Who Should Sell?
Homeowners Who Should Sell To Investors are those who face a deadline to sell or whose house is in a condition that would make it impossible to compete with other houses in the open market are the people that should sell to an investor.
Let’s talk about time deadlines first.
- Foreclosure – you received the Lis Pendens letter and the bank is now in the process of ripping your home out from under you. You have tried to get loan modifications, get a new loan, find ways to raise money to make up back payments all to no avail. In the process you have burned through weeks when you could have sold the house and now the sale date is closing in. The frustration and desperation area t it’s peak as the realization comes that you will lose your home. Then there is the impact on your credit score. This will mean you will need to pay a higher rate of interest on anything you buy on credit for years to come making it even harder to get a new mortgage in the future. As long as you have at least a few weeks before the sale date an investor can come in, make up the back payments, and buy your house and save your credit for years. Investors can move quickly, much more quickly than a normal sale where the buyer is getting a bank loan. That will take much too long.
- Divorce – I’ve never been divorced but I saw what my Mother went through with her divorce and all the drama that happens for years after. Many times the lady of the house will get the house in the settlement. While this works in some cases the original purchase was often based on two incomes not one. If the spouse who keeps the house really cannot afford it on the one income the best solution is to sell to an investor who can quickly pay cash for the house and the couple can then split with a nest egg to start their new lives prior to the settlement date.
- Job Transfer – Congratulations on your new job. While this is a bright day in your life it now means you will have two houses to pay for. If you need to move on to your new job quickly the best solution is to sell your old house to an investor who can close quickly and get that mortgage off your plate.
- Health – You may be moving to an assisted living facility or moving closer to the kids. In either case you will need to pull the equity our of your house now to pay for the move. An investor can pay you cash for your house or s/he can pay for your house over time to give you an additional income after the move. If you are concerned you won’t live longer than the terms the balance can go to your children as part of their inheritance. Investors are about solutions that may be out of the box for most people.
- Back taxes – You received the Notice of Sale letter and the county is now in the process of selling your home to pay the taxes. You have tried to get the money to make up what you owe all to no avail. In the process you used time and now the sale date is closing in. The realization hit you that you will lose your home in a few weeks. Before the sale an investor can come in, pay the taxes, and buy your house. At least this way you can get something for your equity. Since investors pay cash, they can move quickly, much more quickly than a normal sale.
The other category of people that should sell to an investor are people where the condition of the house is well below par compared to other houses on the market. The people who fall into this category are:
- Estate Settlements – I’ve renovated many estate houses. It’s not so much the condition of the house many times it’s the fact that the house hasn’t been updated in 20 years. I’ve seen a lot of pink tile bathrooms and avocado appliances.
When you walk in and the house screams 1970 it’s going to take time and money to bring this house up to current market standards. Even more if the floor plan needs to be changed. Investors don’t care about the pink tile and the avocado appliances. They just make note of what they have to do to get it to top market condition. There is no emotional end buyer looking at the house. The Personal Representative handling the liquidation of the estate also wants to get through the process as quickly as possible and rid themselves of the stress caused by dealing with the estate but more so the stress of dealing with the other heirs.
- Bad tenants – We have always had a minority of tenants that do not treat the house well. With COVID we added a group of tenants who couldn’t pay due to job loss or wouldn’t pay because of the eviction moratorium. I have one friend who has a lady who hasn’t paid her rent in 10 months but she’s gone to Disney twice. As a landlord you finally reached your limit and are looking to sell. Another investor can pay you cash or pay you over time, whichever works best for you. After all you originally bought that rental for passive income didn’t you?
- Damaged house – You had the fire or the broken pipe and you’ve settled with the insurance company. But the trauma has left you in a place where you don’t want to go back to that house. With that kind don’t want to move back to that house. With that kind of damage it doesn’t sell quickly in the open market. But an investor would be happy to buy it so you could use the insurance proceeds and the sale of the damaged house to put toward a new home.
I’ve seen others like the Mom who was a hoarder and whose son moved her out, but this covers the majority. If you see yourself in any of these situations, then call Rapid Home Deals 352-480-0955 or go to our web site www.RapidHomeDeals.com. We have a solution waiting for you if you act quickly.