Why Let An Investor Buy Your Home?
Making the choice to sell a home may be one amongst the most important choices someone can make. There are many various choices to contemplate and each one has its advantages and disadvantages. A winning, experienced investor will and can make the procedure of selling your home less nerve-racking, faster, and extra simple. Selling a house, the normal way via a real estate agent is commonly not the most effective for everybody. There may be a lot of pitfalls once selling a house with an agent, together with having to wash up and repair the property so it looks new, finding an agent who you trust and who can deliver on their promise of selling your house quickly, signing a contract that binds you to an agent for a precise term, the piles of paperwork you’ve got to sign, shuffling paperwork back and forth from buyer to agent to you … and back.
Here are some steps for selling houses the traditional way with agent
The first thing to do when selling a Las Vegas home is to find out how much it costs. It is better to speak with Las Vegas Realtors and an appraiser in your local area to have a good market comparative analysis and property appraisal. Second, work on the look of your house. Start fixing the broken spots that will discourage the prospective buyer. Be sure that your house is ready to sell.
The first impression of your house is very important as it will tempt more prospective buyers to view the inside. Make sure that your home will appear good from the driveway or street. The time could be annoying on your part because there may be some instances when a buyer may request to see the house at an inconvenient time. A tacky wallpaper or a dysfunctional fireplace can drive prospective buyers away. Typically, you have to make sure that your house is in tip top condition before putting it up for sale. Although fixer-uppers have gained popularity over the past couple of years, the majority of home buyers still prefer to buy a home that is move-in ready. Bear in mind that for you to sell your home faster, your buyer should be able to appreciate your home instantly.
In an empty home, everything will be highly noticeable, like discoloration due to the dirtiness of your carpet or the damage on your wall. Do a total home repair to cover up for these tests of time. Maintenance is essential when selling Las Vegas homes. Make sure to vacuum and dust your home. You have to keep your vacant house nice and clean to tempt the potential buyer. During winter, make sure that your heating system is properly shut down and drained to minimize your expenses but keep the lights on if you need to present Las Vegas homes properly. Throughout the summer, pay attention to the unpleasant moldy odor that can be caused by sealed windows and watch out for hidden pests that may have infested in your absence. Depending on how enthusiastic the buyer seems to be, it may be a good idea to travel to the house before a showing to do last minute checks if time permits.
Experts agree that making your house feel clean and new will go a long way toward selling your home quickly and at the best price.
The real estate market has changed dramatically over the last decade and it’s becoming more and more common for a typical home seller to encounter investors. But if you’re like most home sellers, this may be your first experience dealing with investors. So, why let an investor buy your home?
You should sell to an investor if:
- Your property needs updating or repairs.
- You’ve recently inherited a house, or you have a house in probate.
- You own a house that is in foreclosure and you need to sell quickly.
- Your property cannot qualify for conventional financing. (Investor is likely your only choice if this is the case.)
- You need to sell a house quickly.
This strategy is mainly for people who are willing to sacrifice a bit on the sales price in exchange for a fast-convenient sale with no hassles. If you need to sell quickly (days or weeks rather than months), investors can close quickly. If you don’t want to hassle with repairs or cleaning up the house, investors actually will take care of that for you.
Investors are able to get a good house at a fair price that leaves them room for a profit… and you are able to get out from under the house and the payment and can move on more quickly.
General process of selling your house to a real estate investor
- You connect with the investor and submit your information about your house and situation to them.
- The investor will evaluate the house, come up with a value for it, determine if any repairs are needed, find out what your goals are, and make an offer that fits their buying criteria and helps you reach your goals.
- You look at the offer and decide if it works for you.
- If it’s a fit, closing happens at a title company and the title company prepares the documents… the investor buys with all cash so it’s a quick close and you get your cash quickly.
- The house sale is complete.
The process can take from 7-30 days (many times investors can close within 7 days if you need it to). It is the option that many sellers go with when they need to sell their house fast with little hassle.
Selling Your House to a Las Vegas Real Estate Investor
Unlike a real estate agent who will work with you to sell your house, a real estate investor buys your house directly from you. Investors buy houses as is, and they either fix and sell the house, rent it out or sell it to other investors.
Advantages of selling to an investor:
Flexible Payment Options
A regular buyer typically needs to wait for financing. This delay can slow down closing, and you may have to wait longer to finish the deal. Investors may offer various payment methods such as certified funds, cash, pre-scheduled cash payments, or perhaps they may even take over the existing mortgage completely. With multiple options available, sellers may find a solution that suits their needs, meaning they can close quickly, or on the date of your choice.
Cash Offers
Many Las Vegas buyers are cash-poor and rely on Federal Housing Administration loans to finance their home purchase. A buyer can be approved for an FHA loan with less money down and a lower credit rating, which typically could be a red flag.
On the other hand, quite often investors are willing to pay cash for a home and with the recent tightening of financial restrictions, coupled with the growing number of complaints about low appraisals, having a cash buyer has become even more appealing.
Selling “As Is”
The main disadvantage of a real estate investor is that you will likely be selling your house at a discount compared to listing with an agent. This discount is often a trade-off given the speedy sale the investor is willing to offer, and their ability to purchase as-is.
“As-is” truly means they are going to buy the property as it is, on the date that you agree to the terms and offer which they make on the property to you.
If you are the type of owner who simply doesn’t want to do work on the home, doesn’t have time, doesn’t have the financial resources, or would otherwise like to skip this process, a real estate investor is the route to go when selling your home. It’s quick, there’s no work involved, and you receive the highest “market value” offer for your home, based on its condition. And, there is no need to call several inspection companies to visit the property prior to selling; investors will do this at a later date.
