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Can You Sell Your House As Is

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Sometimes people have lived in a property for some time and don’t make repairs. The roof may be leaking, or you have old and outdated plumbing like galvanized steel. Maybe you have been through a major catastrophe and don’t have insurance or the money to make repairs. We are often faced with the question from sellers “can I sell my house as is?”. If you find yourself in this predicament, keep reading to learn the answer.

Selling Your House As Is

In all reality, yes, you can sell your house as is. However, depending on the properties condition will definitely limit your pool of potential buyers. If your house is in need of major repairs, more than likely you are going to have to sell to an investor, like we covered in our last article “Selling Your House To A Cash Buyer“. On the other hand, if your house only needs minor repairs like carpet, painting and other odds and ends, then you may be able to get more money from a buyer that intends to live in the property. But just because your house needs repairs doesn’t mean that you can’t make your home as nice as possible with some elbow grease to help in the sales process.

To get the most amount of money from your property you are going to have to clean and remove as much clutter from your home as possible. We found some great advice on the topic –

We highly recommend that if there are things that you can do without until you move, then go ahead and at least get a storage unit and put them away until you are at your new place.

When you are in your kitchen decluttering don’t forget about your junk drawer and underneath the kitchen sink. Buyers will always pull open at least one drawer and look under the sink to check out the plumbing. The last thing you want is either one to be stuffed with junk. For great storage ideas under your sink be sure and check out our article “Tidy Kitchens Help Sell Your House“.

Continue reading “How To Sell Your House As Is Fast

Packing things away and putting them in a storage unit is really good advice. Cleaning out from under your kitchen sink is also good advice. In their other article about tidy kitchens they have some good tips about how to organize things under the sink on the cheap.

Disclosure When Your Home Has Major Issues

In most states, no matter who you are selling your house to, you have to disclose any major issues that you know about. For instance if the house has foundation problems, you must disclose this to buyers. In some states you even have to disclose if you had problems and made the repairs.

Even after you disclose that there is something wrong with the property, there are still things you can do to help protect yourself from future law suits, as outlined here –

Know that disclosures are still required. Selling a house as is does mean “what you see is what you get,” but complete disclosure is still required by state law. That means that the buyer will get a report from a licensed home inspector outlining the problems, including problems that are not visible. When a sales contract is drawn up, the words “as is” need to be written clearly in the sales agreement, and the buyer needs to initial next to the words so that they cannot later claim that they didn’t know they were buying as is.

Continue reading “Selling A House As Is: 5 Tips To Make Buyers Interested

That is probably the best advice on selling a home, and any home for that matter. The only time that wouldn’t apply is if it is a brand new home from a builder. Anytime you are selling a home you should always have in the contract that the home is being sold “as is” and have the buyer initial next to it.

Now check out this video that has some good pros and cons about selling your house as is –

 

Conclusion

Yes, you can sell your house as is. Depending on the amount of repairs that need to be done will determine how wide of a range of buyers you will have interested in the property. If the repairs that need to be made aren’t that significant, then make sure to make your house as presentable as possible. And most importantly, if your home has major issues, you must disclose those problems to the buyer.

 

Filed under Real Estate News
Mar 31, 2018

Selling Your House To A Cash Buyer

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These days it’s becoming more popular of people selling their homes themselves. Many times these people choose to sell their house to a cash buyer. Usually this is because the house is in need of extensive repairs or updates and can’t get a buyer the conventional way of going through a realtor. Other times people are in desperate need of funds and need to sell their house fast for the cash. But how do you go about selling your house fast for cash, and how do you know you are dealing with a reputable company?

Advantages Of Selling To A Cash Buyer

The one big down side of selling to a cash buyer is that you more than likely won’t get top dollar. So why would someone sell their house to a cash buyer? There are a few good reasons.

