Alternative Options for Selling Your House: Take Over House Payments

If you’re facing foreclosure or you need to sell fast, you may find yourself running out of options to sell your house.  Selling your house to a real estate investor is one way to avoid foreclosure, but what about homeowners who need immediate debt relief?  To fill this need, many investors are now offering to take over house payments.

Take Over Payments House for Sale

One of the first questions homeowners ask when faced with this option is, “Why would I want an investor to take over my house payments?”  The idea of having a stranger take over your house payments may be unsettling.  However, there are several advantages to taking over payments for both the buyer and the seller.

For starters, the seller is able to see immediate debt relief.  The buyer takes over the mortgage payments, which prevents the seller from going into foreclosure.  For many homeowners, this is the best option simply because the process is quick and they see immediate results.

How the Process Works

The simplest and easiest way to transfer payments is through an assumable mortgage.  This allows the seller to simply transfer both the property and the mortgage over to the new owner.  Unfortunately, many loan contracts have a “due on sale” provision, which prevents the mortgage from being assumed.  However, there are some exceptions to this rule.  Lenders are often willing to forgo the “due on sale” clause if it means that they will start receiving immediate and steady payments from the new owner.

That’s where the real estate investor comes in.  With the ability to bring the mortgage up to date and continue to make regular on-time payments, lenders will be more willing to waive the “due on sale” clause.  As a result, the homeowner avoids foreclosure and the investor can take over the property.  It’s a win-win situation for both parties.  For homeowners who are facing foreclosure or needs to sell fast then this may just be their only option.   Contact us if you are in Orlando, Kissimmee, or Central Florida and you need for an investor to take over your mortgage payments. 

Visit us at http://www.iBuyandLeaseHomes.com or call 321-800-2001.

Should I Sell My House to an Investor?

What is the first thing that you do if your home has not sold within a month?  Most people reduce the price.  Then another month goes by and what happens?  The price gets reduced price again! 

In Orlando, Florida a home will be on the market for an average of 76 days or about 2 ½ months (as of February 2014).  

What is your strategy if your home has not sold within 3 months? Do you just keep reducing the price?  What do you do if you don’t have any equity in your home and you can’t reduce the price?  What if you’re facing foreclosure or need immediate debt relief?

If you need debt relief then you could always keep the home and rent it until market conditions change.  Just make sure to fully weigh all of the pros and cons of being a landlord.   Some people can handle being a landlord and others can’t.  You must be okay with evicting the tenant if necessary and you must have enough cash reserves on hand for repairs and vacancies.

The other option is to sell your house to an investor.  Here is a list of just some of the benefits of selling to a real estate investor. 

• In most cases an investor will pay with cash.  This is a huge benefit to you, because you do not have to worry about a buyer getting approval from a bank for the mortgage.  There are fewer and fewer buyers that can immediately qualify for mortgages, because the lending guidelines keep changing.  Even if a buyer makes an offer on your home there is not a guarantee that they will be able to close.  You could end up waiting months to get a qualified buyer to make an offer on your home and actually close. 

• You can close on the date of your choice.  Real estate investors are flexible with the closing date.  You can close quickly if needed or delay the closing in order to get things in order.

• You don’t have to make any repairs to the property.  Investors love to buy houses that need lots of repairs, the uglier the house the better.  Rundown houses give investors the opportunity to gut the home, start from scratch and be creative.  If you want to list your home with a realtor in many cases you will need to make some repairs before listing on MLS.  The repairs needed to get the home ready to sell could cost thousands of dollars.  By working with an investor not only will you save money on repairs, but you will get rid of the hassle of trying to sell your house, which could take months.

• You don’t have to worry about making repairs based on the buyer inspection report.  Many buyers use the inspection report as a negotiation tool.  The result is you could end up selling the home for a lot less than the original offer or spending money on repairs.  In most cases investors will purchase the home as-is without a lot of contingencies. 

If you need to sell your house fast then you should contact a local real estate investor in your area to discuss options available.  If your home has already been on the market for months then don’t you owe it to yourself to at least explore all options? 

Contact us today at 321-800-2001 or http://www.ibuyandleasehomes.com if you are in Central Florida and you need to sell now.