Are you thinking about selling your home in Hillcrest Village? Have you been thinking of selling it by yourself instead of hiring a real estate agent? There are several advantages of selling your home yourself, but there are disadvantages as well. To make it easier for you to make a decision find the most important pros and cons below.
The most important PRO for selling your home yourself in Hillcrest Village is MONEY. Selling your home without the help of an agent means more Money in your pocket! By selling it yourself you save the commissions and fees. – We are not talking about pennys, we are talking about THOUSANDS of dollars which you would have to pay an agent. Another advantage is that you are able to decide the times for open houses and showings. It is also completely up to you where and when you want to advertise. Unlike a real estate agent who is selling many houses, you can focus on YOUR house, because you are only selling your own house. It is obvious that you will have more interest in the sale than an agent.
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I'm sure you've seen these advertisements on bandit signs by the highway, or in the real estate section of the newspaper. Perhaps you've wondered if they are realistic - or are they just a scam?
Well, the truth is that the better ones are genuine. They are placed by private investors who have immediate access to funds and can afford to close on your property quickly. They will often cover the closing costs, and will certainly arrange all of the paperwork. Sounds too good to be true? Well, it isn't, but there is a snag - I bet you guessed that!
If someone is prepared to buy your house, for all cash, and close in 7 days, they are not going to pay retail market value. That's a fact - they can't afford to. These people are not philanthropists - they do this to make a profit (although the reputable ones also like to think they are helping people in distress). So, somewhere below the retail market value is what you can expect to see on their offer. How much below market value? It depends on the condition of the property, its location, and a number of other factors, but it could be around 70% of the retail price.
Of course, you can try to sell the property yourself, saving the cost of an agent, but market statistics show that over 80% of FSBOs (For Sale By Owner) end up using an agent anyway, and those that do sell the house themselves, achieve a lower price than the agent would have done. This is partly because the buyers know that the seller is saving agency commissions and discount that from the offer price.
When a private investor talks about buying your house in 7 days, this is just one of the ways in which they can do it. But as you can see, although at first glance the offer may not seem to be very generous, once you take into account the variables we have discussed, it can start to look like a good deal.
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When you're flipping houses (aka wholesaling), aside from finding a motivated seller with equity, the most important piece of the puzzle is the ability to find buyers. Here's a strategy that will show you how to sell a fixer upper (that you currently have under contract) THIS weekend!
This will work if you've got a property under contract that you need to wholesale OR if you've got a fixer upper you've already closed on and you simply need to find a buyer fast. In either case, we're going to assume that you've got to find a buyer, and you've got to find a buyer FAST!
One of the most successful ways to flip a house is to hold an "event". This type of event is going to be a little different and is targeted towards investor buyers with cash. What we're talking about here is a "flipping houses" bus tour, and here's how to put it together:
1. Find a "Preferred" Partner to host the event.
You're going to want to find a Realtor or mortgage broker whose office is within 5 miles of your property and who has access to a small meeting space or conference room. Ideally, you will have both a Realtor AND a mortgage broker as a part of this team. Better yet, you'll have a Realtor with properties that are ideal candidates for your buyer prospects. Since time is of the essence, you'll need to move quickly, so try and secure the location and partners on a Monday (if you're holding this event on a Saturday).
If you have enough people register for the event, you may consider renting a small bus or a minivan, but in most cases, a caravan will serve the purpose. The only benefit of a bus or minivan is that you control the situation and people can't leave in the middle.
Once you've visited all 5 properties, return back to the location to go over any questions and write up contracts. You, your Realtor and your mortgage broker can work together to make sure that any offers people want to place are submitted and that they can actually close if the offer gets accepted. This is CRITICAL when you're flipping houses
7. Follow up.
Again, the follow up is crucial. You will want to touch base with each attendee the following day to get any additional offers, write up contracts, or add to your buyers' list for the future. Remember, your ultimate goal is to sell this particular house, but if you find that people are ready, will and able to buy another type of property, go out and find what they're looking for. Flipping houses is simple if you just realize it's a matter of finding the properties the buyers want to buy!