#1 – Massive Repairs. Houses that need substantial work cost tens of thousands of dollars in repairs. A “handyman” property can take 4 to 6 months to renovate and lots of cash! Fixing up an ugly house is not possible if you don’t have a chunk of cash sitting around.
Trying to manage a fixer-upper project can result in losing money. Here’s what can go wrong trying to oversee repairs: (1) homeowners are unable to properly manage contractors if busy at work or with family obligations – without oversight, contractors may delay or not do a good job; (2) if you live far away, you are completely unable to see the work being done – a recipe for disaster; (3) those unfamiliar with what repairs “pay-off” in the local market may spend in the wrong places; (4) if you haven’t hired contractors before you aren’t sure what the market rate is for their services; (5) taxes, insurance, utilities, and regular “wear and tear” pile up if your rehab is slow. If you fit into any of these categories, the best route is an “as is” home sale.
#2 – Probate & Inheritance. Homeowners that inherited probate houses often try to sell in the very near future. They didn’t choose the house so want to move on. Inherited property is commonly passed on from an elderly person – the houses need work. Individuals that need to sell a probate house tend to live far away since they didn’t select the location and can’t manage day-to-day home maintenance. Selling a probate house is solution if you can’t give it the attention it deserves.
#3 – Back-Taxes. Homeowners with minimal cash struggle to pay property taxes. Taxes add up year after year until the debt is overwhelming – higher than the house. Yes, our property taxes here in El Paso are quite a bit high! Failure to pay, results in the house being auctioned off to the highest bidder by the city. If you know you can’t pay property taxes, you need to sell ASAP before the city takes your house without you getting a dime.
#4 – Foreclosure & Late Payments. Lose your job? Life dealt you a tough financial hand? It’s not always Pocket Aces. Homeowners that suffer loss of income are often unable to pay their mortgages. The bank will file for foreclosure and re-possess your house without paying you anything. You can try to fight the foreclosure litigation – but if you can’t pay your mortgage paying an attorney may be impossible. If late payments are piling up and the bank tries to snatch your property, you need to sell your house in foreclosure.
#5 – Relocation. Upgrading to a bigger house? Moving to a better neighborhood? New job? Ready to change cities (why would you want to leave El Paso)? Want to be closer to friends and family? These are reasons that homeowners want to or need to relocate. Relocation often means you need to a sell your house. You have several other options: rent it out, or leave it vacant. Renting can be profitable and nerve racking as some renters do not take care of properties. But if you’re moving out-of-town or inexperienced in property management this can be a hassle and money pit. Vacant houses are at risk of damage (nobody is there for maintenance) and squatters moving in. If you’re not monitoring the property, there’s a good chance someone else is.
#6 – Vacancy. Vacant property is a top reason people need to sell. You keep paying taxes, insurance, maintenance, wear and tear – and you’re not using the house. This is lost money. Managing vacant property is challenging because nobody is keeping a close eye on the real estate.
#7 – Problem Tenants. Tenants can be a headache. They have little incentive to care for your house because they don’t own it. Late night calls, running to make repairs, complaints. You get saddled with tenants not paying rent and you have to hire an eviction attorney. If lease negotiations don’t go well, you can end up with a vacant rental that isn’t paying you anything. Tired landlords are often looking to get rid of their house. Cash buyers specialize in buying problem tenant houses.
#8 – Out-of-State Owner. Managing any property is tough. Managing property from across the country is even harder. Vacation homes sounds good, until monthly payments add up and you can’t see the property without hopping a flight. If your house is out-of-state and you’re having trouble managing it, it’s a good time to sell!
#9 – Fast Cash. Need cash in your pocket? Whether you want to build your bank account, invest in another asset, or buy a new home, or unexpected expenses, if you need money quick selling a house can get you paid fast. Sign M Homes is a premier Texas cash home buyers company. Contact us for a fair cash offer.
#10 – Violations & Citations. Cities issue violations and citations if your house is not well cared for or lacks proper permitting. Violations can be due to high grass, dangerous condition, or unpermitted renovations. Fines add up to the thousands. Just like with back taxes, violations result in the city re-possessing your house.
A professional cash home buyer is a great option when you need to sell a house on an expedited business. With Sign M Homes, we guarantee fast and fair cash offers, we buy “as-is”, easy process.