Is is a good ideal to sell to home investors?
The short answer is it depends. There are a lot of companies that buy houses fast. The basic concept is for them to buy below market value and resell to make a profit. If you have the money to fix it and sell it, or if it is in very good condition and you have time to sell, or in a similar boat then you’ll be better off using a realtor or even FSBO. For some distressed homeowner it may be a very welcoming option.
Digging deeper, on the other hand let’s imagine your grandfather just passed away, and also you inherited his house in El Paso. Excellent, correct? I am talking about the inherited property but unfortunate regarding your granddad or relative. At some point you drive over the probably now vacant home to check out your new house. Then you discover it’s in horrible condition. You notice from the street it has not been maintained the last few years. Perhaps the roof leaked and many shingles are missing due to the recent high winds or hail or whatnot. Then you go inside and realize that the rain water eventually seeped its way through and got in. If the musky humid smell wasn’t enough you notice water stains. It’s common for sheet rock ceiling in one of the rooms to be collapsed. As you stroll into the kitchen area a few cabinet doors are broken or missing and countertops severely outdated. Maybe there exists garbage and pack rat like rubbish all over the place.
The dilemma many face of selling a very beat up or ugly home
Maybe you’re not a contractor and the do it yourself spirit has never lived within you. As tempting as a remodel can sound deep down you know you really have no idea how you can repair the home on your own. And also you cannot obtain a heloc loan to engage another person to repair the house. After asking at your local Wells Fargo you learn banks are not readily willing to write a mortgage loan because you have a basically un-inhabitable property to borrow.
So you decide to sell it. Think it’ll be easy money. When you had a StarBucks meeting with a local realtor you talk about listing it on the market. Your real estate agent is eager to list it but if you are lucky enough to have an honest one he’ll tell you that you’ll at least have to repair it to where it passes FHA or VA guidelines so that it can be more marketable. To make things a bit more challenging, at some point while the days and weeks are passing as you think you can come up with thousands of dollars to repair the home to make “more” profit you start realizing that the property taxes are accumulating and city ordinances lead to “clean your yard or else” letter.
At this point I just need to sell my house fast
Months go by fast. Weeks even faster. By this time most people are thinking maybe you should let uncle sam keep the house. Then you may drive past a We Buy Houses Cash sign. You phone the telephone number, and an individual at the other end of the phone call says, “1234 Somewhere Ave, El Paso, TX…. ok, let me write this down. hold on, doing a bit of research on CAD… In the meantime tell me about the condition of the house. When you finish, he’s like Ok. Now let me ask you a few questions…. after a bit of back and forth he’s like yes sir. We can give you $62,000 for your home and we pay all closing costs. We’ll simply need to run a title at a local title company and ensure you’re legally finished with the probate process. Essentially we just want to make sure you’re the real decision maker, aka the owner. The bad condition, ugly roof, need of repairs… The real estate investors can deal with all of that, it is really all tactfully factored into the purchase price including a profit margin.
Many may think that kind of offer for a property that you remembered to be in good condition predatory. Untill reality sets and you realize that the “good condition memories” from your childhood no longer reflect the current condition of the home. It is no longer in good condition and as is cannot and will not sell like the neighboring home did a couple months ago.
Say, you were expecting a $115k sales price. Considering the house needs 28 thousand dollars or so in repairs, once repaired, yes eventually it’ll probably be worth the $115k or so that a similarly but fully rehabed home sold for on a nearby VA sale. So what else can someone in a similar situation do? If you can not find the money for you to fix it yourself, and if you did can you really take on a project this big? There will also be some risk, you do not have someone else who wants to buy it. Should you choose to do absolutely nothing, your house could keep on decaying visually and structurally. Either you are going to maintain having to pay taxes on it or the city will seize it sooner or later. Some people’s best option might be to get a cash payout now. Even when not quite what you expected initially to make from the house becaue the conditions is affecting its worth.
We Buy Houses in El Paso
Why this article on my web design services website? Because I buy and sell real estate. Both virtual (aka digital) real estate in the form of websites and physical real estate in the form of fancy or Ugly houses. So on the digital realm I build all types of websites. Building real estate related websites is one of my strengths. Take Texas Property Deals, LLC for example. It ranks really well. I have an interest in that company as well. Perhaps you are a real estate investor in another market that stumbles across my work and would like to work with us. In part I wrote this article to find you, or more precisely… so that you can find me on the all mighty GOOGLE. On another angle, I also wrote this to find someone that needs to sell their house fast. Either way you can call (915)600-7782 and ask for David. I’ll gladly answer any questions you may have.