Benefits of Selling Directly to a Home Buying Company in Maryland

Selling to a Maryland home buying company
Selling to a Maryland home buying company

Many Maryland homeowners opt for selling their homes using the traditional method. They spend time and money getting their homes ready to sell, hire a real estate agent to list their home, endure countless showings and open houses, pay commissions and maybe three to six months later they can finally close the deal and get on with their lives.

Under certain situations there are benefits to selling a home directly to an investor or home buying company. We will discuss these benefits and why consumers may want to consider selling their home in this manner. The benefits include the following and we will discuss them in more detail as well.

l Payment in Cash

l Sell As-Is

l Avoid Paying Commissions

l Close Quickly

l Avoid Foreclosure

Benefits of Selling Directly to a Home Buying Company in Maryland

There are a number of benefits to selling directly to a home buying company in Maryland. You can

Payment in Cash

Real estate investment companies are in the business of finding homes they can purchase, repair and improve and then sell for a profit. They have money on hand to make their purchases and they do not have to wait for a Maryland lender to approve a mortgage. They will often offer a full cash payment. Sellers do not need to worry about the deal falling through because the buyer could not arrange financing.

Sell As-Is

Home buying companies will buy your Maryland house "as-is"
Home buying companies will buy your Maryland house “as-is”

Every Maryland home that is listed for sale needs some kind of work in the eyes of the buyer. They look for these things to help them negotiate a lower price. If your home is dated or perhaps needs lots of repairs, then sellers in this situation are faced with a dilemma. Do they lower their price significantly or do they spend a lot of time and money upgrading and making repairs? the added money they are able to sell their home for may compensate for the funds they spent and it may not.

Investors will buy your home as is without any repairs and delays. They will offer a lower price for you home that reflects the cost of these repairs etc., but as a Maryland seller you can move on without delay to catch a new job, move to a new area etc. There are no delays and frustrations dealing with contractors who are late completing their work etc.

Avoid Paying Commissions

When sellers list their homes with a real estate agent, there are commissions to pay, closing fees and expenses associated with making your home ready for showings and open houses. The commission, depending on the deal you can negotiate is usually around the 6% range which can be a lot of money for the average person. This is one of the largest value adds for a Maryland home buying company Dependable Homebuyers. You can find more information at www.dependablehomebuyers.com.

Although you may receive a lower price for you home when you sell to an investor or real estate buying company, there also is no commission to worry about. The offer you receive will be all cash and you may not even have to pay closing costs if these fees are included. Of course if you have a mortgage on the property that will have to be discharged and what ever funds are left are yours to place against the next home you want to purchase.

Close Quickly

It takes time to prepare your home for sale. Cleaning, painting, minor repairs, hiring an agent, listing the home and unless it is a seller’s market, you may find it can take as long as three to six months for your home to sell. Buyers are also looking for move in ready homes. Homes that need work take even longer to sell and may sit on the market for many months.

An all cash offer can close within weeks. There is no inspection required, there is no appraisal for lenders required and there is no financing to arrange. All of these issues are bypassed with an all cash offer from an investor or real estate buying company. The deal can be closed quickly and the seller can make their own arrangements to move within weeks.

Avoid Foreclosure in Maryland

Selling to a home buying company can help avoid foreclosure in Maryland
Selling to a home buying company can help avoid foreclosure in Maryland

Consumers who find themselves approaching foreclosure in Maryland because they have been unable to meet the mortgage payment requirements can avoid foreclosure by taking advantage of a quick sale. Note that you need to use the proceeds of the sale to pay out your existing lender. Consumers who take this action can avoid the stain on their credit score that a foreclosure can cause.

If your lender is already talking to you about foreclosure, there is no time to waste. Consider an offer for an all cash deal from an investor before the process has gone too far. Always use a lawyer to ensure that the deal is handled properly and all liens are properly discharged including your existing mortgage.

How To Profit From Fire Damaged Homes in Maryland

Experiencing a fire at your home is one of the worst things that a Maryland homeowner can go through. You will probably feel a strong sense of loss and this will be made even worse if the damage is quite extensive.

A fire is very likely to leave structural damage behind and you will need to arrange an inspection so you can find out the extent of the damage. The average cost of repairing a home that has suffered from fire damage is $6000. If this cost will not be covered by your insurance company then that is a very sizable amount of money to come up with.

The good news is that there are still some options open to you, even if you cannot afford the restoration costs.

Can The Property Be Sold?

Selling a fire damaged home in Maryland
Selling a fire damaged home in Maryland

Many people worry that they will not be able to sell their Maryland house if it has been damaged by fire but this is not the case. If you are looking to sell your property then there are two main options that are available to you.

