If the current chaos in housing and the economy all of a sudden has you seeing little yellow signs and big billboards that say, "We Will Buy Your House" you probably need to sell a house fast and may be wondering who these guys behind the signs are and can they really do anything to help.
The signs have been around for probably three decades, but like everything else, you only see the things that are of immediate importance to you. While anyone can buy and sell houses in the United States most people only buy and sell the house they live in or expect to live in.
Buying houses without the expectation of living in them-as a business, really started to take off about 30 years ago when a number of seminar speakers crossed the county selling training in buying and selling homes for profit.
Like any business, you can expect a number of the people who buy houses to be skilled, honest professionals and others not so skilled and some-that you would want to avoid.
The bottom line is that some of these people can in fact help you sell a house quickly, sometimes in a few days, and solve problems. Others, I have found, will not even answer the phone or call you back, if you call and leave a message. Strange as it may seem, I have found that this reluctance to follow up on a lead happens in a number of areas in sales.
So the first thing I would suggest in selecting a House Buyer to deal with is call several, see who answers the phone, and see who comes out to your house and arrives when they agreed to arrive. Not high tech, but a good start.
Who am I to tell you how to sort through these guys? I happen to be one of them and have been doing creative real estate for two decades in Florida, was previously a stock broker and financial reporter for the Chicago Tribune. It is sort of like going to a hacker to find out how to make your computer operation safe.
And as one of them, let me assure you there are good, competent people, who are able to raise the money it takes to buy and are knowledgeable of the way real estate works where you live.
There are also, and always, waves of new people who are learning how to buy houses and some of the people who need to sell a house fast will be helping these newcomers learn the trade.
In addition to seeing if they answer the phone and actually arrive at the time agreed for an appointment, I would want to know how long the person has been buying houses and how well they do it. In the second installment of this series, we will look at methods of checking them out and in the third article we will be looking at phrases in the contract they offer you that you may want to avoid.
One of the biggest pluses that the best of these guys and gals will bring to the table to help you is that they have been taught that there are a number of ways to sell a house, methods that have been used in commercial real estate for years but that are rarely used in residential real estate.
I learned the use of these creative methods the hard way twenty some years ago when I lived on the East Coast of Florida and unbeknownst to me had bought a house in an area where a garbage burning incinerator was planned. It was to be built about a mile from where my house was and when I was ready to sell the house to move to the Tampa Bay area, I could not sell.
Everyone knew of the plans when I was ready to sell and no one wanted any of the houses in my area. I finally left the house with a real estate agent and moved while bearing the cost of two homes.
While a lot of real estate agents do not like creative real estate, my agent was knowledgeable and suggested a way to sell my house. We were scarred, but after thinking about it we sold and it worked out fine.
There was a risk in what I did then and a risk in any creative answer to a real estate sales problem, but my experience was what eventually sent me into the We Buy Houses business and in the next several articles we will tell you how it may help you and discuss the risks.
In selling your old home, you may have three options. Conventionally, we often seek the help of a real estate broker who can have your property listed for sale. There are three problems with this idea.
One, they cannot assure you of when your property will get sold, thus leaving you an uncertain waiting time without guarantee. Second, if the house is too old and need massive repairs and not that presentable, your real estate broker may have a hard time selling it as no one will easily get interested. Again, another time wasted. Third, if the house gets sold, a portion of the sale will have to go to the broker thus leaving you with less profit on the deal.
Another option for you is to sell your house all by yourself. You can post it on the internet yourself, on newspapers, or get leads from friends and families for potential buyers. Again, this may be quite difficult and it will be uncertain as to when the house will get sold. Another thing is it will be again difficult for you to sell an old, unattractive home that still needs repairs. In addition, it may also be costly on your part especially if you will need to have it printed on newspapers and the like.
Your third option will be to seek the help of "we buy houses" investors. There are lots of "we buy houses" investors around Virginia that you can contact. These investors are in the business of buying houses whatever the condition is for as long as they can buy it at a low price. They will handle all the repairs and gain profit from it by reselling it.
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You can find a listing these investors from your local newspaper. They usually contain ads of "we buy houses" companies that are willing to invest in your home, improve it through renovations and repairs, and resell it. That is how their business goes. Therefore, you can take advantage of that by offering your home to them for a potential closing. Take advantage of this opportunity but remember also to make your own research just to be sure that your investor is on a legitimate business and to ensure yourself that there will be no problems later on.
With these possibilities, you are almost sure that you have a buyer for your home. The advantage is, you get to sell your house quickly, will not need to shoulder repairs and improvements, and close the deal fast with less time and expense wasted.
We buy houses. You have probably seen their signs or heard their advertisements on the radio. Even in a difficult real estate market, they are spreading their message. But, who are these people and how can they constantly be able to buy houses? Where do they get the money? What do they do with the houses? Let's take a look.
First, they are investors and investors want to make money. Since they have been around for a while now, even in tough economic times, it is likely that their business model is working for them. They are making money.
