It happens to all landlords at some point in time, myself included, and that is dealing with a troublesome tenant. Some like to call them the “tenant from hell”, however I prefer to call them the “tenant from Mars”. Why? Because not matter what you or your property manager seems to say to them nothing ever seems to get resolved. Just like in the book “Men are from Mars and Woman are from Venus” communication between you and your tenant becomes downright impossible. Similarly, you may live a distance from the property and being the landlord may have become overbearingly difficult for you to continue. Whatever the case, you have finally made the decision to sell your rental property. What do you do now?
Well, you always have the option of listing the property with a local Realtor. However, if the tenants are not flexible in allowing buyers to view the property, or simply downright hostile to the idea, listing the property may not be a viable option. Working with a home buying company like mine may be a perfect solution for dealing with the situation. Many times we are able to buy the property with the tenants still in the home or directly work with the tenants prior to closing to resolve any existing situation. Simply by being an objective third party in the eyes of the tenant, we have found that tenants are willing to negotiate a solution.
I recently closed on a purchase of a property where the existing tenants had been living in the house for over twenty years. The owner was frustrated because the tenants had not paid rent for over three months. Because of their long standing relationship, the home owner was very uncomfortable communicating with the tenants. I was able to come in and speak with the tenant and their family to create a solution whereby they agreed to vacate the property amicably. As a result, the property owner sold the house for a price they believed was fair, the owner did not have to deal with the tenants at all during the closing, the tenant was excited to move out to a far nicer rental property, and we were able to buy the home for cash. It was a clear win/win/win for all parties involved.
If you are considering selling a home in California (southern only), and you are dealing with a difficult tenant situation, let us put together a solution to buy your home for cash.By: cash4soc May 29th, 2013 Other Tips, Selling My Home
Who doesn’t like convenience? We enjoy it in all areas of our life every day from the personalized cup of coffee at Starbucks to the immediate satisfaction of using an ATM when doing our banking. I don’t think anyone would say that selling a property is convenient, yet I beg to differ.
In the over eight years I have been active as a home buyer, I have structured my business to look like Carmax. Carmax if you have not heard of them is a national used car dealership that buys and sells vehicles. What I love about their business model is that you can bring your used car to one of their stores and in just a few minutes, they will give you a written cash offer to purchase your vehicle in “as-is” condition that is good for seven days. There is no obligation to sell your car. In fact, they will buy your car even if you don’t buy one of theirs. Once you decide to sell, they give a bank draft check on the spot. Wow, how easy is that.
I like to think we operate our home buying business here in Southern California in the same manner. Regardless of the condition of the property, we will offer cash for your property. Bad tenants, trash, property damage, financial issues, we offer you the same convenience of selling a home in California (southern areas only) that Carmax offers in selling a car. Yes, we are looking to make a profit, so if you need to get the absolute highest price for your property and time is not an issue, I recommend talking with a good local Realtor. However, if getting a fair, convenient, and easy solution to selling your property sounds good, let’s talk.By: cash4soc May 29th, 2013 Other Tips
As the owner of Sterling Resource Management, a home buying company here in Southern California, I get this question almost daily.
The answer to this question is BOTH. Or if you prefer, it depends.
First let me say, that not all home buying companies (i.e. investors) are equal, nor are all Realtors equal. This may sound obvious, yet most home sellers don’t always get this very important fact. Having been in the real estate business for over 9 years, I have come across investors whose sole purpose is to make the largest possible profit off an unsuspecting home owner, as well as Realtors who have literally stolen equity from home unaware sellers. This is an unfortunate reality in our industry. So the first step for any home seller, is find out about the person (Realtor or investor) they are talking to. Are they truly looking out for your best interest or simply seeking to maximize their own profit? What is their experience in the market? Can they provide you with referrals/testimonials of satisfied customers they have helped in the past? Choosing who you want to work with to sell your property is a big decision, so take the time to do your own due diligence. It’s kind of like marriage. Make the right choice and the results can be very satisfying. Make the wrong choice and the resulting divorce can get messy and expensive.
I personally believe that Realtors and home buying companies (i.e investors) offer two very distinct home selling solutions with benefits. Depending on your unique needs and situation, one of the solutions will clearly stand-out as making the most sense. Let’s go through what I believe are the key core benefits that each solution.
- Help home owner prepare the property for sale
- Price the property correctly based on market conditions and comparables
- Serve as the home seller’s advocate and advisor throughout from listing to close
- BOTTOM LINE: Get the home seller the maximum price for their property
- Buy property in “As-is” condition
- Take property with bad tenants
- They pay cash for your house or can put together a creative offer with no financing contingencies. Will close regardless of appraisal
- A flexible close date that meets the sellers’ needs. It can be 7 days, 7 weeks or longer
- BOTTOM LINE: Seller gets a convenient, easy and fast (if desired) sale that they know with certainty will close on a specified date
I know that there are many other benefits that both Realtor’s and home buying companies provide, yet I think the key benefits are covered. When everything is said and done, the key for deciding whether you should use a Realtor or home buying company is whether or not you want to get the absolute highest price for your property and put the most cash in your pocket walking away from the closing table. Sometimes a seller wants to get the highest price, yet circumstances like selling a house in a divorce requires a fast sale. In these cases, the investor can buy your home for cash and provide a valuable solution.
Home seller’s really need to prioritize the key benefits they are looking for in selling their property. From experience, I can say that while price is very important it is not everything. As an investor/home buyer, I pride myself on being able to offer not only cash offers but multiple creative offers that best meet the unique needs of each home seller.
In conclusion, I suggest that home sellers talk with home buying companies and Realtors so they can get all the information they need to make the best decision for their unique situation. Selling a property can be stressful, however working with the right real estate professional can drastically reduce the stress and create a truly satisfying end result.
Open houses can be a hassle. Here are a couple tips to help you prepare for your future open house. Read More>>By: cash4soc May 21st, 2013 Home Showing Advice