The first is to sell to a property investment company that will buy properties for cash regardless of the condition that they are in. These Maryland companies do not charge commission and there are no hidden fees. This means that the price you are offered is the amount that you will receive. This type of sale will also usually go through very quickly.

The second option is to sell through a realtor. The advantage of this is they may know of buyers who are particularly interested in buying rehab properties and that who have the funds available. The disadvantage is that they will still charge the same fees as you would pay if you were selling a home in perfect condition. They will also charge a commission on the sale. It is worth spending some time working out how much these charges will add up to as you may not receive as much as you would have hoped when all this has been taken into account.

Is There A Market For Fire Damaged Homes?

There is more of a market for fire damaged homes than you may think, particularly if you live in an area where house prices are rising quite rapidly. People will be interested in these properties because they know that they can get them for a good price and this gives them the chance to fix them up and sell them on for a profit. The amount of profit that can be made will depend on the price of purchasing the Maryland property, how much the repairs will cost and what the potential selling price will be. These types of buyers will do their homework before agreeing to a sale but it could be that your property is just what they are looking for.

Of course, you may decide that you want to carry out the restoration yourself so that you can continue to live in the property once the work is complete. Whether you decide to sell or stay, there are more options available to you than you may think.

How Maryland Investors Should Work With a Realtor

When you are trying to sell your home, the help and support of a realtor can be very useful. You may be concerned that you are not going to be able to get to see your realtor during business hours if your schedule is very busy. However, this may not be the case as the hours that real estate agents do vary. They understand that not everyone is available to view houses on a nine to five schedule.

Find a Maryland Realtor Who’s Schedule Matches Yours

Finding a good real estate agent in Maryland will take effort
Finding a good real estate agent in Maryland will take effort

Finding a Realtor in Maryland that is available when you need them to be may require a little flexibility on your part as well. If you are looking for a realtor that can work weekends then you may be able to find one that will meet you on a Saturday afternoon or Sunday morning but weekend evenings can probably be ruled out. However, weekday evenings may be something that it is possible to organize. You may also be able to find Maryland agents that will be able to meet with you first thing in the morning before you go to work.

You should bring up the hours that you are likely to be available as soon as possible. This means that if there is going to be a conflict with your schedules, you will find this out at the beginning and save both of you a lot of frustration. You may also find that there is more that the realtor is able to do when they have a bit of notice. If you know that you will need to see the Maryland Realtor in a couple of weeks time and already know what your schedule will be for that week, then you can try and arrange this now. There is a good chance that the realtor will be able to accommodate you if they are given enough notice. This ensures that they are able to make any arrangements that they need to in order to be able to meet up with you when you need to.

Understand That Many Maryland Real Estate Agents Work Part-Time

Most Maryland real estate agents work part-time
Most Maryland real estate agents work part-time

Another thing to bear in mind is that there are realtors out there who only work part time. This could be because they have childcare commitments or because they are doing this around another job. You may find that your schedule matches more closely with a part time agent and so this is something that is worth considering. If you find an agent that you want to work with but their office hours do not match your availability, you can always ask if there is anything they are able to do within the hours that you have free. A good real estate agent will understand that your schedule may be tight and they will do what they can to work around this. It is in their interest to do this really because they will be earning a commission from the work they do for you.

It is certainly not impossible to find a realtor that you can work with if you have a hectic schedule. However, it may take a little more work and you may have to try and be flexible on occasions. One thing to bear in mind is that the realtor may have their hands tied themselves about the times that homes are available to view because of the wishes of the person selling. People generally are not going to want other people coming to have a look around their home while they are there. Buying a house can seem like a lot of hard work at the time and there may be some frustrations along the way. However, it will all be worth it when the house has been purchased and you can start making it into a home. Remember that your realtor is working for you and so they will do whatever they can to make sure the process runs as smoothly as possible.

Selling a Vacant Maryland Home Quickly

Holding a vacant home in Maryland costs money to maintain
Holding a vacant home in Maryland costs money to maintain

Many consumers find a great home to buy, they make an offer and it is accepted. The next thing they know they own two homes and are having trouble selling the house they currently live in. Two mortgages, two sets of utilities and insurance etc. It can get very expensive very quickly unless you sell your first home fast.

Sometimes an inherited home can sit on the market empty for a long time as well. In a slow Maryland market the home needs repairs or upgrades and it is not staged to look attractive to buyers. The heirs literally worry that their inheritance will be lost while they pay for insurance, utilities and even mortgage payments.

There are a number of solutions to selling a vacant Maryland home quickly. We will discuss each of these in more detail to help readers sell their homes quickly.

Confirm Your Maryland Insurance Coverage on Your Home

Maryland insurance companies provide home insurance based on the fact that someone is actually living in the home. When people live in the home on a regular basis, claims such as water leaks are minimized. If you are going to leave a home empty, sellers should always check with their insurance company to confirm what coverage they have and what special requirements the company may have for them to maintain coverage.

