I recently read an article on Forbes.com about the pros and cons of selling your home to an investor.
There are a lot of reasons why someone might sell to an investor but granted the process is not for everyone. I’ll explain the process below but first I wanted to ask you if…
You have ever seen “We Buy Houses” signs up and down the road, often attached to telephone polls or little signs on corners of streets? Those are investors.
I’ve been a real estate investor and licensed NYS real estate agent in the Hudson Valley for close to 10 years now and I find these signs to be down right annoying too.
Most investors, myself included often offer quick cash settlements and a lot of times buy ugly, rundown or houses that need significant updating. Have you ever called one of those numbers? Be careful when you do because just like any business there a lot of different kinds of real estate investors that say the “Buy Houses”. Sometimes you may speak to a real estate flipper or a wholesaler who is looking to buy property at a steep discount off of fair market value. Often times they may offer 60, 70 or 80 cents on the dollar. There is huge risk in buying property as an investor so any investor you work with will have a formula on what they can pay for a property. This usually includes what the after repair value of a property would be and any costs associated with making the property turnkey.
If you want to sell fast, would like to avoid further home expenses, maintenance costs or simply don’t want a property because you inherited it then talking to one of these real estate professionals is a great choice. However, if you’re looking to get top dollar for your home, then don’t waste your time calling these investors unless perhaps you are willing to do a rent with option, short sale or own a income producing property.
Again if you have a home that needs major work and you don’t have the time or desire to deal with prospective home buyers fro the local MLS, home inspectors and contingencies of all sorts, then you should definitely give an investor a call.
But if your really want to explore selling to a New York real estate investor then…
Just don’t call the number on a sign, take sometime to research the number, company or website accompanying it. You’ll soon discover who you should probably be doing business with and who you should avoid like the plaque. Again, an investor who is offering a quick sales under the terms mentioned above is going to over anywhere from 50 to 80 percent of what your home is worth in top condition. You won’t be offered much more than that.
If you want the rundown on all the pros and cons on selling to a New York real estate investor or selling your Poughkeepsie house fast to an investor or any house in the Hudson Valley then check out this article on Forbes.com.