Who are Cash Homebuyers
Maybe your home has seen better days. Perhaps the carpet is worn, the kitchen needs updating, the roof is missing a few shingles, amongst other repairs. You had meant to make the fixes and updates over the years, but life just kept happening. And now, you need to sell. Maybe you’ve talked to a Realtor and they’ve been less than enthusiastic about listing a property in poor condition. Maybe you tried sticking a, “For Sale by Owner” sign in the front yard, but that requires the right buyer to just happen to drive by your house. The selling process can be frustrating. Very, very frustrating.
You’ve probably heard there is a third alternative that doesn’t involve Realtors and their costly commissions or the aggravation of trying to figure out how to market a property yourself. The solution is to find cash homebuyers.
But who are cash homebuyers and why would they want old, rundown houses like yours? The answer is simple: cash homebuyers, like myself, are real estate investors. Just speaking of my father and son company, we buy houses for cash in Virginia Beach, Chesapeake and Norfolk. But we’re not alone. Investors like us do the same thing across the country.
A Home is Not Always Just a House
Many people who just want to sell their house fast don’t really care what the real estate investor does with their home after they’ve signed the contract. That’s fine.
But for many people, their home, more so than just about any other material possession, carries a very unique emotional attachment. The home is much more than bricks and mortar; it houses a lifetime of memories. It is the cornerstone of their personal story and that of their family. Selling a home is not like selling an old car or a no-longer-needed vacuum on CraigsList. Some people need to know that their home will carry on with dignity.
What Happens After You Sell to Cash Homebuyers
Once a real estate investor purchases your home, he or she is going to have what’s called an “exit plan.” No definitive list of exit plans exists, but the two most common ones are “fix and flip” and “buy and hold.” Other investment strategies include wholesale assignments, subject to mortgages, and resale’s via lease options. Of course, new construction builders will either “cut a house back to its studs” or just knock it down altogether and rebuild.
Since we buy houses in Virginia Beach, Norfolk and Chesapeake to fix and flip, that’s what I’ll elaborate on here (I’ll blog on the other exit strategies in later posts). From all the TV reality shows over the last decade, flipping is far and away the most well known exit strategy. In fact, according to RealtyTrac’s Q3 2014 U.S. Home Flipping Report investors flipped 26,947 from July through September of this year.
When I walk through a property as a cash homebuyer, I’m looking for potential. A home doesn’t have to be pretty at that moment. It just has to have the feeling that, with a little work, it will make wonderful starter home for a young family. Sometimes that means opening up walls, replacing cabinets, and updating appliances. It almost always requires painting the entire house and putting down new flooring. Our goal is always the same: make the house feel new and modern. If we do our job right, we have no problem reselling it at a reasonable price to a new owner who will make the house into their home. The whole process takes between 90 and 120 days.
As cash homebuyers in Virginia Beach, Norfolk or Chesapeake, my father and I are extremely grateful to have one of the most fulfilling jobs we could imagine. Every month, we get to help both buyers and sellers with some of the biggest decisions—both emotional and financial—of their lives. If you have any further questions about selling your property to cash homebuyers, please consider contacting us through the fast offer form on our website.