No Homeowner wants to hear their home is considered hard to sell, especially when it is so beautiful. But that is the reality for a lot of luxury home owners. These homes are usually larger than the average family needs, the monthly bills are enough to bankrupt anyone who isn’t in the top 1%….and we haven’t even mentioned taxes yet! But this isn’t the biggest hurdle someone trying to sell a million dollar plus home has to conquer, it’s the extremely high down payment and credit standards required to buy your home.
Since the market crash banks have raised the standards to receive a mortgage. The average loan requires a higher credit level than they did before; on top of that they also require a 20% down payment. On an average home this usually is a nice chunk of money, on a million dollar home the down payment is at least $200,000 for every million. This definitely drains the buyer pool. Let’s say you do find someone who has the down payment, and good credit. They will still have to jump through insane hopes to get financed for the loan on your house. Banks have tons of stipulations regarding a million plus mortgage, which makes the processes lengthy at best, and disappointing when the buyer needs more seasoning or some other strange stipulation the get the loan.
Another factor to think about is you have monthly payments going out each month for the home you don’t want anymore, like: Mortgage payments (if you have one), Taxes, Electricity and a number of other expenses. It doesn't matter how much money someone has.... writing a large check each month to pay for something you don’t want is a tough pill to swallow. This is where we come in. .
We Buy Lansing Houses can buy your Executive Home immediately. What that means for you is no more payments, maintenance, taxes or any other expenses you need to pay for the home you are trying to sell. We take over everything like maintenance, taxes, bills etc. That’s it pretty simple really. So give us a call at 517-225-0165