Special Requirements can include the following precautions; however always check with your insurance company to confirm what they need to be in place to continue providing coverage.

l Placing lamps in strategic locations on timers

l Someone should check on the home on a regular basis looking for water leaks, break-ins, removing flyers and papers from the front door and accepting deliveries if needed.

l Install an alarm system that is monitored remotely by a central monitoring firm

l Close window blinds so that someone passing by cannot tell if the home is occupied or not

l Set a programmable thermostat to control the temperature and report low temperature readings if the heating system fails.

l Provide your home check person, a neighbor or family member with all contact information in case there is an emergency.

Staging Your Home to Sell

Staging can make selling your inherited home in Maryland easier
Staging can make selling your inherited home in Maryland easier

A vacant home is really difficult for buyers to imagine what their own furniture would look like in the home. By adding staging, the buyer gets some idea of what their own kitchen, dining room, living room and bedroom furniture might look like in this home.

A real estate agent can assist with what to provide and recommend a company who can provide whatever furniture is needed. You may even have surplus furniture which can be left provided it is in sufficiently good condition.

Mistakes to Avoid

There are a number of mistakes you can avoid when selling a vacant home. Some are common to all real estate sales whiles others are specific to vacant homes. The following are a few that sellers should consider:

l Setting the price for your home that is not competitive with the market.

l Not completing minor and major repairs that buyers may avoid

l Not obtaining repair estimates for some or all of the repairs to provide leverage for negotiation.

l Leaving the heating system off and buyers entering a cold home is a big turnoff

l Not making sure that everything is clean as it can be

l Landscaping is not kept up to date and current e.g. shrubs trimmed and lawn cut

l Not staging your home

Selling Your House Fast to Investors

Many sellers are motivated to sell a vacant home quickly for a variety of reasons in Maryland. They may have already purchased another home and cannot afford to pay for two homes at the same time. Inherited homes are often left vacant while estates are executed and the heirs figure out what they want to do. When it does come time to sell the home each of the heirs to the estate may have various opinions on how to proceed.

Sellers can sell their vacant home to Maryland home buying companies and investors quickly. They will purchase the home as is without repairs needing to be made and without complicated and time consuming financial approvals. Sellers save money by avoiding spending money on repairs, commissions, staging etc.

In fact, by selling a home to a professional home buying company the sale can often close within a matter of weeks instead of sitting on the market for months. It is considered a viable option for many sellers of vacant homes.

Real Estate Investment Club Website Kickoff

 

We hold meetings on the second Tuesday of every month at 7pm
We hold meetings on the second Tuesday of every month at 7pm

We’ve been holding meeting for a few years and today is the day that we launch our real estate school website!

There is no question that investing in real estate is great. It can reap many rewards and it has the potential to help you accrue a lot of money. An added benefit would be that you are helping to provide housing to people who are burnt out from the garbage-in, garbage-out of playing the apartment game with landlords. However, as someone who has been in the real estate investing game a while will tell you, this type of business is not without its own share of pitfalls and things to guard against. Considering all of this information, I would like to welcome you to my real estate investing blog. In this blog, we will discuss the remarkable world of real estate investing. We will live, laugh, and sometimes even cry together. There are definitely a number of things I have learned investing in real estate that I would love to share with you!

First of all, when you buy a house or sell a house there are a lot of things that could potentially happen that you might not even be aware of at all. This is why one of the main purposes of this blog is to educate you on the correct attitude and strategies to employ when investing in real estate.

We hold round table discussions every quarter
We hold round table discussions every quarter

In this blog, we will discuss the appropriate way to approach such things as cash flow and we will often discuss how cash flow is different than income. Attitude is everything in this business, and we will discuss how to conduct yourself in a variety of situations. Although we will encounter many different topics, there is one thing you will want to avoid: if you are inexperienced and you have a “deer in the headlights” attitude, you need to immediately realize that there are a lot of “sharks” that will take advantage of that inexperience.

Another golden rule in real estate is this: just because something is priced low it doesn’t necessarily mean it is a good deal. Why is it such a bargain? Is it because the owner wants to do a quick or is it because the property is a huge headache and they are simply trying to pass it on to someone else?

Finally, this blog is going to educate you on all of the aspects of the landlord side of real estate investing. We are going to teach you how to conduct yourself in a professional manner at all times as a landlord and how you should plan for the various idiosyncrasies of tenants and the unexpected nature of being a landlord.

Above all else, this blog exists as a resource for you as you venture into the real estate investing world. It can be an extremely rewarding place, but it also can be a place where you can get burnt fairly quickly. Welcome to our corner of the internet! Come back anytime and always remember that like everything else, knowledge is power when it comes to real estate!