I'm considering selling my home due to financial hardships. It needs some work to bring it up to standards and to make it more sellable on the market. It needs paint, new windows and the flooring needs work. I've had some plumbing leaks. I may even have some termite damage. I'm not sure, but if they were to inspect it, I know something of sorts will pop up. I can't afford to have the work done. Anyone know anything about the "We buy your house as is" companies? They claim no fees. Not having to deal with a realtor and showings sounds good. I have no problem selling my home at a reduced price to compensate for repairs. Is this legitimate? What is the hidden catch? It sounds like a good trade off, but I want to research before I commit.
2007-09-15 05:29:59 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
beware of the we buy homes types typicaly they will buy your home a much lower price. what many do is get you to sign over your deed or sign a contract subject to sale and they sell your home at a higher price and when its over you get very little and sometimes not enough to pay off bills.
many offer to fix up home and they do but the over charge for the fix up and in the end they make off with alot of money and you still end up holding the bag!
If you want to sell your home sell it by owner AS is there are plenty of people that will buy your home as is. go straight to the buyers its your best way of getting the most.
even if someone buys your home you jsut cant walk away although i have seen some of these types give you reantmoney to get out but believe me you dont want to do that!
2007-09-15 05:55:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is a situation you have to be carefull on:
PROS: They will purchase your home quickly and you will be done with the problem.
They will purchase your home and not be put off by repairs or rehab that needs to be done.
If you owe more than the house is worth. they often have the ability to negotiate with the bank to get a settlement that works for you, the bank and the investor.
CONS: They normally will purchase it so you get no money out of any equity you have. Because of the financial problems and work to be done, the most they will buy your home for is the amount of the current mortgage.
Many of these "I Buy Ugly Houses" are "Guru Gorillas", inexperienced people who have gone to some seminar or bought some real estate course. They have enough information to be dangerous, can misapply techniques and end up getting you into more trouble than you already are.
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If you do want to go this route, be careful who you get involved in. You'd rather get with an investor who is expreienced as opposed to someone who has only done this a few months or a year.
You have to weigh that against your ability to sell the property seperately. As little as 6 months ago you could have put your home on the market and expected it to sell fairly easily, even with some problems. Now, however, with this being a buyer's market, you either have to have a dazzling house to sell or discount it down a lot to sell quickly in most markets.
If you'd like, send me a private msg with some details about your property, loan and needed repairs and I can probably give you better options.
I wish you well
2007-09-15 06:15:20 · answer #2 · answered by rlloydevans 4 · 1⤊ 0⤋
It's a two-edged sword so to speak. You can spend money updating a home, bringing it up to code and listing it yourself. You run the risk of sinking a lot of money and getting little or no return. On the other hand, those "buy it now" places are going to offer you next to nothing with the intention of doing what I just mentioned.
2007-09-15 05:43:46 · answer #3 · answered by Dan The Man 2 · 0⤊ 0⤋
I think that they would actually want to give you way less then what your house is worth. I mean, they can sound great over the phone and all but the second they see the house, they would then start adding up all those imperfections and taking that off the market value of the house. If your house is worth $100,000 they may only pay you $30,000. They want to make money on your bad fortune.
2007-09-15 06:07:36 · answer #4 · answered by ♥ Mary ♥ 4 · 0⤊ 0⤋
Pro: You get a quick sale, usually paid in cash.
Con: You get a lousy amount of money, typically no more than 75% of fair market value.
These outfits make their money by selling the home for more than they paid for it. Particularly in a down market any offer is likely to be breathtakingly low.
2007-09-15 05:56:47 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
There is no catch but think about why they are doing this. How can they make money doing this? Don't overlook the fact that you must sell your home for enough to pay off any and all existing mortgages and/or liens against the property.
2007-09-16 13:44:05 · answer #6 · answered by divepassion 2 · 0⤊ 0⤋
Pro: It sells fast Con: It sells for about half of real market value.
2016-03-18 06:25:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
What you don't know is how much are they willing to buy it for. You certainly don't want to go to a closing oweing money instead of receiving money. Understand? Most of theses types of firms need to get place as cheaply as possible and they don't care what your financial picture is. So beware, don't sign until you understand everything.
2007-09-15 05:41:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