When they approach a homeowner who is considering selling his or her house, there will be certain things that are in their presentation. Here is what you can expect:
- We will pay cash;
- We will settle quickly;
- There will be no fees or commissions to be paid to a real estate agent;
- They will likely ask you how much you owe on the house in mortgages and other liens;
- We will have no contingencies for any type of inspections;
- We will buy your house in its as is condition;
- You will not need to do any repairs;
- They will probably walk around and through the house performing an apparent evaluation of its condition;
- Although, they will buy the house as is, they will still point out the things that they see wrong with your house;
- They will make you an offer and they will have the paperwork ready to go.
So far it sounds like a very good path to take. It is a hassle free way to sell your house.
Indeed, in some cases, it is an expedient and beneficial way for a homeowner to sell his or her home. But this is not always the case. Let's take a closer look.
-When you go to the settlement table, you will receive cash, even if the buyer is getting a loan to purchase the house. The only way that you will not receive cash is if you finance the house yourself, which is rarely the case. When the buyer is getting a loan, they should show you a pre-approval letter and ultimately they should show you a loan commitment letter from their lender. When this happens, it is almost as good as the buyer having cash. When someone is paying with cash, you should follow similar steps to that of a purchaser using a loan. First they should provide evidence that they have the money and second they should ultimately be willing prior to settlement to place it in an escrow account, which will designate, that the purpose of the money is for the purchase of the home. It is likely that they will be unwilling to do this.
-A quick settlement may be 15 days. If they actually provide a contract that is for a 15 day settlement, then you should make certain that you can settle that quickly. It is more likely that they will actually provide a settlement of closer to 60 days. A 2 month settlement date is not unreasonable, but their true reason for doing this is because they do not actually want to purchase your home. If they truly have cash, then they could easily settle within 2 to 3 weeks. However, during this 2 month time frame, they are trying to find another buyer. If they do find another buyer, they will sell the house to that Buyer at a price higher than that which they are paying you. In this scenario, they would be assigning your contract to another buyer and the price difference would be called an assignment fee. If all of their deals go like this, then they will never need to come up with any money. However, keep in mind that in some situations an assignment is not allowed, so they may go through with the purchase, but usually only if they have another buyer lined up to whom they can immediately sell the house. If they do not have another buyer ready to go, then they will look for a reason to get out of the contract.
-How much you owe on the property should be irrelevant to the buyer. He should offer a price that works for him. If that price is too low to cover what you owe, then you will not accept the offer. The reason for asking what you owe is because they will make an offer that is just enough to cover that amount. If the amount that they want to offer is lower than what you owe, then they will not make an offer, but otherwise, they will go down to that amount. What this does is take the equity which may be in the home, which is basically the difference between what you owe and what the house is actually worth, and gives it to the buyer.
-Be careful about contingencies. There will be a clause of some sort or another which allows them to get out of the contract.
-They will not ask you to do any repairs, however your house might not need many or any repairs in the first place.
-Generally speaking, these individuals are not inspectors, although they will have a good idea about houses because they look at so many. They may seem to know about home construction, but they are just talking.
-No matter what the condition of the house, they will tell you that something needs to be replaced or is not up to code. For example, you may have a 2 year old roof with 30 year shingles, and they will tell you that the shingles are curling up, so they may need to replace it. It will not be true, but if you are not familiar with how to evaluate a roof, then you may believe them. Or you may have older windows, which work fine, but they will suggest that they will need to be replaced. Of course, all of these things will have a cost that they will factor into the price that they offer.
-When trying to justify a price, they will use the lack of a real estate commission, repairs, which probably do not need to be done, and comparable sales prices, which they will provide. Keep in mind that they do not represent you, but rather themselves so the comparable sales will be those that work in their favor.
It seems everywhere you turn these days "We Buy Houses" signs dot the landscape. As more and more people face the possibility of foreclosure, numerous companies are popping up offering to solve problems for distressed homeowners by purchasing their home.
We buy houses programs can offer benefits to struggling homeowners. However, they can also cause more harm than good. Whenever there is an opportunity to make mega-money, you can bet there will be scammers. With the current housing market crisis, plenty of opportunities exist.
If you need to sell your house quick, chances are you're already in panic-mode. In today's recessed housing market it is hard to find a qualified buyer. Additionally, those who are buying want a low-ball price on an over-valued home.
Once a house falls into foreclosure the notice of default becomes public record. Chances are you will be contacted by companies offering foreclosure protection. Some will offer to buy your house for cash.
Others will claim to be certified bank loss mitigators who can help you negotiate your mortgage loan. Be aware that HUD (U.S. Department of Housing and Urban Development) is the only organization that has "certified" loss mitigators. Anyone else claiming such a title is lying!
In order to protect yourself from scams it's usually best to avoid "We Buy Houses" programs offered through mail, phone and TV solicitations. Instead, seek out real estate professionals specializing in short sales, foreclosure and probate properties.
Financial experts suggest interviewing three or more real estate specialists prior to making a final decision. Other recommendations include contacting references and conducting research on the company or individual. Check with the Better Business Bureau and Real Estate Commission to validate credentials.
