I Buy Houses
Creative Real Estate Solutions
We provide FAST, creative solutions to help solve your home selling worries.
Maybe you're a seller who is facing foreclosure or bankruptcy, or are going through divorce, or you just received a job transfer, or your family needs
to relocate.
Whatever the reason, WE CAN CHANGE YOUR LIFE FAST!
We buy houses several different ways:
- We can pay cash for your house
- We can take over your mortgage payments
- We can lease your house
We Buy Houses For Cash We Buy Houses By Taking Over Payments More Cash Later vs. Less Now Owner Finance Options In the above scenarios, we would likely to be investing our own money in the rehab of the house, increasing its value. If you decide on any financing options where you still have money in the property, you'll want to make sure your note is properly secured by the property. You should use a note, deed of trust, mortgage (documents and terminology vary between states) properly prepared by an attorney. If you close at a title company, their attorney should provide the proper documents; otherwise you'll want to have an attorney look over your note to make sure it is secured by the property, under the terms you have agreed on. Delayed Payment Options Stop Foreclosure
We Can Pay Cash
A cash sale is often the first option home owners will choose in selling their property, but certainly not your only option. Whether you go with a cash option, or decide to carry back some of the financing, will be entirely up to you.
Cash buyers can be a good option for you to sell your house and there are some cash buyers in your area. While you will not receive retail value for the house you are selling, it may still be worth your while and should be weighed against your other options and offers.
Sometimes we can offer a higher sales price if you agree to take back a note against the property for a period of time. If you do agree to take back a note, it will be properly secured by the property. These are details we will need to discuss and come to a mutual agreement on. The main thing to know is there are plenty of ways to accomplish what you need to do whether or not we are able to find a cash buyer.
Why You May Not Want Cash
Receiving cash for your house may have tax implications (capital gains tax) that you may not want to deal with this year and might even leave you in the minus. Of course that would depend on your cost basis in the property vs. what it is sold for. Only selling for cash may not get you the best overall sales price, it may take longer to sell your home since the market is smaller (less people with cash or less people that is able to qualify at a bank or mortgage company)
When There's Little Or No Equity In Your House
This scenario happens more often than not, usually a seller who has owned their house for 2 years, or less. When the house was purchased a considerable amount of financing and closing costs were probably rolled into the loan, so even if the house was purchased with 10% equity, it doesn't mean there is any to speak of. If there is not enough equity in a house for us to be able to resell, have closing, holding, repairs costs and still make some profit, then we cannot purchase this kind of property. That's where taking over payments come in. We may be able to take over your payments. This depends where you are, what type of loan you have and other details.
A cash offer may be right for you, but is not always your best option. Cash offer usually means a reduced offer, whereas if you were to take back a note for a year, or even months, you may be able to keep a good deal more of your equity. When investors decide to make offers on your property, you may ask about the different options available to you so you will be knowledgeable about your choices.
We can typically offer you a number of options to buy your house, including you taking back a portion of the financing (otherwise known as owner financing).
For example:
For the home seller who would rather sell now, but get more cash later for selling his home. We could offer to pay you more cash at the end of rehab and resell. If you agree to an arrangement like this, we’ll make sure your financial position in the property is secured by a lien on the house. A title company and or, attorney can prepare the proper documents for this.
There are a number of reasons why you should certainly avoid a foreclosure. If you have had a foreclosure, you may have a problem getting loans far into the future, even once you do get your finances back under control. A foreclosure will stay on your credit report for years to come. It doesn't stop there, every time you go to apply for a real estate loan, you will be requested to disclose that you have previously had a foreclosure. Even when your credit is restored, the bad news will still follow you.
Is It Possible To Stop Foreclosure?
While it is not possible to stop every foreclosure, in some cases the foreclosure can be stopped, or stalled to allow time for the sale of the home. Banks may consider delaying the foreclosure date if you have a signed contract from a buyer to purchase the home. We buy pre-foreclosure homes, but the details of each transaction are different and the terms / timing, are always negotiable.
Sometimes a house going into foreclosure has to much debt owed against the mortgage, late payments and maybe taxes, so that we will not be able to profit and therefore purchase the house. In this case short sale investors can sometimes succeed where others may not. It is a time consuming process so many investors do not have the patience for it.
A short sale is when an investor negotiates with the bank holding the note to purchase the property at a discount of the debt owed on the property. The bank has a department that handles this and who will analyze the debt and will decide what the current value of the property is. While this option does not save your credit, it may allow the foreclosure process to be cancelled in favor of this reduced purchase.
How Long Can Foreclosure Be Postponed?
Foreclosure processes vary from state to state and most states have foreclosures on a set day of the month. If a foreclosure is delayed, it is usually until the following months regular foreclosure day. Every bank handles the timing of their foreclosures differently, while some may move as soon as possible to foreclose quickly, others may be reluctant to get the house back that quickly.
Types of foreclosure in common law states
A "deed in lieu of foreclosure", or "strict foreclosure", where the bank claims title and possession of the specific property in satisfaction of a debt. "Strict foreclosure", more simply known as foreclosure and "judicial foreclosure", involves the property being put up for auction by the county sheriff, or officer of the court. Many states require this type of procedure in all cases of foreclosure. The sheriff issues a deed to the winner of the auction. Banks usually bid the amount of owed debt and if another buyer does not come and continue the bidding, the lender then receives title to the property in return for the debt owed.
"statutory" or "non-judicial" foreclosure
Do I Have To Sell To Stop Foreclosure?
You may, or may not have to actually sell to stop the foreclosure, each case is different and the investors who make offers on your house will have different alternatives for you. An important factor possibly limiting your options is how much equity you have in the house. If you purchased the house in the last 1-3 years, it is possible that there is not enough equity for an investor to consider buying it. This would also be a limiting factor in getting a refinance from a new lender. Whether there is enough equity depends on the appreciation of the home since you've been there and whether you paid a considerable down payment, or put money into the principal since then. On an average though, little principal has been paid back within the first few years of owning the home.
