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Old 01-31-2018, 12:28 PM
 
750 posts, read 638,040 times
Reputation: 1733

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Quote:
Originally Posted by Winter Sucks View Post
Thank you. After disclosing the problems of the house to a realtor, they may require me to have possible "violations" fixed...plus I'd owe them a percentage of the selling price. That's why I thought it would be quicker and easier to sell to "Ugly Houses" because they know it's "as is".
Realtors sell "as is" all the time, and they can't "require" you to do anything except disclose known hazards and deficiencies.

A couple of years ago I investigated whether it made sense to sell a property to one of these investors. Not only was their offer $60K below what I eventually sold it for (using an agent) but the contract they wanted me to sign was so outrageous I stopped dealing with them at once.

Even with the repairs the buyer and I settled on and the agent's commission, I still made $30K more on the sale than by dealing with the investor.
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Old 01-31-2018, 12:32 PM
 
442 posts, read 187,527 times
Reputation: 1200
Thank you.
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Old 01-31-2018, 01:53 PM
 
1,357 posts, read 755,920 times
Reputation: 1001
They offered me 18K, I Did a FSBO for 46K, one year later. Condo, they said 8500, I sold for 42k, 18 months later. And they really should stop littering everywhere. There is a bunch of people, who took some course, or even became franchisees and go around offering half...they do look for free and clear. Run their names through the assessor..most haven't ever bought a home in your area. And any deal they make Weill likely require them to act as a middleman to a flipper. That is why they have a contract they can weasel out of. Clean it up, take the photos of your relatives off the wall and use MLS...find someone, who has recently listed and sold in your very immediate area. Offer financing..it is rock solid in most States. Get 15-20% down...there are even sites agents that specialize in OWC.

Last edited by Hal Roach; 01-31-2018 at 02:47 PM..
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Old 01-31-2018, 02:16 PM
 
Location: Greenville, SC
1,659 posts, read 1,579,895 times
Reputation: 1296
In this time of extremely low inventory I would not see any benefit of using one of these companies. I have people contacting me all the time looking for rehab or fixer upper properties for investment. You are bound to do better just listing it as is.
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Old 01-31-2018, 02:31 PM
 
1,357 posts, read 755,920 times
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Quote:
Originally Posted by BigRedBeth View Post
In this time of extremely low inventory I would not see any benefit of using one of these companies. I have people contacting me all the time looking for rehab or fixer upper properties for investment. You are bound to do better just listing it as is.
And from what I have seen, in even medium hot markets; people are paying way too much for junk, and greatly underestimating repair costs and risk weighted costs. So that would be good for this seller. A few years ago, a 100K house needing 30k in repairs was a 50k buy...now a 100 k house needing 30 in repairs will go for 82,000. And the liabilities, the dust, security....

Last edited by Hal Roach; 01-31-2018 at 02:41 PM..
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Old 01-31-2018, 04:08 PM
 
Location: South Carolina
12,836 posts, read 17,233,001 times
Reputation: 21667
Quote:
Originally Posted by LifeIsGood01 View Post
If you are low income or retired every state has grants from HUD for home rehab. To qualify you or your family needs to be below the average income for that area which can be around $35K a year depending on your area (that's for 1 person, it's higher if you have a larger family) . If you qualify they will tell you what needs to be done meaning windows with storm shutters, roof, plumbing, electrical, heating. You don't get to decide. The repairs can easily be over $30K for windows and roof alone, but you don't have to pay it back as long as you keep the home for 10 years. It's a good way to get free work done on your home if you plan to live in it for 10 more years, the amount also goes down 10% each year and it only has to be paid back if you sell the home. It's called a Community Development Block Grant and every county has it.

Our county has one of these but it does none of the above it goes to public building and pubically funded housing like habitat .

Our county got over 140 thousand and guess where it went yeah right into the pockets of county government that is where . Don't depend on this community development block grant they are not worth the paper they are written on .
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Old 01-31-2018, 04:12 PM
 
2,278 posts, read 654,913 times
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Quote:
Originally Posted by Winter Sucks View Post
If so, did you receive an offer good enough to accept, or was it so low ball that you said "no way"?

Do they come visit and present a "take it or leave it" offer and make you decide on the spot or can you get back to them later?

I'm interested in hearing any experiences.
I sold a house to a similar company. The offer was very reasonable, right where I would have ended up after making repairs and paying a realtor commission. I had a couple days to consider the offer and had my cash in hand in less than 10. They did some minor work on the house and it was back on MLS about 30 days later. If they sold it at full list price, I gave up about 10k over and above the costs of a traditional agent sale. Only you can decide if that is worth it or not. 10k to not have to deal with agents, inspections, buyers, open houses and lookie loos was well worth it IMO.

Best real estate transaction in my lifetime. No muss, no fuss, no stress at all. I sent them an email, they came out to my house looked around for about five minutes and sent me a written offer via email about an hour later. I accepted the deal, moved my stuff out and closed the deal remotely after I had already moved to my new house in a different city. The funds were wired directly into my checking account. The whole process took about 15-30 minutes of my time from the initial email to getting paid.

Last edited by shorman; 01-31-2018 at 04:21 PM..
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Old 01-31-2018, 04:16 PM
 
Location: Raleigh NC
7,389 posts, read 5,792,406 times
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Quote:
Originally Posted by BoBromhal View Post
it's definitely quicker and easier, and that comes at a price.

Talk to a couple of Realtors first - you have to DISCLOSE problems, but nothing REQUIRES you to fix them (edit). Now, an agent or two may say you have to to list with THEM - but that's their prerogative and your choice. And the reason to talk to > 1 agent.
whoops - left out critically important phrase!
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Old 01-31-2018, 05:29 PM
 
4,842 posts, read 3,207,718 times
Reputation: 4626
It depends on the house and how much it needs.

I've got one I'm finishing up that was a gut and redo. It's feasible because I own the construction company. it wouldn't be worth doing for a homeowner and they'd probably
choke on the price. I can redo an average house for what I'd charge many for average renovations, nowhere near the whole house.
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Old 01-31-2018, 06:47 PM
 
222 posts, read 112,605 times
Reputation: 366
Dealt with them many years ago and it was fast and easy but we didn't get much for the house.

Talked with them once because a card came in the mail. They offered $120,000. I sent them packing. We sold it a few months later for $240,000. That was a bargain because right after that houses were selling for close to $300,000.
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