Existing financing can be the quickest and easiest way to sell your house quickly. There are many benefits associated with obtaining an existing loan agreement before listing your house for sale. With a large number of buyers and sellers competing on the open market, you will have no trouble finding a home in which to close the transaction quickly. If you need help or advice in this matter, we invite you to visit https://www.southernhillshomebuyers.com/we-buy-houses-irving-tx/ and discover how we can help expedite the process of buying or selling your house quickly.
There are many reasons to use existing financing. The first reason to use this route is that the process of obtaining an existing loan agreement is an easier alternative than getting a new loan. In many cases, you do not need to apply for a new loan in order to sell your house quickly using existing financing. The difference between selling your house with a new loan or selling it with an old one is the price of your house will be higher or lower. If you do not have credit issues and you want the best price possible, the best option is to use an existing loan.
If you choose to sell your house with an existing loan, there are two options at this point. The first option is that you accept the buyer’s offer as is and allow them to get a new loan. Why would a buyer do this? In this scenario, the buyer is usually more desperate to buy your house then you are to sell it. In the United States, the seller is the only one who has to qualify for a new loan. So, in this situation, you may not be able to get a competitive price for your house if you are selling it. The other option is that you go to market and find someone who will buy your house but they will need financing to purchase what they want. This scenario allows you to sell your house quickly and get your asking price too.
What to Consider
There are many variables when selling your house with existing financing. First, the price is always a major concern. Working with an existing loan can help you find a buyer who will want to purchase your house for less than it would cost them to get a new loan. You may even find that you can get a better deal if you pay back the loan or refinance your house with a new loan. Another variable is the interest rate. It is recommended that you get at least 8% of the price being paid by the buyer but no more than 15%.