Distressed Home Q&A Recording – March 19th, 2021
For your ease, we have provided a transcript of the Distressed Home Q&A Recording.
Hey, it’s Evan with Simple Sale Central Florida; we are back for our March Distressed Home Q&A. We come on once a month to answer any questions that come up throughout the month that we get from clients.
Simple Sale buys, sells, and lists distressed properties throughout Central Florida from Tampa Bay to Orlando to the Space Coast. We specialize in working with properties that have legal issues, excessive repairs, problems of any sort with a property. If someone needs to sell quickly, that’s what we specialize in.
Let’s go ahead and get right into the questions we have:
1. How can I sell a house that needs repairs?
Typically a property that needs a lot of repairs done will have to be a cash sale. Otherwise, you’ll have to make the necessary repairs. Then you can sell that property on the MLS, on the open market with an agent. If you’re unable to make those repairs, your best bet is to sell the property to a cash buyer who can sell the property as-is.
Read More: How to Sell a House that Needs Repairs
2. Is it possible to sell a house in probate?
It is possible. It’s possible to go under contract on a house that’s in probate, but the probate will have to be resolved before the property is closed on. The personal representative or the executor of the estate can sell property, put it under contract to sell. Once the court gives permission to sell that property, then the buyer can close on it and the seller can sell it.
Typically that will take a document from the courts, the title company will require the document from the courts to be able to sell that property. But it is very possible to sell a house that is in probate, as soon as the court allows you to.
3. Can I sell my house to avoid foreclosure?
Yes, you definitely can sell your property to avoid foreclosure. That’s one of the ways that you can avoid it. Obviously, you can try to renegotiate your mortgage, lower your payments, things of that nature.
You also can sell it in order to avoid the foreclosure and pay off the mortgage that is owed. That will allow you to get out of the foreclosure process which will end up saving your credit. And, more than likely, giving you more financial peace of mind if you’re behind on your mortgage payments.
Read More: Can You Sell Your House Before Foreclosure?
4. Can I sell my house as-is, fast?
You can very much sell your property as-is quickly. Typically if you are selling it as-is, you’re going to be selling it to a cash buyer. That cash buyer, in most situations, will be able to close quickly on your property in the current condition. Once you go under contract on it they should be able to close on it quickly, 30 days or less.
There really shouldn’t be a reason for it to take more than 30 days. I think most of the closings that Simple Sale does is within 3-4 weeks. There’s really no reason for it to take longer than that.
5. Is there anything particularly difficult about selling your house as-is?
I think the only difficulty is really finding someone who will actually buy the property as-is and isn’t just making you an offer and holding you up in a contract. It’s just going to be finding the right home buyer that’s reputable and accountable, and they’re able to close on your property quickly.
Selling it as-is, assuming there is something wrong with it, to someone who is trying to obtain financing from a bank is going to be very difficult. Typically a bank is not going to finance a property if it needs a new roof, new AC. If there’s excessive repairs needed on the inside, a bank isn’t going to approve it. It’s more than likely going to require a cash buyer to be able to buy that property.
The difficulty is it reduces the number of buyers because it’s limited to cash buyers if there’s something wrong with the property.
6. How can I get rid of a distressed property?
The best way to go about it is to find a company that is reputable, has great reviews online and a recognizable brand. They will be able to lead you in the right direction based on what’s going on with your property. Whether it’s something legal or an excessive repair issue, then it’s going to be your best bet to work with a cash buyer.
Someone who’s reputable that has worked with many people in a similar situation and is very experienced. They’ll be able to educate you on what the process is going to look like to give you peace of mind. Really, the best way is to work with a reputable home buyer that will buy your property for cash.
7. Is it safe to work with a cash home buyer?
Yes, it’s definitely safe to work with a cash home buyer! As I already said earlier, the main recommendation is that you work with a company with reviews online. You should be able to find reputable reviews over a period of time that shows that they’ve been in business and they’ve worked with multiple people and they’ve had good interactions with their clients.
That’s going to be the best way for you to protect yourself. There are some cash buyers that will do things to try to get more money. They will try to give you less money for your property for whatever reason. That may be, a day or two before closing, asking for what they call credits, a reduction in the purchase price by a few thousand dollars, or something of that nature.
Typically with these companies, if they have a brand name at all, it will be relatively easy to see online that they don’t have great reviews and they don’t have good experiences with their clients. Typically their reviews will prove that.
Read More: What is a Cash Home Buyer?
8. Is there anything specific to selling a home as-is in Florida compared to other states?
I don’t necessarily think so. I think it’s all pretty similar. Maybe some of the documentation is different, maybe a little bit of the title processing is different, but for the most part everything is going to be very similar. Obviously different areas have different styles of homes, different types of homes built with different materials. For the most part from just a seller’s standpoint, what they’re going to have to deal with will be pretty similar to most anywhere else.
We’ve worked on deals outside the state of Florida that haven’t been particularly different than anywhere else, so I wouldn’t say that there’s anything specific to selling a home as-is compared to anywhere else really.
9. What types of situations do you specialize in?
We specialize in working with properties with legal issues. A lot of times it’s going to be some form of probate or lien issue. Maybe a property that has an heir that has passed away and there’s multiple heirs. Then we work with those heirs, settle out any differences that they may have. We then negotiate with them to make sure everyone’s happy with the situation and ready to move forward.
We are also very experienced working in settling code violation liens. We actually do buy those properties with the liens on them and renegotiate them. If you have code violation liens or things of that nature, that’s not that’s not an issue. Also if someone’s looking to sell property with excessive repairs, that’s definitely something that we are very used to dealing with. Properties that have holes in roofs, things of that nature. It really doesn’t bother us.
Liens, judgments, legal issues, probates, anything out of the ordinary… We’ve worked on it before so we are very used to working with that. It’s really not an issue at all. Also foreclosure, we work with a few foreclosures though it’s not a big part of what we do. On occasion someone is selling in a foreclosure situation and we will work with them as well.
10. I need to sell my house fast in Winter Park, can you help me?
Yes, of course. We buy properties in Winter Park, Orlando, Altamonte Springs, Maitland, anywhere throughout that area, Casselberry, Orange County as a whole we focus on. We can buy properties quickly in any of those locations, and we can definitely help you out.
Any other questions? In the comments I don’t see any questions. So we’ll go ahead and close it out.
You can always give us a call, 407-338-4183 or visit our website, simplesalecentralflorida.com. At Simple Sale we specialize in buying distressed properties throughout Central Florida. Tampa Bay, Orlando area to the Space Coast. Our mission is to bring transparency and accountability to distressed home sales and we try to do that through every transaction that we work with. Feel free to give us a call and we would love to try to help you out!
That is it for this month. We will be back next month to answer some more questions. Please feel free to reach out to us, go to the website and fill out the form, or give us a call directly and we can talk with you immediately. Thanks! Bye.