Selling Your House Fast For Cash
It’s no mystery that the number of opportunities real estate offers can be seemingly endless. And though real estate undoubtedly offers many ways to create revenue, some may find this abundance to be understandably overwhelming.
Regardless of how one chooses to use real estate to add revenue to their bottom line, it’s often beneficial to become familiar with how to make savvy purchases or “make money when buying.”
Keeping this and similar approaches in mind will not only help to reduce risk, but also enhance the value of an initial investment.
In order to maximize success, experienced investors may seek homeowners who are motivated to sell their home fast due to an urgent matter that has influenced their ability (or desire) to sell competitively.
Competitively, meaning the seller has or is experiencing an urgent matter, usually some hardship, that requires they consider any or all offers that address their specific need and possibly compromise any additional benefit homeowners would otherwise gain.
Typically, the seller’s situation allows for little time or ability to decline offers that meet their specific selling objective.
It’s not uncommon for distressed buyers to become a valid lead source for investors (you have probably seen the “we buy ugly houses” brand or bandit signs posted in your local area). This, however, is not to say there aren’t some possible risks involved. The circumstances leading to a sellers situation could very well impact the condition of their home and the associated value.
This is important to remember, because though a homeowner may understand their situation allows little room for negotiation, that doesn’t mean they understand HOW little room they have available.
That’s why it’s vital both the house appraisal is accurate, and the seller and buyer agree on the accuracy. This allows buyers to make a cash offer on the home so the seller is more likely (and willing) to accept.
Many reasons can influence why a homeowner is distressed. Typically, the reasons center around some kind of hardship or a sudden life event has caused their current circumstances or the home itself to be less of an asset to them. This could be related, but not limited, to the following:
- Foreclosure or another financial burden
- Collection of unaffordable home repairs
- Time-sensitive relocation
- Estate sale due to death (or other reason)
- Investors offering a fire sale
- Strong disinterest in the sale process, period
- Marital separation or divorce
What influences a seller or a property to be considered distressed are ongoing, but accurately assessing a seller’s motivation to sell is only a fragment of considerations. Examples of other questions investors may ask as they begin this process include:
How do I approach what may be a sensitive matter?
Where do I locate distressed homeowners or properties that suggest distress?
How can I have distressed homeowners find me?
How can I use MLS to aid my search?
How do I find homeowners who have abandoned a distressed property?
And there’s plenty more!
The key to positioning distressed properties as an asset, opposed to a liability, is to recognize the obvious and less obvious indicators that suggest a homeowner or property is distressed.
The goal is never to take advantage of a homeowner at a difficult time, but propose a win-win solution that helps resolve a painful or pivotal moment in ways that also proves meaningful for business.