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.
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".
If you were to sell your house today, what would you do first? You'd probably go find a good estate agent to guide, advise, and help you find a buyer. That is pretty much the normal thing to do, but as the average time homes stay in the market keep getting longer, some people are turning to companies that buy houses.
They're called cash home buyers, and they can complete the purchase of a house even at short notice. If you are facing foreclosure, are months overdue with your mortgage payments, or have a mountain pile of debts, you'll need to raise quick cash, and the fastest way to do that is to sell your house, which presumably is one of your biggest assets, to companies that buy houses.
Without having to depend on banks or any other type of lenders for funding, they have cash on hand that they can draw upon to make a direct purchase of any given property. They can close a sale within a few days if necessary, so if for example, you're facing repossession, then it's one of the only options you actually really have to stop it.
And besides, if you're buried too deep in debt, the only way to get out of it is to make one bold move. In this case, you may be losing your house, but what you should be thinking about is that you're taking back your life and starting fresh. But if you're really bent on staying on at your house, then you can find a cash home buyer that offers the option to sell and then rent back.
Even better, because there is no estate agent involved in the deal, the seller can save thousands of pounds he would have paid the agent in commission. Cash home buyers also buy houses regardless of the state they are in, so whether you have a house straight out of the set of The Stepford Wives or one that needs a makeover, they'll buy it.
The criticism against this type of sale is that sellers are not given the fair value of their home. But try selling to any buyer today and you're not likely to get any offers with an asking price that is based on what you think your house is worth or what agents say it's worth. In a market saturated with sellers and with too few buyers, they have the power to dictate the price, and the only way to be able to sell is to drop your asking price. And once you've accepted that reality, it only makes sense to sell to someone who can complete the purchase quick (unless of course you can afford to wait until the market recovers).
There's no exact science to pricing a home, it is one of the easiest mistakes any home seller can make. You have to compare similar properties that are being sold and have been sold recently, make adjustments for differences, and educate yourself about market movements.
Of course, if you choose to sell through an estate agent, they are going to make their own valuations. It is easy to be swayed by one who suggests the highest list price. Who wouldn't want to be able to make the most out of a home sale? Certainly, in this age of economic uncertainty, anyone would not pass up on an opportunity to earn big. But that is just one of the biggest mistakes a seller can make because in the present reality, the only person whose opinion matters is the buyer who makes an offer.
There is no reason to be afraid to list your house at a low price, it could even work to your advantage. Doing that can afford you to get multiple offers, and that should drive up the price of your house a little bit, giving the negotiating power back to you as the seller. There is very little danger in pricing too low, especially in today's sluggish market; the danger is in overpricing and choosing an agent based solely on a high valuation.
Many of the "I Buy Houses" signs you see posted on street corners and in front of homes belong to private real estate investors. In today's recessed economy, a large percentage of homeowners are struggling to attract buyers. When property owners need to sell their house quick they oftentimes turn to individuals or organizations that specialize in buying houses for cash.
Before calling the number on "I Buy Houses" signs, it is important to engage in due diligence and determine the source. Unfortunately, there are many scammers in the world and currently the real estate market is a prime target.
Thanks to the Internet it is relatively easy to locate information about anyone. Business owners are required to register in each state they wish to conduct business. In most states, the Department of Revenue oversees business registrations. Other states utilize the Secretary of State office.
The Attorney General's office handles consumer complaints; as does the Better Business Bureau. Realtors and brokers are licensed through the Real Estate Commission.
To locate any of the sources above via the Internet, type in your state plus the name of the organization, e.g; California Real Estate Commission. These agencies can help to ensure you are working with a licensed, legitimate, complaint-free business or real estate investor.
I buy houses in southern California and work with a group of nationwide investors. Nearly all of us have heard horror stories of innocent homeowners losing their property to foreclosure scams. Mortgage financier, Freddie Mac, offers an article on how to avoid foreclosure rescue schemes.
As an investor, people call me nearly every day, begging me to buy their house. The biggest problem I encounter is the fact that people wait too long before they take action. By the time they call me they are panic-stricken and desperate. It shouldn't be that way.
I'll give you the same advice I give to everyone else. If you are delinquent on your mortgage, you need to call your lender now. I realize you might believe your lender is the devil incarnate, but most banks will work with you if you don't ignore their requests. Once a house falls into foreclosure there is little room for negotiation.
If there is no hope of getting back on track, ask your lender to engage in a short sale. Lenders agree to accept less than is owed on the loan if the borrower can sell their home within a certain time frame. Short sales are relatively complex and require time and patience.
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