Sell your house fast for cash in Mt. Plymouth
The signs of affluence in Mt. Plymouth, Florida are numerous with sprawling upper class developments and recreational venues. This vein of wealth and prestige was born in the 1920s when Mt. Plymouth Hotel was growing into a world class stop for the rich and famous. It was suppose to be a golf haven with plans of having 4 golf courses. However, those plans were cut short and the area’s waning prestige through the next century gave birth to an influx of the middle class.
Though only 5% are under the poverty line in Mt. Plymouth, it is surprising to most that people here opt for selling their house fast for cash through an investor instead of a realtor. This is because the wealthy and educated are not immune to career disruptions that are often the cause of lost of income. After contacting a real estate investor it becomes obvious to these homeowners that it is more profitable to sell to an investor under special terms.
We can see modest houses by Mt. Plymouth standards between North Michigan St. and Plymouth Goshen Trail. One house in particular is vacant because it is going through the transition of becoming a rental property. A lease to purchase agreement was made with a real estate investor which allows the owner to collect rent while doing nothing and taking on no responsibility. For a set amount of years this rent will be guaranteed as the real estate investor keeps the house inhabited by a responsible tenant. At the end of the term, the tenant will buy the house for an agreed upon price or it will be purchased directly by the investor.
When selling fast for cash is the only option
There are situations when selling the house fast for cash is the only option. I’m talking about when ugly houses are acquired by an investor but are too uninviting for tenant buyers to live in.
The investor must put a lot of his own money into the renovation so that he can put it on the open market. The seller may be irate because he must sell the house at a steep discount but he has to realize that it is not marketable in its current condition. For some FSBO sellers, they are living in a fairytale when they ask for a high price for a home that is obviously distressed. They could put their Mt. Plymouth house on Zillow for months because no one in a high class town will buy it.
The only way for a seller like this to sell his home fast for cash to a real estate investor is to fall into a financial emergency. It’s a shame for a stubborn homeowner to wait until his ugly house goes into pre-foreclosure status but it happens often. Looking at the picture above we can assume that the homeowner has been waiting a long time before being forced to sell it. There is even foliage growing around the car, casting doubt as to whether the car can still start.
Why the owner has to sell his house fast for cash
The story about how this homeowner was forced to sell the house fast is common in the world of ugly house real estate investment. He actually grew up in a Mt. Plymouth house but moved out of state. When his mother died he discovered that he had a home that was more trouble than anything else. As with many reluctant owners he planned to sell it but procrastinated while thinking that the house would go up in value if he did. Well, after 7 years the house did go up in value (as did most houses between E. Welch Road and Rock Springs Road) but the cost to fix it up will supersede the benefit of waiting.
We can’t pass judgement on people who live in ways outside the norm. This property shows some signs of an owner who is a hoarder. Look at the miscellaneous stuff under the black tarp. Though it’s hard to see, the front of the property is covered with junk and tall grass.
It may be shocking to some but this homeowner feels fine living this way. In fact, there’s no interest at all of moving out. She knows that others may judge her in a negative way and that is why she doesn’t let people in. The only reason why I am including this property in this post is because the liens most likely placed by the city of are probably building up. In a few years there will be so much money owed that the city will probably take over the property.
However, even if a foreclosure date is scheduled the homeowner will still have the option of selling the house fast for cash before it’s too late. That is why she has reached out to a few realtors. But ultimately, she was turned down by all of them because 9 days before the foreclosure is not enough. Realtors can require 3 – 7 months to sell this house but time is a luxury that the homeowner didn’t have.
Now we can see how essential real estate investors are to the housing eco-system. When real estate agents have no confidence in a project they back out. Real estate investors on the other hand can make lower end houses seem like good deals after assuming the costs of rehabbing.
Everything looks fine from the front but this stately modern house has tall grass growing out of view on the left side of the picture. When I saw this I asked myself why the owner didn’t take a little more time to finish the job. I believe the answer is that he isn’t there to see the poor maintenance work of the occupants so nothing is being done.
Most likely this house is being rented to a couple that wasn’t properly vetted. Since the owner lives far away from Mt. Plymouth the grass gets out of hand. This can cause the city to put liens on the house which are a big pain for any landlord.
Other properties in the area have the same problem if they are owned by snowbirds. These are senior citizens that come from the northern areas of the US to relax in Florida during the winter months. Unfortunately, owners in this class get too old to travel and that is why they need to sell their house fast for cash.
Why sell your Mt. Plymouth house fast for cash to an investor?
Traditionally, houses have been sold through real estate agents that streamlined the process while taking in a hefty commission of 6% of the sale price. This way of selling a house is never going away but has been becoming less popular in recent years. The change is due to sellers understanding that the costs associated with real estate agents wear away at their merits. Especially for houses that are not in top condition, a seller is more likely to call an investor who can get the sale done quickly without extraneous fees.
Mount Plymouth is a resort town with many high end houses. Though these houses are not ugly and distressed, investors play a valuable part of the real estate ecosystem. They can give a definitive timeline of sale and price which is essential in helping owners keep their equity in foreclosure situations. For other situations where the house is just a constant drain on a homeowner’s finances, selling the house fast for cash is extremely convenient. This is especially true if the owner is living in another state and does not have the means to meet buyers in person.
For those homeowners who absolutely require a higher price for their house and are willing to wait for the payment, lease to purchase options are available. In this situation the investor maintains the house as a renter occupies it and pays rent. At the end of a certain term, the renter buys the house and the original homeowner gets paid his higher price for doing nothing.
Conclusion
No matter what kind of house you own in Mt. Plymouth, Florida, a real estate investor should be considered if you need to sell your house fast by a certain date. Those who are not in a hurry to sell can command a higher price by agreeing to wait to get paid by agreeing to a lease option.
The worst mistake that a homeowner can fall into is agreeing to work with a real estate investor because that is what feels ‘normal’. Following the status quo may be comfortable but can open you up to unreasonable fees at the closing. In fact, these fees can minimize your profit so much that it could deter you from ever buying a house again. When experienced investors are in the house buying and selling equation, the process becomes less eventful, more convenient and even redemptive in regards to your credit worthiness.