Can I really sell my house in any condition?
Hurricane Matthew has been a powerful reminder of just how devastating a wide range of uncontrollable forces can be on real estate.
Hurricanes, floods, tornadoes, tsunamis, wildfires, and earthquakes can all cause significant and unexpected property damage. That’s in addition to problem tenants, house fires, accidents, and vandalism, as well as deferred maintenance. These things do happen.
In some cases owners can afford the repairs. Some can’t. In other cases properties are completely wiped out or are ‘totaled’. Insurance seldom seems to pay out when needed. When it does, it never seems to be enough, or fast enough. Meanwhile homes can be continuing to deteriorate due to leaks and lack of security. At the same time code violations, penalties, and liens can stack up making remedies even more costly and out of reach.
These issues can spiral out of control fast. Meanwhile you may need to find somewhere new to live. In the case of an investment property you need to stop the bleed of holding costs on a property which isn’t producing income. You may even have tenants who need to be rehoused elsewhere or who expect to be compensated. Ultimately the faster you can halt the financial damage, the faster you can recover, and bounce forward.
But who is going to buy your flooded, half burned down, moldy, or vandalized home? Who can even buy it if they wanted to?
If you can relate to this situation and you are asking “can I really sell my house fast in any condition?” the answer is “Yes.” But there are significant limitations.
First off, and most obviously, most buyers are not going to want this property. They want new. Then even among those adventurous buyers, new rehabbers, or house flippers who may be willing to take on the task, few may be able to afford it. Banks generally won’t lend on damaged homes. They are terrified of having to take them back in a foreclosure and then being unable to liquidate them. If they do loan they will substantially reduce the amount they would normally lend in order to account for needing to do a ‘fire sale’. The majority of Americans just don’t have the savings to afford these large down payments. Especially when they’ll need to come up with a lot of repair money on top of that.
This essentially leaves a few experienced local real estate investors who have significant lines of credit or have the real cash to buy and renovate your home. Some of these investors specialize in buying damaged properties and they really will purchase your home in any condition just as it is. In fact, a few love this opportunity to revive homes and neighborhoods, and to help out struggling homeowners.
Our hearts go out to those hit by Hurricane Matthew, as well as all those facing these issues above with their properties in the DFW area. Just know that there is help available, and the sooner you reach out to get it, the better.
Contact us now and let us make a cash offer for your property today… 817-601-7777.