Beware of the Companies That Will “Pay Cash For Your House”
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Imagine being in the midst of a terrible financial situation, behind on your mortgage, unable to pay your bills and considering selling your home before you really want to. Now imagine a shark sneaking up behind you and then snatching away your lifelong dream, putting you in a position you will likely never recover from.
Well, there are sharks out there that are trying to capitalize on the financial troubles of many families and homeowners in the nation. These are the ones that spend lots of advertising dollars on blaring billboards, audaciously claiming that they “ Will Buy Your Home For Cash” and “Close In 7-10 Days”.
Think about it. It sounds too good to be true, doesn’t it? It is. The single biggest risk of dealing with these companies, aside from the fact that you are exposing very personal details of your financial life to them, is that they will likely steal your equity.
Getting Pennies on the Dollar For Your Home
Consider this recent example: A woman I met a short time ago was behind on her mortgage payment and feared that her home would face foreclosure. Rather than approach a Realtor, she responded to one of these ads and almost found herself trapped. With years of experience dealing with these types of “investors”, we were able to go in and show her how big of a mistake that would have been. It turns out she had a significant amount of equity in her home. Had she proceeded to engage with this company that wanted to “help” her, she would easily have lost all if not most of the equity that she had built up over the years.
The most enticing thing to people in such situations is that they see an easy and quick out with the companies’ claim to close in seven to ten days. But if you take a closer look at some of the websites of these companies you will notice that they are a bit off. Here is an example of one site that comes up in the first few Google picks. You will notice right away that there are typos on the site – something that hardly signifies a quality, long-standing company.
A Better Way to Get Out of a Tough Situation
Rather than deal with these less than scrupulous companies and risk losing the hard earned equity on your home, visit your Realtor. He or she will walk you through your options and explore viable alternatives to giving up and getting out then losing out in the process. In the woman’s case above we suggested that she sell her home, pocket the equity of her home and move on. Rather than allow this alarming trend to continue, homeowners should educate themselves on the programs designed to really help them get out of the financial difficulty they are facing. Recent changes made by the government to PMI fees for homeowners that refinance allows property owners a chance to seize the opportunity of today’s lower interest rates while avoiding foreclosure.
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Remember, if something sounds too good to be true – especially when it comes to your home – it probably is. To find out where you stand and how you may be able to sell your home quickly but effectively, contact us today. We will help you determine exactly what you can get for your home, how long it might take to sell it and what you can expect if you choose otherwise.
