We Buy Ugly Houses: Options to Sell Your House Fast
The “We Buy Ugly Houses” billboards have become an American icon. These bright yellow and red signs dot the nation’s highways offering a ray of hope to homeowners facing foreclosure and those who need to sell their house fast.
A registered trademark of HomeVestors of America, “We Buy Ugly Houses” is a national home buying franchise based in Dallas Texas. With upwards of 200 office locations, HomeVestors is the most familiar house buying organization in the United States.
The We Buy Ugly Houses program focuses on purchasing distressed properties which require extensive repairs or renovations. Real estate is purchased for approximately 60-percent of its appraised value, less repair costs. HomeVestors renovates the home and resells the property for profit. The program helps stabilize housing prices within the neighborhood and alleviate financial burdens for homeowners.
We Buy Ugly Houses primary focus is purchasing ugly, rundown properties requiring substantial repair. However, few resources exist for sellers who own homes in good condition. Today, many homeowners owe more than their home is worth. They need help selling their house fast, but are unable to sell their property below market value.
Many reasons exist for homeowners needing to sell their house fast. The most common include bankruptcy and foreclosure. Oftentimes, sellers need to sell vacation property or second homes to reduce financial obligations. Others are forced to sell based on employment relocation, military service, death of a spouse, divorce or chronic health problems.
Some homeowners have obtained short sale approval from their mortgage lender in attempt to avoid foreclosure. When banks enter into short sale agreements, they agree to accept less than borrowers owe on their mortgage note. In most cases, banks require borrowers to have a buyer in place before granting short sale approval.
Not all mortgage lenders participate in short sales. Those that do require homeowners to provide financial documentation proving they are financially insolvent and unable to repay their mortgage note in full. Once approval is obtained, the short sale process generally takes three to four months to settle.
Probate executors in charge of administering probate estates oftentimes need to sell real estate to settle the estate. Probate is the legal process used to validate decedents last will, pay outstanding debts, and distribute inheritance assets to assigned beneficiaries.
The decedent’s estate is responsible for all real estate related expenses. If the decedent held a mortgage, the estate must continue making payments along with property taxes, homeowner’s insurance, homeowner’s association dues, and property maintenance.
If the estate does not possess the financial means to pay expenses, a probate judge can order the real estate to be sold. Each state adheres to different probate laws. Some require court approval before real estate can be sold. If multiple heirs are entitled to the house, they must all agree to sell the property unless the sale is ordered by the court.
One lesser known resource for property owners who need to sell real estate quickly is private investors or investment groups. Private real estate investors often buy houses with cash in order to expedite the deal. Individuals engaged in short sale transactions should seek out investors who possess experience with short sales to avoid delays.
Private real estate investors can be located by conducting research online. Using your favorite search engine, type in the name of the state plus “real estate investors”. For example, if you reside in California type in “California real estate investors”.
Investors can also be located by searching real estate Classifieds in local newspapers or by attending investment networking meetings. Most realtors and real estate brokers can recommend investors and investments groups in your area.
It is imperative to engage in due diligence with any real estate transaction. Ask investors for a list of recent real estate transactions and referrals. Take time to contact each referral to determine their experience with the investor. Your home is a valuable asset, so take time to conduct research to ensure you are working with a reputable investor.
At Simon Volkov, we buy ugly houses,expansive mansions, commercial properties and more. Our team of 2,000-plus investors specialize in every type of real estate transaction known to man. Regardless of the reason you need to sell your house, our team can help you find a solution. Release the financial monkey from your back by submitting property info via the “we buy houses” form at www.SimonVolkov.com. Article Source:http://www.articlesbase.com/real-estate-articles/we-buy-ugly-houses-options-to-sell-your-house-fast-1227725.html
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September 14th, 2009 at 6:02 am
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