Sell your house fast for cash in Conway
The two pictures below are vastly different but we are able to buy and sell both.
The house to the left has been uninhabited for a long time. The owner decided that it was foolish to keep making mortgage payments on a house that he had no use for. That catalyst that caused him to seriously consider selling the house fast for cash was not a commercial or advertisement. It was a next door neighbor who confronted him about how ugly the house was. The neighbor was angry about how it was causing the value of his own house to sag below market value.
There are some houses in Conway, Florida that fit this description but their number is becoming less because of the explosive land development. For the most part the house to the right resembles the typical kind that you will find in this city. You as the reader may be wondering why we as real estate investors would deal with houses that don’t need much renovation.
The answer is that most of our business involves pretty houses because of our ability to provide cash to the owner. No matter what the condition of a house is, if we can provide cash at the closing there is more money to be made in the long run.
Selling a house fast for cash is a wise choice for a homeowner in Conway because the location is ideal for buyers who need to travel (located next to 2 airports). We are able to use our money to make repairs and bring it up to market value.
Look at the inside of this house and you will understand the challenges that a homeowner will face if he tries to sell their house through a realtor.
1) A realtor will ask that repairs be done throughout the house before it is put on the market. This could cost the homeowner over $20,000 because contractors can easily take advantage of people.
2) You will have to throw away some of your old furniture so you can temporarily rent new furniture for staging. This is so prospective buyers can walk through your house and get a feeling of freshness. The first impression they get is what will stay embedded in their minds.
3) You will end up paying 6% of the total house sale price to the listing and buying realtors. This means that after spending money on repairs to sell on the open market, you are unlikely to make more money than if you had sold your house fast to an investor.
4) You will have to spend thousands of dollars in closing costs. When selling your house to an investor, these costs are paid for.
5) If you need to sell your house quickly, you most likely will not be able to do so through a realtor. Those who are about to go into foreclosure will probably lose the house entirely. Those who are relocating for a job will lose the opportunity to sell before the move.
The best thing about selling your house fast for cash is that you will have a chance to build your life up again. Scott was a professional whose career took a nosedive. Fortunately he was able to find a job in Arizona but he still had to make payments on his house in Conway, Florida.
This problem prompted him to sell his house quickly because he knew he wouldn’t have been able to after his job relocation. The effect was like a hermit crab moving from one shell to another. He also got back a lot of his equity instead of losing it to a bank during a foreclosure.
Maria was in a bad position as the executor of her father’s estate and her family members were making the job really difficult. They were all pressuring Maria to sell the house quickly so they could get their fair share. Selling the house before the probate process is finished is possible and is actually expected or the process wouldn’t end.
Instead of procrastinating she decided to sell and was relieved that she was no longer responsible for the property’s maintenance. Each member got their part of the revenue and they parted ways after a lot of bickering and bitterness.
The problem with being in a financial bind is that when the tax lien notices come from the city, you feel too depressed to open them. That’s the position that Nelson was in. After he was personally handed a notice to foreclose on his doorstep, he knew that it was time to sell his house fast. In the city of Conway, the foreclosure process is done like the rest of Orange county, which is a quick takeover by the bank after the auction.
Unfortunately, Nelson only had a 3 week window to act and that is why he chose to sell to an investor instead of a realtor. Realtors often require between 3 to 7 months to sell a house if it sells at all. After working with an investors the payments in arrears were paid off and he even walked away with some money to start his life again. Others aren’t so lucky because they wait until a few days before the foreclosure. Through negligence they lose their home as well as their dignity.
Jennifer was living paycheck to paycheck but onne day her car fell into a pothole which caused some major damage. She knew that she either had to get the car fixed or not show up to work.
That month was the first time that Jennifer was ever late for a mortgage payment. Her missed payments kept snowballing until she got a notice in the mail saying the bank was going to foreclose on her house. This was especially painful to her because she had always lived responsibly but the standard of living in Conway was too high for her meager pension.
After looking online for solutions she found that there were some. However, she also found that in the case of a foreclosure they are always temporary and that she would eventually end up losing the house anyway. Declaring bankruptcy is something that people consider but we don’t recommend this for 2 reasons.
- Your house will only get a temporary reprieve from collection efforts
- Statistically you won’t be able to keep up with the new payment schedules.
- If you default on your payments will have both a foreclosure AND a bankruptcy on your credit report.
Jennifer knew that selling her home fast for cash was the best option. She would have a new start in life with the ability to rent until she got back on her feet.
Why use a real estate investor instead of a realtor?
In a lot of cases, working with a realtor is the best option for a homeowner. In this situation there is no stringent time frame to sell. However, those who are faced with the scenario of “sell the house quickly or lose everything” need to work with an investor.
Many people who fit into this second category still want to work with a realtor because they want to sell their home at market value. The danger of this is that your sale will take between 3 to 7 months. And there is a chance that your house won’t sell at all. In this case you might be barred from quickly selling to an investor because of an agreement that you signed with your realtor.
Conway is a very comfortable city with residents who are for the most part educated. Around 40% have degrees and the average income is about $69,000. The kind of dilapidated houses that real estate investors traditionally work with are few.
However, the level of participation in the investor community has risen in Conway in order to help the residents of nicer houses in adverse situations. It’s not unusual for a homeowner to want full market price for a house that is well maintained. Using the concept of ‘owner financing’ this can be possible a lot of the time.
For example, if a homeowner is open to leasing the house to an investor then a special subleasing arrangement can be worked out. This enables the sub-leaser to fix their credit over the course of months or years. At the end of a predetermined time period they would have the option of buying the house at the desired price.
The seller of a house in this situation would reap the benefits of a portion of the rent payments as well as a higher sale price just by waiting. The more creative a real estate investor is in financing the better situation the seller will be in the long run.
Conclusion
The rising cost of living in Conway has put some homeowners in a bad position as they try to get by. Whether your situation is a tax lien, foreclosure, job relocation or probate your best option is to contact a real estate investor because of the time constraint placed on the sale. Working through an investor will give you the assurance of moving forward with something in your pocket as opposed to starting over from scratch.