Is your dream home on the market? Then, you’d better move fast in the hot Memphis real estate market like the one we are in now! In January 2023, Memphis home prices were up 3.9% compared to last year, selling for a median price of $172K. On average, homes in Memphis sell after 51 days on the market. Sellers are flush with cash buyers’ offers and benefit from selecting among buyers in bidding wars! Often, would-be buyers need to sell their existing homes for the funds before they can close on purchasing a new property, meaning there will be a contingent upon sale clause in the contract. A home loan contingency clause commonly gives the buyer the right to have the home independently appraised, to have the home professionally inspected, and to obtain a mortgage. Unfortunately, this contingency may put you at an enormous disadvantage when you’re up against fierce competition for a seriously depleted inventory of available homes
Additionally, many would-be sellers are concerned because they don’t have the funds to prep for listing or make necessary repairs. As a result, it’s difficult to sell homes in obvious disrepair. Another concern is that when they finally do sell, they won’t be able to find another home. But, fear not; there is an answer that can work in your favor; selling your Memphis home on terms can give you a winning hand in the eyes of sellers. This is also known as “seller financing” or “seller carry,” buying on terms involves paying over a period of time. One of the key reasons a seller would choose this method is that they stand to make more money this way. For example, Owners with several properties especially, will realize tax benefits, in particular with capital gains tax. Read on as we explore the benefits you’ll realize when you sell your house on terms in Memphis.
Offer Accepted!
Firstly, when you sell your house on terms in Memphis, you’ll be the one moving in instead of watching someone else living the dream. Then, when you work with a professional investor like us at Memfixerupper, you’ll receive a cash offer at your asking price after we make a quick inspection, you don’t pay for and agree on the rental terms, and you won’t even pay for the closing. Selling a house on terms is a much simpler process in that the seller and buyer work out the terms together and sign a Promissory Note and Performance Deed, which will be filed at Title. Meaning if we miss a payment the Deed will automatically go back in your name on day 31. However, our company will have invested time and money into the property to get it ready for the next occupant. So we make certain that all payments are made on time. You’ll know it is a fair offer when you work with a professional investor from Memfixerupper because we are transparent with the numbers, providing full details on how your direct buyer reached each and calculated the offer. You’ll know what your home would sell for with a traditional listing.
No Showings, Prepping, or Repairs
Getting ready to sell your house on terms is easy, just sit back and relax as you are relieved of the cost and stress of preparing for showings and photos for marketing. Selling on terms moves much more quickly than conventional methods of selling a house primarily because most, if not all, of these expensive and time-consuming tasks can be eliminated if the buyer and seller agree to those terms. Let Memfixerupper take on the risks of home ownership and the rehabilitation of the property, if needed, because we buy homes as-is. You see, Memfixerupper is local; we’re your neighbors, a part of your community, and we’re proud of the work we do alongside you here in Memphis; our goal is for you to feel good about working with us long after the deal is closed.
One Move!
Enough time is needed to pack your stuff and settle into your new location, whether you’re making a local move or transferring to a totally new place. Another benefit of selling your house on terms in Memphis is that you’ll only have to move once. When you sell your house on terms to a professional investor like those at Memfixerupper, you’ll be able to stay in place until you finally find your next home. Then, you will be ready to jump on the opportunity with the cash in hand.
Memfixerupper
Want to learn more about the most convenient way to start the wheels turning on purchasing your next home in Memphis? Selling on terms is just one of the methods we offer, and our experts stand ready to assist you in navigating the process. Talk to a professional investor at Memfixerupper about the benefits of selling directly on terms with no obligation. By working with Memfixerupper, you could sell your house on terms in Memphis without paying any commissions and then, after closing, continue living in the home as the renter, with your cash in hand. Then, Memfixerupper is ready to buy now and give you the asking price via rent to own. Call Memfixerupper at 901-450-5179.