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When talking to people who are trying to sell their house I’m often asked the question, “Why should I sell my house to a real estate investor?”
That’s a great question. Today’s house seller has lots of options: they can list their house with a real estate agent, they can try to sell the house themselves or they can sell their house to a real estate investor. None of these choices is necessarily better than the others: they each have their own advantages and disadvantages.
Here is what I say when asked why someone should sell their house to a real estate investor:
1. They’re fast.
In many cases, sellers are in a rush to get their house sold. Maybe they’re facing foreclosure or they’re settling a divorce. Sometimes the seller has moved because of a job and needs to sell the house quickly to avoid two mortgage payments. Or someone might inherit a house and they don’t want the hassle of dealing with the repairs and marketing necessary to sell the house.
Most people who try selling their house themselves or through a real estate agent find that it is anything but a “fast” process in most cases. Unless you are willing to sell your house at a significantly reduced price, in many markets you could find yourself waiting one to three months before you accept an offer.
On the other hand, because real estate investors are independent investors with private funds they can often close a house purchase in 7 days or less.
2. Their offers are flexible.
Most real estate investors can make offers that fit the seller’s needs. If the seller wants to close quickly, that can be arranged. If the seller wants cash all at once or a monthly cash flow, investors do those, too. They can also make up past payments and take over current payments to immediately relieve money burdens on the seller.
A real estate investor can be a lot more flexible with their offers than the “traditional” offers sellers typically receive. That’s because they’re independent and not part of a bank bureaucracy which has to follow lots of rules. They are also aware of possible creative solutions to meet sellers’ needs that your average home buyer wouldn’t think of.
3. They’re open-minded.
A real estate investor might buy someone’s house when no one else will. In many cases, they will buy houses that have fire damage, termites, mold, foundation problems, roof problems or need major repairs. Houses with these conditions scare most buyers and real estate agents hate listing them because they know such houses are hard to sell.
Most real estate investors actually enjoy talking to sellers with houses like these because they can see the house’s potential value after all the repairs are made. They’re also not worried about extensive repairs as long as the after-repaired-value of the house justifies the expenses.
In conclusion, I encourage sellers to investigate all avenues of getting their house sold in the way that best meets their needs. If they decide that working with a real estate investor to buy their house makes the most sense, then I’m sure they will be more than happy to help.
Bill Manassero is the founder/top dog at “The Old Dawg’s REI Network,” a blog, newsletter, and podcast for seniors and retirees, that teaches the art of real estate investing. His personal real estate investing goal, which will be chronicled at olddawgsreinetwork.com, is to own/control 1,000 units/doors in the next 6 years. Prior to that, Bill and his family lived in Haiti for 11 years as missionaries serving orphaned, abandoned and at-risk children.