Investors typically do not care about the condition of the property. Investors often times are not planning on living in the house, so condition is usually never an issue. This can be very helpful if your property cannot qualify for financing. As a seller, that allows you to avoid any costly repairs that would normally be considered your financial responsibility.
Fast Closings
The biggest advantage of a real estate investor is speed, where you get to sell your house and get your money as soon as possible. Plus, you don’t have to go through all the hassle of selling your house by yourself, paying for closing costs or repairs, or any other expenses associated with going through the traditional route. The process can be completed in as little as a few days or can take as long as you need it to. There are investors who can close within 7 days. How is that possible? Because the sale of the property is not reliant on approved financing, appraised values, home inspections, or the like; bypassing all of these steps expedites the process considerably. Investors are typically flexible on the terms of an agreement, where a typical buyer might not be. For example, closing date, condition, moving arraignments, etc. Most investors also do not care if you choose to leave items at the house.
No commission Costs
When selling to an investor, you forego the commission check you would otherwise have to hand over to your realtor. The company does not charge a fee for their services. The offer which is made to you for the property is the amount you are going to receive on the date of closing on the home’s sale.
In addition to this, closing typically occurs quickly. For most sales, in a matter of 10 days or less, you can have a check in your hand, for the full offer price which the real estate investment company made to you. With a traditional realtor, homes can sit on the market for weeks, months, or in some severe cases, over a year.
No open houses
Because let’s be honest: no one likes having a ton of strangers walk through their house when they’re not there. Are they going to remove their shoes, touch your belongings, break something? Do you really want to prep and clean to make it presentable? Some people prefer a discreet sale and that is tough when listing. All of your curious neighbors will stop by, you can count on that!
Investors Make the Sale Stress Free
Selling your home to an investor can be a stress-free process. Experience, successful investors are open and honest and survive on their reputation for being fair. They take time to explain the process and will walk you through the sale step-by-step. They have built relationships with bankers, mortgage companies, contractors, inspectors, title companies, and attorneys. They have faced the challenges of buying distressed properties and have experience dealing with the multitude of obstacles which may be present.
Investors are Problem Solvers
Experienced, successful investors are problem solvers. They have encountered many, many situations in which homeowners may find themselves. They are creative and have open minds and can structure the sale in many different ways to meet the sellers’ needs. Investors work with home owners in many stressful situations such as divorce, bankruptcy, inherited property, foreclosure, pre-foreclosure, or vacancy.
Something to be aware of before dealing with investors
Homeowners Will Likely Sell Below Market Value
Investors have their own costs to contend with and you can be assured that those costs will be factored into their offered price. Investors are also aware of the power behind their cash offer and the fact that they are taking a risk by purchasing “as is.” They may be relying on your motivation to get out quickly. Whatever the reason, it is unlikely that an investor will pay market value for a home in its peak condition.
But do you really know how to find a cash buyer for your Las Vegas house?
Best websites on How to Find a Cash Buyer
The first thing most people do when trying to find a housing investor is using the ‘find a cash buyer’ keyword in a search engine. Here’s a curated list to help instead:
Craigslist
Although Craigslist often has a bad rep for being unsafe, it’s an incredible website when you want to find investors. And you CAN do it in a safe way.
The best way is to search in the ‘real estate wanted’ section as well as post your own ad. It identifies two types of Craigslist’s investors – passive and aggressive. This is how to find a cash buyer fast.
With the passive way (creating a simple ad stating your business), it may suggest using WuFoo which allows you to create simple forms to keep your potential buyers organized.
And here’s how to find cash buyers on Craigslist’s effectively using the aggressive method: Write down all house buyers and call them. State what you’re looking for and give all necessary information – use this to create a list for the future. Ask them if they are cash house buyers – if they say yes, BINGO – you found them.
Check the Yellow Pages
This might be an old-fashioned way, but yellow pages always have a real estate section where you’ll be able to find the oldest and some of the most trustworthy cash buyers in Las Vegas. Here’s the link to the Las Vegas yellow pages where you can search for the ‘cash house buyers’ and find all relatable services. Then all you need to do is give them a call and arrange the whole process.
Las Vegas Real Estate Investors Association
REIALV might have some answers you are searching for. Think of it as a database for investors – not only will you be able to find your cash buyer, you will also be able to network with other like-minded investors. It’s a fantastic way to get insight into the real estate business and ask all questions you might have – you will find people who have already gone through the house selling process, probably more than just once.
Check out the ‘we buy houses’ signs
Las Vegas has a lot of ‘we buy houses’ signs that have probably grabbed your attention before. But have you ever tried dialing the number and seeing what happens? When calling a potential buyer, they’ll be able to answer any questions you might have about their company and the entire house buying process in general. It’s the best way to establish a relationship quickly and effectively.
However, the discount you might provide them is money you wouldn’t see any way while you wait months and “gamble” to sell your house on the open market.
Time is of the essence
One thing to consider is that the longer it takes you to sell your house, the more you end up spending for things like mortgage payments, insurance, and taxes. Also, if your house is in anything other than excellent condition, you may end up either spending a significant amount in repairs or your house could take significantly longer to sell. Only you will know how important all of these factors are, and whether selling to a real estate investor is right for you.
Indeed, there are many ways to sell a house in Las Vegas. What you should note is that there is no “one-size-fits-all” or perfect solution. It will all depend on your current needs and financial capacity.
If we revisit the question from earlier– “do you want to sell your house quickly?” If you are grappling with this question, you need to realize that it is possible to sell a home fast for cash… the main thing you need to decide right now is how fast you need to sell your house. If you have 3-6 months and can pay the real estate agent fees… list your house with an agent.
But if you don’t have enough room in the house sale to pay an agents commissions… or you can’t wait the time it may take to sell your house at full retail the answer is then selling your house to a real estate investor might be your best option. There are many investors out there, and the key is simply getting in touch with the right one.