A home is a great asset for many people, but it's also a "large" asset. For some, selling a home can be easy, depending on the neighborhood and class of society. But for others, selling a home can be a real challenge. Here are some scenarios when selling a home provide to be difficult.
THERE ARE TOO MANY REPAIRS NEEDED
After about 10 years, things that start to happen with a house include:
- Roof issues or leaks
- Foundation cracks
- Plumbing/Piping breaks
- Appliances fail
- HVAC system blows up
just to name a few. In any of these cases, repairs on the structure can be substantial, even beyond what the homeowner can afford, and can even prevent the homeowner from inhabiting the property. If the repairs can't be made, then the only option is to sell it to recoup losses or get rid of a mortgage. But without the repairs, most people searching for a home aren't interested in purchasing a property that has so many issues, and real estate agents may not even be willing to attempt to list and show the properties.
THE IMPENDING DOOM OF FORECLOSURE
A homeowner loses their job, has medical needs, or some other event which occurs and prevents them from being able to afford their home, and then the clock starts ticking until foreclosure. When a home is foreclosed, the home is taken away and the homeowner loses all equity. They lose their home and get no cash in their pocket. Sometimes a real estate agent will attempt to sell a home before foreclosure, but in many cases they're unable to do so within the timeframe. Selling a home in the traditional sense requires a lot of steps, such as the new buyers getting pre-approved with a mortgage company, having an appraisal done, inspections, repairs, negotiations, closing and title transfers. The entire process usually takes 1-2 months. A foreclosure can happen within 30 days, so that's simply not an option.
THE PROPERTY WAS INHERITED
An inheritor often doesn't want anything to do with a property, much less bother spending the money on repairing it and having it listed in an MLS, especially if it's not local to them. It becomes more of a burden and they'd much rather have it taken off their hands quickly and easily.
In every one of these scenarios, most people's go-to is to have a real estate agent list the property, but there's another way. A real estate investor can actually purchase a property in far less time than the traditional process. Unlike the normal steps, a real estate investor actually prefers if you don't spend the time and money on repairing the home because it leaves margin for them to benefit from it. They'll be happy to take the home off your hands without repairs, without listing agents, and will usually cover the closing costs. You also don't need to wait on any sort of appraisal or mortgage companies, so as a homeowner you can begin conversations, have a visit to your home, negotiate a deal, and have cash in hand within 7 days. You can check out this we buy houses Houston company to learn more about how you can sell your property quickly and get a fair cash offer in as little as a week!
Also check out this infographic on the differences between a real estate agent and a real estate investor.
Credit for information and infographic in this article goes to Sell My House Easy Fast.