Hello, everyone. This is Alex from Coastal Edge Homebuyers.
People often ask me, “Who are your customers? Why would people call you? And when are you a good solution for them?” This video is for you. We’re going to cover some situations in which selling your house fast for cash is maybe your best option.
So, we buy houses. We’re Costal Edge Home Buyers, and we buy houses in Suffolk, Virginia. So if you have a house that needs some repairs, or a lot of repairs, we may be your best choice. This is how this works. We help people in several different situations, where we’re actually probably the best fit for them.
So what are those situations? Well, somebody inherited a house, or maybe several siblings inherited a house. They (or some of them) may live out of state, and they inherited a house, maybe a grandma or grandpa passed away. The house hasn’t been updated in years. And now, they’re wondering what to do with it.
If they can put some funds together and get contractors out there, to fix the house up, they can sell it on the retail market for top dollar. In some cases though, that’s not feasible. The siblings maybe are hard to get along between each other, or maybe they’re all living in different places, they have a lot of life responsibilities. Sometimes, selling the house fast, “as is”, for cash is the best solution.
And this is exactly what we do. We buy houses “as is”. We are going to take a look at the property and we’re going to make a cash offer, usually on the spot. So this is one way in which you could be calling us and getting an offer.
Now, what else can be happening, in which case you may want to call us? Maybe you have some liens, maybe tax liens, mechanics liens, maybe utility bills, maybe some financial troubles. In some cases, you need to sell a house fast to pay off bills, or maybe you’re no longer able to pay the mortgage. We get customers that call us who are in a pre-foreclosure situation. And that’s where we can help.
In some cases, we do what’s called “taking over the mortgage payments”. So why is that good for someone? Well, because if we buy the house from you and we take over your mortgage payments for a house that you no longer afford, we can save your credit. And this is very important, because people that get into foreclosure, this can stay on your record for more than seven years, at least. And then it will be a damaging to your credit on the long term, because during that length of time, seven years, you are unable to get a mortgage for another house. You may have a hard time, because of the big “ding” on your credit to get things such as buying a house, or even renting an apartment. All these things can be issues that we can help you resolve by purchasing the house from you in a pre-foreclosure situation.
Now, in what other cases it may be good for you to call us? Well, maybe your house was rented out. Maybe you had it as a second or a third house. Maybe you have several that you’ve been renting out over the years, and now you’re tired of it. You’re tired of dealing with tenants and repairs. Maybe it’s time for you to retire. It would be a perfect solution through us for you to downsize, by selling off some of these properties. Or, you can fix them up and put them up for sale on the retail market. This always works if you have the time and money to fix them. If you’re willing to go through that process, go ahead and do that. You’re going to get top dollar after they’re fixed and flipped.
Now, in some cases though, you may have some tenants who are not complying. We can buy the house from you, even with the tenants in it. We can honor the lease until it expires, and then we can deal with them. So yes, we can buy the house, even if with the tenants in it.
In some cases, the house needs a lot of repairs and you as a landlord don’t want to deal with this anymore. You just want to be done with it. You’re going to want to sell “as is”. If that’s your desire, we can help. We can come out there, take a look at the house and we’re going to give you a fair cash offer based on the current condition. So, if you have a house in Suffolk that you need to sell that needs significant repairs, give us a call. We’ll be happy to help you out and give you some options.
In some cases, people would take a different kind of option from us, which is – to take payments as opposed to a lump sum. Why would that be beneficial to somebody? This’s what we call owner-financing. This is a type of deal where if the house is completely paid off and you are the owner, you can become the financier, which means we give you monthly payments and you get something like a second pension, per se. This is money that we pay you each month, a fixed amount, for X number of years, whatever we can agree on.
And why is that good for you? Because some people, when they take a lump sum, of course you’re going to pay taxes on that. And some people are not that good with money and they want to spend it all very quickly. So, if you get monthly payments for a number of years, it’s like you’re renting your house out, but you don’t have to worry about repairs, because we’re actually buying the house from you. Instead of a lump sum, you get payments for it. And get this part – it’s also important to note that if you sell with payments versus a lump sum, you’re going to get more money on the long run, as opposed to a cash lump sum up front.
And this is the same situation as when you win something from the Virginia Lottery. It’s the same type of deal. You can get a lump sum, or maybe (higher) payments over time. And again, at the end of the day, it’s your choice of how you handle this.
So what are the situations we can help with? People that are downsizing, people that need to move out of state because of a job offer. In that case, they can call us. We can make it happen for them and buy their house. Now, when you sell to a real estate agent, that’s the traditional way that most people are familiar with. What you may not realize is that you have holding costs. Also, you have to also pay 6% commission to the agent, because that’s what usually that is. And on a $200,000 house, that would be $12,000 in commissions that you have to pay. Usually half of it goes to your agent representing you, the seller, and the other half goes to the buying agent, the buyer’s real estate agent. So each one of them takes half of that 6%.
Also, you have to sign an agreement with the agent, and then you have to deal with the banking and the financing of the end-buyer who will buy the house. And that may take some time, as opposed to working with us, which is we’re going to take the house as is. It doesn’t matter what’s in it. The stuff in the house doesn’t affect the price at all.
But we can also choose, with your help, your desired a closing date that will work for you. This is also very important, especially for people who are on a certain timeline, or a short time line. We can execute very quickly. Depending on the title and how clean it may be, we can close in as little as seven days. In some cases, that’s very important, especially when you have an urgent situation. Maybe there’s a medical emergency. Maybe there’s something else that is prompting you to sell the house fast.
So if you have a house in Suffolk and you’re wondering, “How do I sell my house fast in Suffolk, Virginia?”, we may be your best choice. Just give us a call. We’re going to go over your options and we can help you out.
So, as you can see, we are actually helping many different types of people in different situations. Life can throw many curve balls at you. In some cases, if you have the time and money to fix the house yourself, go ahead and do that. If you want to pay others to do it, yes, that also will work just fine. If you want to sell to a real estate agent, that’s also fine. But it means that you have to sign the contract with an agent to represent you, you have to pay them 6% commission, you have to wait for financing to be approved for the end buyer. And, you usually have to do at least a light rehab on the house. You also have to do multiple showings. Some people just do not like to deal with that.
Sometimes, especially if you’re out of state, you may not have the time, desire, or the level of control that you wish to have over the house or the showings when trying to sell. So in that case, you might as well just sell it for cash faster, as is, especially if it’s an older house, and especially if it needs repairs.
As you can see, we covered number of different strategies that you can take, depending on your situation, as far as how and why you could be calling us and what the reason for that may be. So, if you have a house that you need to sell fast, give us a call. Even if your situation doesn’t fit the ones that I described earlier, just give us a call. We’ll be happy to take a look at your particular circumstances and give you all the options available to you, so you can make a wise and informed decision on how and when to sell your house.
If you have any other questions, please reach out to us. We’re Coastal Edge Home Buyers. We buy houses locally in Suffolk, Virginia and the surrounding areas, basically in all the seven cities of Hampton Roads. You can reach us at 757-414-7117.