UNDER WATER PROPERTY
Simply stated, under water property is worth less then you owe for it. Whether it is with one mortgage, two, or three, the total amount due is greater then the price you could get for the property in good condition, in the open market, with good advertising, and the passage of market sales time (usually about 6 – 18 months, sometimes more in the current market).
Some common scenarios today are:
Mortgage: $225,000.00 House Value: $95,000.00
Monthly Mortgage payment: $2,000.00 Monthly Rental Value: $1,000.00
Monthly Taxes, Insurance, HOA Dues, etc.: $950+ Monthly tenant “holding costs”: $0.00
Net Savings of selling your home and renting a similar home: $1,950.00+ per month
Mortgage: $435,000.00 Quadraplex Value: $189,000.00
Monthly Mortgage payment: $5,000.00 Monthly Unit Rental Value: $1,000.00
Monthly Taxes, Ins., Repair, Ads, etc.: $600.00+
Net Operating Loss (without surprises): $19,200+ per year ($1,600.00 per month)
Therefore, cashing out of your property can save you a ton of money. Cash4deed is a property buyer and we PAY FAST. Cash4deed buys property, and we PAY FAST. In many cases, we can have money in your hands within two weeks, occasionally faster.
Cash4deed buys property, and we PAY FAST!