Cash buyers can be at an advantage in that the sales transaction can occur much more quickly. There is no waiting for mortgage approval..so it just moves along faster. Depending on the home and the confidence of the seller and market etc., one may be willing to accept a slightly lower price if paid in cash. My broker and I are looking at a property that was just recently listed and is priced on the lower side, making it appear as if it would be a good investment (flip)..I was wondering why it was priced on the low side, and my broker told me it was a trustee sale, and that they had priced it lower to attract cash buying investors..
Distressed home owners who might have a hard time successfully listing their homes, might opt for cash sale as well, but in such a case as this, they would be most likely selling their home for below market value.... more
They are lenders, not collection agencies. It's pretty uncommon for a consumer to be able to buy a home directly from the bank but contact each firm to learn more about their process.
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Do Mortgage a allow forbearances?Needless to say, the oil and gas has effected many homeowners. I had heard the since the 2008 crash of the housing market, mortgage company have emplimented a forbearance program. Is this
If you house has been posted for foreclosure at auction, you would have to show at the foreclosure auction at the county courthouse with cash or cashier's check and bid against the lender for the property. Most home buyers would prefer not to do this. If the house has already been foreclosed on by the lender, you will need to wait until it is listed for sale. Once the home is listed for sale, it will be handled as what is called an REO sale. The timelines are then determined by the title company and your lender processing the sale. If you are paying cash, you could close in as little two weeks. If you use financing, it could take anywhere from 30 days to 60 days to close. You can get more information on purchasing foreclosures in the Houston area here: http://houstonprimerealty.com/foreclosures/... more
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