Companies that buy houses in Philadelphia, PA often follow the “70% rule.” This means that they only offer a maximum of 70% of a home’s market value, minus all repair and utility expenses. For example, a $300,000 home might need $25,000 in repairs, and the cash offer might be $185,000 instead of the original $300,000. In some cases, these companies will offer much less.
How much do I need to make to afford a $1500 mortgage?
Many home buying a home in philadelphia experience a lengthy process before they receive an offer. On average, a home spends 42.5 days on the market before it actually receives an offer. Adding to this time is the fact that a traditional mortgage buyer often takes 30 to 45 days to close the transaction. During this time, the seller must deal with inspections, appraisals, and further negotiations with the buyer. Occasionally, the buyer’s financing is denied or an issue arises, causing the house to go back on the market again. With a cash offer, the process is much faster, and the buyer can get their money right away.
If you are looking for a company that buys houses in Philadelphia, the first thing you should do is read reviews online. Look for a team with a high Google rating. This team buys houses in Philadelphia and the surrounding areas. This includes Bucks, Chester, Delaware, Montgomery, Berks, and South Jersey.