Does "We Buy Houses" in Memphis Help If I Still Have a Mortgage?
Did you know that most people in Memphis have a mortgage? With that, the people who are trying to sell their house quickly are often stuck with this same question, “if I have a mortgage, will I make money when I sell my home?” Let’s take a few models and see what we come up with.
Steve - Mr. Independent
Steve is a 35-year-old man who has two kids. Steve and his wife have lived in their home for 12 years. They have a mortgage on it, but are looking to grow their family and may need to expand to a larger house. Steve bought his house for $250,000 and now his house is valued at $265,000. He owes only $185,000 on his house now and hopes to make a good amount off of the sale. He would like to move quickly and not have to deal with a real estate agent. He puts a “For Sale by Owner” sign in front of his house, blasts his social media with photos of his home and crosses his fingers.
He gets a few nibbles, but it doesn’t sell. Eventually, he lowers the price on his house significantly to get a few more bites. Yet again, he still sees very little return. He is exhausting his friends on social media and keeps dropping the price on his house. Eventually, his house sells for $245,000 and he makes $60,000 off of it. Not bad, but he held onto the house much longer than he wanted.
James - Mr. Normal
James, a 42-year-old man, has lived in his house for 12 years as well. He also wants to sell his house. He bought his house for $250,000, which is now valued at $265,000. He calls his friends up and asks if they knew any good realtors. Similar to Steve, he owes only $185,000.
The realtor does all of his marketing and the house sells in just a few months. This is shorter than Steve and it actually sells for more than Steve’s house for $250,000 (he had to negotiate the price with the buyer). He thinks he’ll be getting a check for $65,000. When he gets his payment he notices that he has only made $43,000. Why is that? He had to pay the mortgage company and the realtor.
Bob - Mr. Quick and Easy
Bob, a 38-year-old man, has owned his house for 12 years and needs to sell it quickly. He got a new job out of state and needs to relocate. He bought his house, just like the other two homeowners, for $250,000 and it now values at $265,000. He owes $185,000 on it.
He does a quick internet search and finds MemFixerUpper. We come and look at his house and give him a cash offer of $240,000. He accepts and gets the cash in his hands seven days later. He ends up making $55,000 from the home sale.
You may notice that Bob didn’t make as much as Steve, but he didn’t have to go through the hassles and headaches that Steve did. It is super simple. We can buy your house and get you the cash within seven days. It is quick and easy. Call us at 901-437-0154 or fill out the form below and we will reach out to you.