Do you have a house that you are looking to sell as is in Syracuse NY?
Home sellers typically choose to sell their home as is due to the fact there are just too many repairs to be made and they may not have the time or money to make these repairs.
The ideal situation for a homeowner selling their home as is would be to find a legitimate cash buyer in order to speed up the process and avoid bank inspections.
Banks will not generally lend on properties that are in need of large amounts of repair unless the value of the property provides adequate loan security. When it comes to lending, this typically means that lenders require the renovations to be completed before a long term mortgage will be issued.
There is one program that will allow homeowner's to sell their as is properties to a traditional buyer - and that program is an FHA 203K loan. This FHA 203K loan allows the borrower to get just one long term loan in order to finance the purchase and repairs on a property.
With only 2 options to sell your home that is in need of a lot of repairs, we will focus on option #1 selling to a cash buyer today.
Let's find out who these cash buyers are, how likely it will be to find one and what the process typically looks like.
Are There Cash Home Buyers in Syracuse NY?
When it comes to primary residence cash buyers in Syracuse NY, they are far and few between. It is very difficult and unlikely that you will find a cash buyer for your property that they will be moving into as their primary residence.
So, you might be asking how will I sell my house to a cash buyer then?
Well, there is another group of buyers that will be interested in paying for your house in cash.
These group of buyers are investors or real estate investment firms. Typically these investors will be looking to purchase a property at a discount (due to the repairs), add value to the property by making these necessary repairs then either resell for a profit or hold the property to rent.
When we say this group of buyer's will buy your home with cash, this does not always mean that they will be using there own cash to purchase your home.
The majority of the time, these investors will rely on third party private or hard money lenders to raise the necessary funds to purchase and repair your property.
Although this is not exactly their own cash, it is still treated the same as cash which in turn brings the same beneficial terms to the seller.
So, if you do have a home that has a lot of repairs that are needed, do a quick google search for "who buys houses in cash + city". This will give you a list of businesses in your area that are capable of giving you a cash offer on your home in return, allowing you to sell your property in its current condition.
How Does The Process Work?
When it comes to selling your property to a real estate investment firm, the process is fairly simple. Here is a brief overview of how the process works:
Do some quick research to find a legitimate real estate investment business
Make contact, fill out a quick questionnaire on your property (either online or through phone)
They will do some research on your property to find out the After Repair Value on your home
They will set up a time to come introduce themselves and evaluate the repairs needed
From this information, they will be able to give you a no obligation cash offer
If you accept the offer, you will sign the paperwork (contract, property disclosure, lead paint disclosure)
The paperwork will be sent to the buyers attorney for processing
The abstract and survey will be sent in to be updated.
Once all information has been received, a closing date will be scheduled
Typical time frame in NY is 20-30 days
As you can see the process to selling to a real estate investment firm is very simple and straight forward. The whole goal of their business is to create a hassle free environment while giving the buyer very beneficial terms along with extreme speed to sell.
This may be the best option for you if you do find yourself in this situation and you would like to sell fast. Remember by contacting them, you do not have to sell your property to them. They will give you a no obligation cash offer. If you do not like the offer, you do not have to accept. It is just another option for you and your family to liquidate your property and to liquidate it fast.
Wrapping up| Selling Your Home To A Cash Buyer in Syracuse NY
When it comes to selling your property in as is condition. You have those 2 options that we discussed. You will either have to find a buyer who is willing to take out and get approved for an FHA 203K loan or you will have to sell to a real estate investment firm, We suggest that you explore both of your options. If you are looking for an FHA 203K loan buyer, consult a real estate agent. If you are looking for a cash buyer in your area, do a quick google search to find out who operates these businesses around you.
Are you looking for a legitimate cash buyer who will be able to close in as little as 20 day? Well if that is the case, there is no need to look any further. Just CLICK HERE on this link and you can learn more about the process.
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