We are living in one home and own another home which is currently vacant, and out of state (due to a job relocation). We can’t sell it, even though we’ve lowered the cost.
I’ve seen plenty of advertisements for “We will buy your home NOW” fast settlement companies. I’m wondering what the catch is, and if anyone has any experience with it?
Thanks….those companies are starting to look tempting!
It is near the Cleveland Ohio area and the market stinks!
Repossession
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I once got a quote from a couple of them and decided it wasn’t in my best interests to do business with them. The house was appraised at $240K and they offered $150K for it. That’s how they make their money, buy low from distressed sellers and sell at market or better. Since I was not distressed I decided not to allow them to cheat me like that.
I am one of those “We Buy Houses” type companies. No catch really. We listen to your needs, and usually present several offers to you at the same time. Our goal is to relieve you of the current pain that this home current is putting into your life.
While it is a home to you, it is a business to us. So you can expect a low cash offer that can close pretty quickly, Depending on your situation, an investor like myself might also offer to take over the current payments. Keep in mind if you go that route, your name is still on the mortgage and be clear when the investor will get a new loan.
Other times, we will lease it off of you for what your current payment is and with an agreed upon purchase price for sometime in the future.
Where is the home? How is the RE market in that city?
You have several good answers here but why not consider renting it for a year or two? Your Agent can manage it for you and you will have income to pay the mortgage with.