Home owners always ask , How can I sell my house for cash NJ. Selling your house for cash just means that the potential cash buyer has the money to purchase your house in the bank and doesn’t require any bank financing to be able to buy the house. This could make the transaction a lot smoother and typically the house can be sold in less than 30 days.
Typically people that are buying houses for cash are local real estate investors that are buying houses similar to yours so they can fix and sell them for a profit. Selling to an investor is not for every home owner but it’s a perfect solution for one that needs to sell a house with a lot of repairs and want to do it fast.
Here are 3 benefits to sell my house for cash NJ.
No mortgage contingency
This is a big one!
This means your buyer doesn’t have to go through the rigorous bank pre-approval process. The bank will determine a buyer’s worthiness off a loan based on their income, credit score and debts. This process in a perfect world will be done before the buyer submits and offer to buy from you.
But that’s not the end of it, if the buyer was qualified at the time of the offer their financial situation could have changed during the time they’re in contract. After an offer is accepted the buyer will go to the next step in the mortgage process, the mortgage commitment phase. During this phase the bank is getting ready to finalize the loan and will review the buyer’s financials again and this is when some buyers may get in trouble. They could have been laid off, made a large purchase that increase their debts and now they can’t qualify for the original offer amount and on and on with the many what if’s that could come up at this stage leaving the homeowner without much recourse and the house back on the market to repeat the process and hopefully successfully the next time around.
Sell house faster
Selling your house for cash will eliminate the above step in the house selling process.
Because the potential buyer doesn’t have to “qualify for a mortgage” there will be no mortgage contingencies with their offer. The very important step you, your attorney or realtor should take when a cash buyer makes you an offer is to ask for “Proof of funds”. This could be a screen shot of their bank statement showing all the money available to purchase the house or a letter from a financial institution stating same.
Now that you know money is not an issue, you can move onto the next steps to closing!
For the most part when selling to a cash buyer, they’ve done this before and know their way around the buying process.
A Cash buyer is most likely in the business of buying and selling houses and will have a team of attorneys and title companies that can accelerate the buying process.
In the end, sell my house for cash NJ may be the best option in some cases but not all. If you’re considering selling your house for cash, reach out to us and we’ll let you know if it’s a good fit for both us. Fill out the form below or simply give us a call 973.384.1054