subject: Stop Waiting For An Agent To Sell Your House In This Poor Economy [print this page] The biggest roadblock in your way when you need to sell a home fast may not be finding the buyer. You are looking for a buyer who is not only interested in buying your home now, right now, but who has the means to do so. He needs to have cash in the bank or a line of credit in order to give you the cash you need. Of course you may have a loan of some kind on your home, so only that portion of the sale price that represents your equity, the difference between the sale price and what you owe on the home, will come directly to you. The portion of the sale price that is not your equity will be paid directly to your mortgage lender. And, if there are any other outstanding creditors that have placed liens on your home, those will be paid at closing as well.
Two examples of liens are unpaid property taxes or unpaid contractors who worked on the home. The legal interest of lien holders comes before your equity as well. Besides calling your mortgage lender to check on your balance as of the exact date of closing, it's a good idea to check with your county recorder just to make sure there are no liens against your property.
Honestly, it's easy to have liens that you don't know about. I've had liens against my property because the county came and mowed some tall grass on a vacant lot I owned and just forgot to mow. The county places a lien on the property to insure their mowing bill gets paid eventually, and the county releases their lien when the mowing bill is paid. Other liens work that way, too, but you have to be absolutely sure that the creditor releases the lien or it can still present a problem at closing.
So let's go back to the subject of your perfect buyer - he needs to have cash or a line of credit, and he needs to help you check on your mortgage balance, as well as any unpaid property taxes or liens. Checking on the legal/financial status of your home is in the buyer's best interest as well as yours, so if you decide to call a real estate investor to buy your home, he will conduct those searches for you. If you look at all the facts, when you need to sell a home fast, calling a real estate investor can give you access to a qualified buyer, ready, willing and able to close a sale on your house now.
by: Leo Kingston
welcome to Insurances.net (https://www.insurances.net)
