April 30, 2019
Pro Source Home Buyers

Does "We Buy Houses" in Chattanooga Help If I Still Have a Mortgage?

Did you know that most people in Chattanooga have a mortgage? With that, the people who are trying to sell their house quickly often are stuck with this same question. They may phrase it differently, but they all want to know. If I have a mortgage, will I make money when I sell the 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 2 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 valued at $265,000. He owes only $185,000 on his house now and hopes to make a 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 a just get 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. Not bad, but he held onto the house much longer than he wanted.

James - Mr. Normal

James, a 42-year-old man, who has lived in his house for 12 years as well and he also wants to sell his house. He bought his house for $250,000 as well and is now valued at $265,000. He calls his friends up and asked 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 for $250,000 (he had to negotiate the price with the buyer). So, he is thinking he is going to to be getting a check of $65,000. When he gets his pay, he notices that he only made $43,000. How is that? He had to pay the unnecessary the mortgage companies charge as well as the realtor fees.

Bob - Mr. Quick and Easy

Bob, a 38-year-old man, he also has owned his house for 12 years and needs to sell it quickly. He got a new job out of state and needs to sell quickly. He bought his house, just like the other 2, for $250,000 and it values at $265,000. He also only owes $185,000.

He does a quick internet search and finds us, Pro Source Home Buyers. 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 7 days later. He ends up making $55,000.  

Now, we get it. Bob didn’t make as much as Steve, be 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 7 days. It is quick and easy. Call us at 865-268-4537 or fill out the form and we will reach out to you.

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