Hi everyone, this is Alex from Coastal Edge Homebuyers. In today’s video, I wanted to help out those of you who have a house that you want to sell fast for cash and you’re wondering “what’s my house worth right now as is” and “how can I sell this house fast”. Now, imagine that you have a house, let’s say it’s located in Norfolk, Virginia, and you’re wondering “how do I sell my house fast?” if the house is older and it needs work. There may be a number of reasons that are prompting you to sell the house fast for cash – there may be some personal situation you’re dealing with and you need cash fast, maybe you’re downsizing, maybe you’re a landlord and the house might have been neglected or misused, or abused by tenants for years, maybe you didn’t keep up with all the repairs and the updates as you know you should have, or maybe you’re dealing with divorce, maybe they’re tax liens maybe there’s other situations – pre-foreclosure is another example, so you may be facing certain situations that are prompting you to sell your house as-is. Another good example is inheritance – if you’ve inherited a house. Many of those houses are in situations where they’re inherited by a group of people. The heirs may not be even in state and it would be very hard to coordinate efforts to actually rehab such a house and sell it and many people opt out to sell it exactly as-is, because cleaning up, repairs, putting on the market, takes time and money and if there’s multiple heirs, the inherited houses usually end up being sold as-is, so again there’s many different ways that may be prompting to sell your house as is now when is this method not recommended.
We turn people away all the time when they call us, because we specialize in buying houses as-is, but if you have the time and money to fix your house, you don’t need to call a company like ours. You just get it done – fix it up and put it in the market yourself. You can either sell through an agent, or you can sell For Sale By Owner. If you sell the second way (for sale by owner), you’re going to save yourself about 3%, meaning you are your own selling agent. You’re still going to have to probably pay 3 % to the buying agent – representing your buyer – and also more than likely 4% closing cost assistance, so you’re still minus 7 percent right off the bat.
On the other hand, there are a lot of conveniences and people do appreciate that greatly especially when you need to do something faster, so you we can close in a couple of weeks. This is a super benefit and you can never do that through an agent or for sale by owner, because in many cases your buyer will have to get a loan from a bank and that’s a very long and rigorous process that takes months. Now, if you need to sell faster, we can close in couple of weeks in fact, we can actually help you choose your own closing date and we can work with you to fit your timeline, so this is a great benefit also of working with someone like us and when you are selling it as-is it’s exactly as it sounds – no cleaning, no repairs, no multiple showings. Just sell it exactly as-is. You’d just show it to us – we’ll give you an offer and that’s it, done deal, we can close anywhere between one to four weeks, depending on the title search, if anything comes up, that may prolong the process, but usually we can close as fast as a week if you really need it. Now, contrast that with the way to sell via For Sale By Owner or through an agent, in which cases you have to pay commissions, the closing cost assistance, you have to do some cleanup, you have to do rehabbing of the house, the more you do the better, because otherwise you cannot get these retail prices of houses that you see similar to yours online.
Many people think that if your house is in decent enough shape, you can get very close to that amount you see online, but most of the houses you see online they already rehabbed houses and if you had your HVAC system done five years ago, to you it looks nice and almost new, but it’s not really new. Same thing with kitchens, bathrooms, flooring, windows, roof – if they’re all done within the last 10 years, yes, your house will sell well, but it will not fetch the top dollar price. It’s just not possible, because that house will not compare favorably to a house that was rehabbed all the way through in the last two months. If I’m a buyer I would buy that house for 20 or 30 or $40,000 more, because everything is like brand new in it. So even if things inside your house are five years or seven years old, something doesn’t look that new anymore and it’s visible to a potential buyer, so just keep these things in mind. So, this is basically how it works so if you want to know more, if you want to know what your house is worth, give us a call and we’ll be happy to help you out. We are Coastal Edge Homebuyers and you can reach us at 757-414-7117.