Do You Let Me Stay In The Home?
No, since we will be taking over your mortgage debt on the house we will immediately be marketing the property for a buyer. We may need to make a lot of serious repairs to rehab and remodel the house for resale.
Foreclosure Scams
There are foreclosure scams out there and you need to be aware of this and be careful of the people you deal with. Just because you meet an investor does not mean that they are trustworthy and reputable to work with. Do not become the desperate seller who fell for a scam because you were in a tight situation.
Ugly Houses
There are plenty of reasons you may choose to sell your ugly house to an investor, rather than go through the time consuming, or expensive rehab and resale process on the retail market. We want you to be informed homeowners, so you can experience a smoother home selling process without unexpected surprises. In the ideal transaction, both the buyer and seller get what they need out of the transaction and this is what we call a "win/win" transaction.
In the ideal real estate transaction, everyone gets what he or she need. The seller gets his house sold, in the time he needs it sold, for the dollar amount he is expecting to sell it for. The investor gets what he needs, an ugly house he can start rehabbing, for a price he can still make a profit with and with terms that will facilitate the business.
Here are some of the con's to rehabbing your own house to sell.
Where Do The Ugly Houses Come From?
Not Well Maintained
As investors buying ugly houses, we see ugly houses come from many places. Primarily these houses get into bad condition from a long period of not being maintained. Houses need a lot of regular physical care, which often enough the occupants are unable to manage.
Regular Maintenance
A house needs for example would be: Painting (sometimes annually), cleaning, power washing mildew off masonry, caulking. The caulking of seams on the exterior off the house, siding gaps, trim, around windows, flashing, etc, has to do with sealing against leakage and is one of the most important and often overlooked regular maintenance needed.
Roofs replaced every 10-20 years, depending on the type of shingles formerly used. Low hanging branches should always be cleared away from the house and little if any trees left overshadowing it. Overhanging tree branches create continuous moisture on the roof of the house from dripping condensation and promote various growths. These constantly wet and shaded areas of the roof are the first to need replacing.Correct landscaping is not just to beautify the exterior of a home, but provides proper soil conditions, which preserve the structural integrity of the foundation. When a house's foundation has failed, this is more often than not a condition, which could have been prevented through proper landscaping and watering. In areas with clay, or soils susceptible to frequent expansion and reduction, even watering of the soil can create a continuous condition for proper foundation preservation.
Inherited Houses And Probate
Inherited houses are frequently offered for sale to investors, as the owners often do not have the finances, or desire to rehab the house to marketable condition, or would just like to get the house sold quickly. If you are selling a house like this and have not been through probate court, you should try to find out as early as possible whether this will be required for you and what if any documentation will be required for you to have on this. The buyers title company will want to make sure this was taken care of and this can be a long hold up if you have not done the proper follow up on it.
Damaged In A Flood
Flooding has damaged some of the ugly houses that get offered to investors. This flooding may be a result of houses being in a common flood plain, or else in a hurricane. Our investors purchase flood houses for cash that can't be bought or, sold any other way. Many of these kinds of homes have also developed serious mold or, toxic mold problems (like Stachybotrus). Investors can clean out, perform mold remediation and get the houses back into livable condition where no one else could.
Damaged In A Hurricane
Along the Gulf States where hurricanes are common, we have investors who search for and are regularly purchasing wind-damaged homes. In some cases the house may be little more than a remaining slab, or empty lot, in which case properties can still be purchased for lot value. Hurricanes are a major source of damage to whole neighborhoods and towns simultaneously. Many sellers do not want to go through the process of rehabbing their house after they have collected their insurance money and are more interested in selling the house in it's un-repaired condition to cash buyers. Cash buyers within our network may be able to make you an offer to buy your house with little or, no hassle.
Damaged By Fire
Fire damage to houses is usually quite severe and even when the fire has not burned in much of the house, the smoke damage can cause the house to be uninhabitable.
Damaged By Foundation Shifting
Foundation shifting, settling and movement is the most common serious problem with houses in some areas. This kind of damage is typically expensive and may continue to cause long term damage to the house until corrected. Cracked slabs and sinking foundations have a number of different causes, often related to the type of soil and or, landscaping. A type of clay soil found which is very frequent in some states, expands and condenses under wet, or dry conditions. When the soil is wet the clay will expand with the moisture. When the soil gets dry and stays that way, the lack of moisture causes the soil to shrink and pull away from the foundation of the house. This soil is often spread out unevenly in patches and will cause only certain areas of the house to sink more than others. This type of foundation damage is avoidable through even watering during dry seasons.
Mold Caused By Leaks
Mold can become a serious problem in many houses and if left untreated can render a property uninhabitable. Mold or toxic mold has become a kind of scare word amongst home owners, or would be house buyers, in the real estate industry. Once a house has had toxic mold problem it may be required to go through expensive mold remediation and repairs. Even after this it may still be necessary to disclose the fact that the house previously had toxic mold and this could be an issue to potential buyers in the future.
For many investors house buyers toxic mold is not a scary issue, because they are familiar with mold remediation and repairs. This kind of repairs and mold remediation can be quite expensive, but our house buyers are familiar with the process and can create a good estimate on the cost of repairs, which they will use for their consideration when making an offer to buy a house.
Selling because of Toxic Mold: The toxic mold can create a serious stigma on a property making it almost impossible to resell, or to get a fair price for selling it. We don't believe that it has to be a serious issue and some investors look forward to buying these houses. Investors perform mold remediation and rehabbing of these kind of properties, in order to bring them up to environmentally safe standards.
