A Home Selling Solution Worth Mentioning…

Eye opening home selling idea In this blog, I’ve shared a variety of ideas for helping frustrated home sellers, such as considering a temporary or permanent home exchange, renting out a piece of your home, your land or your entire property, and marketing your home using today’s latest technologies.

But there’s another possibility I’ve never mentioned… If you’ve been having trouble selling a home the traditional way, or suddenly find yourself in a situation where you need to sell quickly because of financial difficulty, divorce, relocation, or you’ve just inherited a home and don’t want to invest the time and money it takes to prep and sell it, you may consider selling it directly to a company that buys houses.

These companies can assist in selling a house fast and possibly, avoiding foreclosure and damaging your credit score. Such companies can close a deal quickly and provide sellers with cash for an “as is’ house. One group that does this, Express Homebuyers, which specializes in purchasing homes, condos and other properties in Washington DC, VIrginia and Maryland, say on their website that they’ll buy your home directly from you, offer a fair market value, and usually close in under seven days.

For some worried home sellers, this may be the ticket out, or at least worth investigating further. And it’s comforting to know that this option does exist. It might just short-circuit a midnight anxiety attack where you’re wondering whether you’ll be stuck with your home forever…

For hundreds of other ideas on staying sane — and even happy — during the home selling process, read Home Seller’s Blues and How To Beat Them
. Available in paperback and as an ebook from Amazon.com or at http://housesellingblues.com

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Selling our home felt like pulling teeth every single day it stayed on the market. So, after two months I actually called one of these places that will buy your house in a nano-second. It was incredibly informative and ultimately very helpful.

First, they shared with me how they calculate the value that they are willing to pay for your home. Primarily, it is done by looking at ALL available comps – including short sales, foreclosures, and any other method that a house can transfer hands. The average of those basically becomes the assigned value of your home. Next, they take an additional percentage off the top (around 10%) because they are going to have to market the house, probably do repairs/upgrades, etc. They take on all of the risk and do not even bother with an inspection prior to purchasing your home. So, as the guy on the phone told me, the people that would benefit most from this transaction are those whose homes are in significant disrepair, people who have inherited homes that they are not interested in keeping/maintaining or upgrading to sell, or people who are in a bind but have enough equity that they can “afford” a much lower sales price.

In my case, the person looked up my listing as we were talking. Within a few minutes he told me 1) my house was not a good option for this. It was already upgraded and they would not pay me near the value I should get for it, 2) he thought my house would sell within the next couple of weeks just based on market timing/pricing etc (he was right about this), and 3) he thought the asking price was a steal for potential buyers. At the end of our conversation he suggested I ask my realtor what price would make it so that people couldn’t pass it up even if they didn’t love it and then drop it down to that to create a bidding war. I took his advice and it worked. The selling price ended up being the same as what we had been asking.

Finally, he told me that if our house did not sell in the next few months, he would lease it for me for a few years and sell it at market value later on. His profit would come in the form of a percentage of the rent (around 7%) and agent fees for selling. We would get the sale proceeds. So, that was an option that had not been previously provided, but sounded okay in a worst case scenario for us.

Bravo for writing this great comment! It’s very valuable to hear first-hand, true stories from people who have contacted or worked with one of the home buying companies. Some owners are skeptical and won’t even give them a call, so it’s reaffirming to hear how these companies can work on the owner’s behalf, whether you end up using them or not. In your case, they gave you essential information that helped you sell your home. Two thumbs up — to the home buying company and to you, for following their good advice.

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