5 Things to Know About Companies That Buy Distressed Properties
If you’ve ever passed by signs placed at intersections or on busy roadways in your city claiming to buy houses, even those less than perfect, for cash, you may be wondering what they’re all about. Are these legitimate companies that buy distressed properties, or is it a scam? Should you even consider them when selling your house?
These advertisers, often referred to as investors or cash buyers are usually companies willing to purchase distressed properties.
The term distressed property can include houses in disrepair, in foreclosure, or caught up in legal processes such as divorce, bankruptcy, and probate. Owners are often looking for a quick sale, and that’s where these companies can be most beneficial.
Before selling your house to a cash buyer, here are five things you should know about companies that buy distressed properties.
1. Companies Seek Out Certain Types of Sellers
Cash for homes companies focuses on buying from homeowners who want to sell their homes fast and as-is for various reasons. While they may come across a few of these distressed properties on their own, they usually rely on the owner to recognize that their home falls into this category and seek out these companies for a quick selling opportunity.
In particular, these companies look for homeowners in the following situations:
- The home is in disrepair due to maintenance neglect.
- Damages to the home, including those caused by extreme weather, are too costly to repair.
- Safety code violations or tax liens are attached to the property.
- Impending foreclosure on the property.
- Seller is going through a divorce, bankruptcy, or other legal issue causing financial hardship.
- The property is in probate and must be sold.
- The seller inherits the property with no desire to keep it.
- The seller needs to relocate quickly due to job transfers or other needs.
If you fall within one of these categories and want to get rid of distressed property easily and quickly, selling to one of these companies maybe your best option.
2. Initial Discussions and Estimates
If you want to sell your distressed home as-is or need to move suddenly and want to sell as quickly as possible, you should call a distressed property buyer company like Simple Sale. Our team asks you questions to get a clearer picture of what is going on with the property and why you are interested in selling in your initial phone call. These questions often include the amount still owed on your mortgage, a precursor to any offer, so when you call, try to have that information on hand.
At Simple Sale, we buy a variety of homes, including single-family, multi-family, condominiums, mobile homes, and manufactured houses. When you speak with our team members, clarify what type of property you own, and confirm that we are open to purchasing it.
By asking these specific questions, we can determine if your property is a good fit for us. Sometimes, we can present you with an approximate estimate at the end of the initial conversation, even before seeing the property itself. This will come at no cost to you and give you an idea of the sale price.
3. Scheduled Walk-Through and Official Offer
Within a few days of your initial conservation, our team members will reach out to schedule a walk-through of the property with you at your convenience. This is an excellent time to point out any repairs or issues that may not be visible right away. You won’t need to make these repairs in order to sell, but it’s essential that you are upfront about any damage.
At Simple Sale, we are decisive and won’t hesitate or drag you through unnecessary follow-up meetings before making an official offer. We often present an offer the same day as the walk-through. While this offer may not be as much as you might be able to earn through a traditional sale, you will benefit from the time saved. You also won’t have to make extensive repairs to complete the sale, pay closing fees, or host an open house.
4. Assistance in the Sales Process
Understanding that the home is distressed can address issues such as tax liens, title issues, and even court judgments. Our team provides guidance and can help you clear anything blocking a home’s sale to move forward. The sales process is handled in-house, saving you both time and money as well.
5. Quick Payment
Sellers often find that the best part of working with companies that buy distressed properties is the quick payment. They usually make this payment in full within 30 days from your first contact with us. It also includes any related fees, so you won’t be left holding the bag for those as well. All this provides immense relief to many sellers and why this is often a preferred choice.
It’s essential that you do research beforehand and make sure the company is legitimate. Check to see if they have an official website and read all the information provided. A great way to learn more about a company is through their online reviews. Read through the Simple Sale client reviews to see how we’ve helped others, often through trying times. You can also request information on our financial records to ensure that we have the cash to pay for your house.
Contact Simple Sale in Central Florida
If you live in Tampa, Orlando, Winter Park, or any of the surrounding neighborhoods, you can count on Simple Sale of Central Florida to provide an honest assessment of your distressed home. We won’t waste your time but instead provide full payment within 30 days, cover associated fees, and help with any property issues.
Call us at (407)338-4183 with any questions you may have, and be sure to check out our official company website for more information. Contact Simple Sale today to find out how we can work together.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Simple Sale encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.