The first one is that cash sales rarely fall through. One thing that is in most contracts when selling a property the conventional method is a “buyer mortgage contingency”. This basically states that if the buyer can’t qualify for a loan they can get their earnest money back and not complete the sale. This often leaves the seller having to start all over again – open house showings,  finding a buyer and price negotiations. This can be very time consuming and stressful to sellers. This is avoidable by using a cash buyer because there is no mortgage.

Next there is the speed of which that sale can happen. The speed of which a sale can happen was covered in this article –

Speed of the Sale

Instead of waiting for someone to make and offer and hoping that everything goes well with the sale, a cash sale is much faster. Once a cash offer is accepted for the home, you can get the money for your home in as little as a few days. When you’re facing financial difficulties or you need to sell your home quickly to relocated, the speed of the sale can be essential. When you sell you house for cash, you will be able to get the money that you need in time to avoid financial problems or be able to relocate and buy a new home quickly.

Continue reading the article ‘ADVANTAGES OF SELLING A HOME TO A CASH BUYER

The convenience is another big issue for a lot of sellers. Your house more than likely needs painting, carpeting and all kinds of other little items that need to be repaired or replaced before selling. Not having to pay out all of that cash for repairs before hand can be very appealing. Another thing that we should add is that by selling to a cash buyer you don’t have to be concerned with keeping the house clean all the time for showings.

Make Sure You Are Dealing With A Reputable Company

As with anything you must protect yourself and make sure you are not going to get scammed. This is especially true with one of the largest purchases you make, your home. There have been countless stories of people getting scammed when selling their house for cash. You must make sure you are dealing with a legitimate company. So how do you do that?

First is how do they communicate? Do they always answer the phone, or quick to call you back? Do they even have a phone number? One of the best things we can suggest is to do an internet search on the company. How are their reviews? Do they have a website? Can you easily find who the owners of the company are? These are all things that you should check and should be able to find an answer for. If not – seller beware!

Some additional things to look for when selling a house to a cash buyer –

Check Rendered

In virtually all cases of fraud where a home was paid for in cash, the buyer rendered a check. The seller or real estate professional accepted and deposited the check. The buyer changed his mind and asked for a refund. The seller or real estate professional refunded the amount of the check. Later, the buyer’s check did not clear the bank, and the seller or real estate professional was out the entire amount. The lesson learned is to never refund cash for a check until the check clears the bank.

Site Unseen

Another situation that throws down a red flag is when a buyer doesn’t need to see the property. That doesn’t necessarily mean the buyer is a scam artist, but it’s a good up-front indicator. Proceed cautiously when a buyer passes on viewing the property.

See the full article ‘Things to Watch When Selling a House for Cash

We highly suggest that you read that full article to learn more about what to look for when selling to a cash buyer. We also suggest that no matter what you involve an attorney to check all the legal documents.

Conclusion

Selling to a cash buyer has it’s advantages, and it disadvantages. The greatest disadvantage is that you won’t get top dollar, but if your property is dire need of repairs this shouldn’t be an issue. The advantages are fast closings and limited showings as well as a quick sale. Above all, you need to make sure that whatever company or individuals you are selling to are legitimate and aren’t trying to scam you.

Learn more about selling your house to a cash buyer from these articles –

There are plenty of good reasons to sell your home for cash

Who Will Buy My House For Cash?

How to Sell Your House for Cash

Filed under Real Estate News
Feb 18, 2018

How To Find Investment Properties

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What is the one thing that makes a successful real estate investor? A steady and constant stream of leads. Without them, your real estate business will struggle. Whether you are a flipper or trying to build your rental portfolio, you need new leads on a daily basis. So how do you keep a good flow of deals coming to you? That’s what we will cover here.

It’s a question and a complaint that I hear often from most investors, where do you find good deals? You may or may not like the answer. If you are a solo investor more than likely most of your time is going to be spent finding good properties. If you have a small staff, it may be a little easier for you to dedicate one person to this task.  Now you may be thinking about the cost involved of having someone trying to find deals for you all the time, but how much are you NOT making by not having enough deals?

