell As-Is
l Avoid Paying Commissions
l Close Quickly
l Avoid Foreclosure
Benefits of Selling Directly to a Home Buying Company in Maryland
There are a number of benefits to selling directly to a home buying company in Maryland. You can
Payment in Cash
Real estate investment companies are in the business of finding homes they can purchase, repair and improve and then sell for a profit. They have money on hand to make their purchases and they do not have to wait for a Maryland lender to approve a mortgage. They will often offer a full cash payment. Sellers do not need to worry about the deal falling through because the buyer could not arrange financing.
Every Maryland home that is listed for sale needs some kind of work in the eyes of the buyer. They look for these things to help them negotiate a lower price. If your home is dated or perhaps needs lots of repairs, then sellers in this situation are faced with a dilemma. Do they lower their price significantly or do they spend a lot of time and money upgrading and making repairs? the added money they are able to sell their home for may compensate for the funds they spent and it may not.
Investors will buy your home as is without any repairs and delays. They will offer a lower price for you home that reflects the cost of these repairs etc., but as a Maryland seller you can move on without delay to catch a new job, move to a new area etc. There are no delays and frustrations dealing with contractors who are late completing their work etc.
Avoid Paying Commissions
When sellers list their homes with a real estate agent, there are commissions to pay, closing fees and expenses associated with making your home ready for showings and open houses. The commission, depending on the deal you can negotiate is usually around the 6% range which can be a lot of money for the average person. This is one of the largest value adds for a Maryland home buying company Dependable Homebuyers. You can find more information at www.dependablehomebuyers.com.
Although you may receive a lower price for you home when you sell to an investor or real estate buying company, there also is no commission to worry about. The offer you receive will be all cash and you may not even have to pay closing costs if these fees are included. Of course if you have a mortgage on the property that will have to be discharged and what ever funds are left are yours to place against the next home you want to purchase.
It takes time to prepare your home for sale. Cleaning, painting, minor repairs, hiring an agent, listing the home and unless it is a seller’s market, you may find it can take as long as three to six months for your home to sell. Buyers are also looking for move in ready homes. Homes that need work take even longer to sell and may sit on the market for many months.
An all cash offer can close within weeks. There is no inspection required, there is no appraisal for lenders required and there is no financing to arrange. All of these issues are bypassed with an all cash offer from an investor or real estate buying company. The deal can be closed quickly and the seller can make their own arrangements to move within weeks.
Avoid Foreclosure in Maryland
Consumers who find themselves approaching foreclosure in Maryland because they have been unable to meet the mortgage payment requirements can avoid foreclosure by taking advantage of a quick sale. Note that you need to use the proceeds of the sale to pay out your existing lender. Consumers who take this action can avoid the stain on their credit score that a foreclosure can cause.
If your lender is already talking to you about foreclosure, there is no time to waste. Consider an offer for an all cash deal from an investor before the process has gone too far. Always use a lawyer to ensure that the deal is handled properly and all liens are properly discharged including your existing mortgage.