Many people have never heard about selling a home for cash, even though they may have seen billboards and classified ads for real estate investors occasionally. We all see those billboards and those ads, but we don’t pay much attention unless we are interested in selling a home for cash. We just pass them by, until one day we might suddenly remember to call an investor to come over and give us an offer.
Real estate investors in Calgary, such as Bridgedale Home Buyers, generally have arranged lines of credit with one or more banks and lenders (find out more: https://bridgedalehomebuyers.ca/). Setting up their banking relationships in advance is one reason that investors have the confidence to show up at your door, take a quick tour through your home and sometimes make you an offer on the spot. It doesn’t always work this way, but very often it does.
Investors make a business of buying and then re-selling homes in Calgary for a profit, and that’s why they usually have a variety of resources, meaning places to borrow money without applying for a mortgage. Each lending institution has its own rules of course, but generally a lender will consider all the homes an investor owns as a package and arrange to make loans against the whole portfolio, or against each individual home at a specific value.
But none of this information concerns you personally when you sell a house for cash. Your concern is getting your home sold and moving on with your life. It really doesn’t matter much to you whether your buyer pays cash or borrows money, as along as he or she is prepared to close on the sale. The reason you might want to stop and consider how real estate investors are positioned to purchase your home without applying for a mortgage is because in the present market many homeowners are having great difficulty getting a mortgage. You’re probably hoping to avoid those buyers because you don’t want to hold your home off the market, waiting for buyers to obtain a loan approval that never happens, and then have to start marketing it all over again. Is that correct?
If so, then you are looking for homeowners who have sufficient cash to pay for your home at closing, or you are looking for a real estate investor whose financing arrangements give him the ability to pay cash at closing. It’s pretty simple when you look at it this way when you’re selling a home for cash.