We buy houses for cash in Union Park

Emergencies happen to all of us and having options to get back on our feet is an important part of moving forward. Last year in the city of Union Park there were some layoffs which affected people’s ability to pay their mortgage. Some decided to take the step of calling a fix and flip company to get cash for selling their house. Others just kept missing payments while having faith that they’d get a new job.

In a situation where someone loses a job I can’t give advice because the ability to find work varies from person to person. But I can say that the closer a person moves towards foreclosure, the harder it is to sell a house. Typically a fix and flip company will get a call from someone in this situation after 5 missed mortgage payments. At that point they have ruled out selling their home on the open market because on average it takes 3 months to sell a home through a real estate agent in Union Park.

Selling a house to a house flipper can take as little as 3 weeks provided there aren’t any liens on the property. If there are liens we can work those into the selling price and it would take just a little while longer to close. The most important thing is that we would pay you with cash while taking over the renovation and its associated costs. A lot of what we buy would make the average person wince if they saw it. But we have enough experience and foresight to understand a home’s potential.

After the sale the cash is distributed to the seller through the title company. We then begin the process of renovation. In the montage above we see a drum sander and an orbital sander which are 2 of 3 necessary components for refinishing a wood floor. The edge sander like the name suggests, smooths the edge of a floor’s surface. Unlike vacuuming or window cleaning, this kind of renovation requires experience to get the job done right. That’s one of the reasons why homeowners don’t try to renovate homes on their own. Plus, they know that even if they had the experience, they would have to have the equipment to be successful.

Another expense that flippers may choose to take on is staging. That’s when furniture, fixtures and appliances are bought to add value to a house. This process is really against the mindset of the typical seller because they think it’s crazy to throw away their furniture to buy new furniture only to part ways with it soon after. They would much rather sell their whole house to us, take the cash and quickly begin their lives again.

5 Reasons not to sell a home through a real estate agent

1) Increasingly the real estate landscape is becoming a buyers market. The time it takes to sell a house through the MLS system is getting longer because of this. Lately, it’s been taking 4 months to sell through a real estate agent if you don’t discount your home on the listing.

2) You will pay 3% of your home’s sale price as commission to your real estate agent and another 3% to the buyer’s real estate agent. In total you will pay 6% as a commission.

3) You will pay an extra 1.5% of your home’s sale price in escrow fees.

4) Your buyer will probably request that you pay for a 1 year home warranty for the buyer’s protection.

5) You will have to take on the costs of renovation and repair yourself in order to have a favorable listing for retail buyers.

Do you need cash to pay your bills?

Usually the kind of house sellers that contact us have fallen into an unfair situation in life where they have difficulty paying their bills. This group of people fall into 2 subsets: those who procrastinate and those who are conscientious about their credit rating. The latter subset knows that maintaining a good credit rating is necessary to get a better interest rate on a future mortgage. They understand that swift action now will allow them to live a better life in the future.

One objection to working with a house flipping company is the lower amount of money one would get as opposed to selling their house through a real estate agent. We have already explored this issue when talking about how a flipper has to spend money in renovating and staging a home. These are costs that you wouldn’t be responsible for.

Steps to selling your house to a flipper

1) Compare your house price to prices of other similar houses in Union Park. Since you are selling a house that’s in need of repair you would not be getting the same price as those houses around you. But knowing this information is important before going into a deal.

2) Vet your house flipper by asking questions and doing research.

• How long will it take to sell my house?
• What factors do you consider when coming up with a purchase price?
• Have you made other purchases in this county and state?

3) The flipper looks at your house and property. This happens after he gives you a quote from the information you’ve provided over the phone. The purpose of physically coming to your house is to verify the information that the quote is based on.

4) You will receive a cash offer. Based on the information gleaned from the walk though of your house, the house flipper will make you a cash offer. Keep in mind that this offer is contingent on the fact that there have been full disclosures about damage. For example, if there is termite damage and that hasn’t been disclosed, the buyer might come back to the bargaining table.

5) The contract between you and the buyer is signed. This happens, of course, if you agree to the cash offer.

6) A licensed inspector does a walk through to verify that there is no undisclosed damage. This is done within about 2 weeks of the contract being signed. Professional home buyers know that this should be done as soon as possible to prevent sudden changes right before the closing.

7) The buyer and seller attend the closing. The seller brings the house keys and codes to all security systems. Papers are signed and the deal becomes complete.

The result of working with a house flipper

1) A quick transaction can save your house from going into foreclosure.

2) Flippers can solve a difficult situation where there are multiple heirs to an inheritance property.

3) You can pay off credit cards with high interest rates. The slow leeching effect of interest can make you poorer than you think you are because it is so subtle.