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Nobody can force you to decide on the spot. The answer to anybody who wants an answer right now is "let me think about It for a couple if days."
The we buy houses people are in it for profit, they aren't going to pay you fair market value. They buy houses for a price that they can sell it to another investor who also wants to make a profit. So they will pay a low price.
Do not agree to any deal where they start making your mortgage payments and you sign a quit claim deed. I also don't recomended any of the rent to own offers.
I've heard that they typically pay 25-30 percent below market value for a house in decent condition and up to 50 percent off for one that needs extensive work. They and others seem to be send out frequent standard form letters and postcards to elderly who have a lot of equity and low income, which restricts their ability to refinance the mortgage or repair the home. My mom used to get the postcards all the time. My mom used to get those close in 7 days letters almost weekly.
You can visit their web sites and view their inventory of homes. From there, you can check the county or city real estate database to see how much they paid as well as do a comparison to recent neighborhood sales. You could probably check your own neighborhood's sales for these firms as they will list the name of the buyer for the buyer.
I own my home free and clear. It needs maintenance but I don't want to put the money into windows, etc. because they're too costly.
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.
I own my home free and clear. It needs maintenance but I don't want to put the money into windows, etc. because they're too costly.
Do you need to sell quickly? Are you in a pretty standard and/or hot market?
If you aren't in a rush and don't live in a weird or middle-of-nowhere type of location, I'd advise you to find a good realtor and list it. That will yield you the most money. You don't have to do any repair/maintenance you don't feel like doing, but you will have to be patient and probably deal with the hassles of many showings. Those are the only downsides really.
And for the record, I am a guy who buys houses from those wholesalers. They are seeking maximum profit and really only benefit you if you are in a dire situation and need to sell immediately. And even in those circumstances it's still possible listing on the MLS would yield a better outcome for you.
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".
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. 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.
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".
Find a realtor who works with investors or flippers and even with the commission you should get a better price than the Ugly House people.
I see many homes listed in the lower price ranges on Realtor sites that say cash only or fiver uppers.
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