Investment Property Sources

Bird Dogs

One way method that you may be able to utilize is the help of what is sometimes referred to as “bird dogs”. These are other investors that usually have a property under contract and are willing to sell you that property for a small fee that is usually paid at the closing table. What is actually happening here is that they are assigning you the contract to purchase the subject property and then in the HUD they have a line item for anywhere to $2500, $5000 or more paid to them. If you find a good a good bird dog they will leave you plenty of meat on the bone to make money yourself.

So how do you find these bird dogs? There are a few ways. One is to visit your local REIA (Real Estate Investor Association). In most big cities there are multiple REIA’s that you can attend. Network the room and find some of these people, let them know the types of properties and areas that you are investing in and they will be more than happy to add you to their cash buyer list.

Another great way to find them is to use the internet. The power of the internet has really exploded over the past few years. Just go to your favorite search engine and perform a search for wholesale real estate deals or discount real estate investments and you will probably find a few good companies to do business with. You may have to use a local modifier at the beginning or at the end of your query to make sure you are getting local results. And if you prefer not to read don’t forget that you can also do a search on Youtube like off market properties and get good results as well.

Other Methods

The good news is that there are still a lot of other ways to find great real estate investments. One method is using foreclosure lists. Jake Borjas wrote an extensive article about using this method:

Foreclosures Lists: This is my favorite way of finding investment properties. The main reasons for foreclosures are missed payments due to job interruptions, divorce, and health problems. The easiest way to get a hold of this list is to perform an internet search in any of the main search engines for the words ‘foreclosure list”. The monthly subscription price varies from $28 to $35. This money is well spent. I have found very nice investment properties using this method. For instance in 2003, I found a 4 year old house with 3 bedrooms and 2 baths in a nice neighborhood. I knew that this was a good deal because the bank was asking for $87,000 and the original sales price was $105,000 two years before. In addition, the tax assessor had valued this property for $106,000. You are able to obtain all this information without leaving your house. The internet is a wonderful tool to get information. After looking at the house, I decided that this was an excellent deal. The Real Estate Agent almost fell off his chair after he saw my initial offer of $69,000. After more negotiations, I ended up buying the investment property for $72,000. The current assessed value is $115,000.

Continue reading “How to Find Profitable Investment Properties

Good info in his article about foreclosure lists. Another point that he makes is using real estate agents. We like this method as well, however you need to find a good agent that understands your business and what you are looking for. Not all real estate agents are created equal.

Conclusion

This is just the tip of the iceberg if you will. You can also get lists for probate properties, divorce lists, absentee or out of town owners and try sending a “yellow letter” or even a post card to see if they are interested in selling their property. In the future we may add another post or just add to this one to give you a lot more ways to find your next investment property. In the mean time, here is some recommended reading for you on finding wholesale investment properties:

How to Find Profitable Investment Properties

How To Find The Best Investment Homes For Sale

How to Find a Real Estate Investment Property

 

Filed under Real Estate News
Nov 12, 2017

Getting Into Real Estate Investing

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I know it has been awhile since I have posted, but honestly, sometimes this site can be a real pain, and it’s all because of the server.(Let that be a lesson for you if you are going to host your own WordPress Website and go ahead and pay for good hosting.)

Anyhow, I get a lot of questions from people asking me how to get started in Real Estate without paying a “Guru” tens of thousands of dollars. Well, I found some guys that put out a ton of good information – for FREE. Granted they won’t teach you everything there is to know about RE investing, but it is a good place to start. Here is a video from YouTube that you can watch and subscribe to their Channel and also get on their email list.

P.S. Be on the look out because I intend to do a lot more posting this year, so make sure and check back often or check out my RSS feed from here – AnneLemkeRealtor.com/feed (It took me a long time to get the feed fixed, so please, if you are interested, use it!)

Filed under Real Estate News
Jan 23, 2016
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