Keep in mind; private investors usually are not listed with these organizations. This does not mean they aren't qualified to buy your house for cash. Professional investors will have no problem providing you with references and resources to validate their credibility.
Once you strike a deal, be certain to get everything in writing. Thoroughly read and understand legal documents before signing your signature. Real estate contracts can be confusing. For peace of mind it's usually best to have a real estate attorney review the document first.
Last, but not least, trust your gut. If you are picking up bad vibes and your gut is screaming "Don't do it!", then you shouldn't do it. When it comes to saving your house from foreclosure by selling it for cash, you must be careful.
By taking time to conduct research, you can avoid becoming a victim of real estate scams. While it can be tempting to sell your house to eliminate financial burdens, if you don't use common sense you could end up in a situation worse than the one you are already in.
Alright, so you have an old, kind of beat up house. Quite frankly, you aren't entirely sure what you can do with it. Maybe you want to sell it because you don't want the property anymore or perhaps you have another property already or something of that nature. Or perhaps you're looking to move out of your own home and into something a little bit newer. No matter what the reason, you have loads of great reasons that you should sell your old home!
First of all, "we buy houses" can be a godsend to some. Say for example that you had an older house that you don't have the money to repair-you'd have to sell your house in order to make the repairs to it! What you may not realize is that there are plenty of companies that will offer to buy your home-with the repairs that are needed!
Next, this enables you to find a new home. Let's face it-selling your home is a great way to find another one and get into something that is a little bit easier to maintain. The last thing that you need is to sell your home and find that you don't have any other options. You can use the opportunity to ask the realtor whom is helping you to sell your house to also find you a home that you can afford and that makes it easy for you to get into a new place as fast as possible. Even if you don't have the full cost of the property, you still have a nice down payment that you can use to get into a place and that will significantly lower your mortgage payments.
It's easy to find realtors that are willing to do this for you-but you have to know what to look for:
First of all, they need to be easy to contact. If you have a pain in the rear trying to find someone who seems so willing to sell your house, it could indicate a problem. This doesn't mean that they have to list twenty thousand different ways to contact them, but one or two easy ways helps.
Next, if they aren't nationally known but aren't local either. Local realtors are just as good as the more popular branches, but if you've never heard of them before and they aren't local-you might want to check into finding someone else who says "we buy houses."
Take your time when choosing a realtor. While there are a great many people whom you can choose from, you have to understand that a bit of research is more than necessary. Get to know your realtor a little bit if possible. Outline any goals that you might have and make sure they know what you're looking for. Be polite, but don't sit back and just let your realtor pick anything. They don't know what you need in a house unless you tell them!
Let's face it: investors have a reputation sometimes for being predatory in their selling methodologies and in the way they approach people.
Perhaps this is because investors have a quota for sales to meet regularly, so they feel pressured to sell homes and other real estate properties as quick as they can to the nearest available buyer. But what if the investor approaches you with this offer: "we treat you fairly when we buy houses"? Would you be startled? Of course! What a switch, we might say - they not only want to buy your home, but they promise to treat you fairly!
Well, believe it or not, there are really investors who promise fair treatment to all who listen to their marketing spiel "we buy houses for quick cash" which as of late has been transformed to "we treat you fairly when we buy houses". Not only will such investors offer to buy your home regardless of the amount of equity remaining in it, or the condition it is in, but they promise to make the process of selling your home as painless as possible, because "we buy houses for quick cash". Cash money talks and it talks big in the real estate industry, where homes can be put up on the market for a long time yet merit no more than a few cursory visits by tepid potential buyers. If your investor tells you "we buy houses for quick cash", that is nothing to laugh at. That is actually a boon for you - particularly if you need cash money badly.
Some investors will even go as far as finding the appropriate financing for future buyers of the homes that they have on their roster. So "we buy houses for quick cash" later turns into ads stating "we sell affordable homes, and may even provide financing for you". Appropriate financing is a must for people who are on a fixed income, are starting out in their respective careers, who must juggle other financial responsibilities (like car payments) in addition to buying a new house; or are still getting their education. These investors who tell you "we buy houses for quick cash" will later tell the public "we sell homes at affordable prices" - because basically that is how they make a living. If you are looking for an affordable home, consider buying a second-hand home (meaning one that has been lived in by another family or couple before) because it costs less, and may have the features that you are looking for.
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It is always hard finding someone you can trust (in any business actually.) But don't go around thinking that all investors are out to get you. There are still good eggs in the bunch who will grant you a good deal (whether you are buying or selling a piece of property.) So look for investors who will not only tell you "we buy houses for quick cash" but also follow up that statement with "and we will treat you fairly when we buy houses".
Contact Details:
Jack Buys Austin Houses
Austin, TX 78702
Phone: (512) 605-1777
Website: https://www.jackbuysaustinhouses.com/
Google Site: https://sites.google.com/view/jack-buys-austin-houses
Google Folder: https://mgyb.co/s/s8NCd