Selling a property under pressure is always a delicate balancing act. A homeowner who is already experiencing financial pressure wants to get as much money from the sale as possible. These tips will help homeowners determine the best way to sell a distressed property and whether using a distressed property service like Titan Home Buyers is a good financial decision.
What Is a Distressed Property?
A distressed property technically refers to any property that has been repossessed by a lender and is being sold by that lender. However, the term has gained a broader common usage and the term is now used to refer to any property where the seller has to sell the property. There are many reasons that a seller may need to make a sale of the property. The most common reason is that the homeowner has gotten behind on the mortgage and is unable to catch-up with the payments. In those instances, a quick sale may be the best way for a homeowner to realize the most value from the home. In other instances, outside financial pressures, such as medical bills, the need to settle an estate quickly, or settling a divorce, may prompt the rapid sale of a property. Distressed properties may be sold through traditional real estate agents, at auction, or to a we buy houses company.
How Are Properties Sold at Auction?
Many times, distressed properties are sold at auction. Auctions may be run by banks or government agencies to sell properties that have been foreclosed on due to failure to pay mortgages or because of tax liens. However, homeowners can also use auctions to sell their homes. The biggest upside of auctions is that they are quick. Homes are sold that day, generally as-is, and the transaction is completed within a few hours, and closing occurs in 30 to 45 days. This shaves significant time off of the sales process. Sellers may also be able to set a floor amount for the sale, though this does not always occur in banks or tax auctions. In competitive markets, auctions can even come close to getting the homeowner the fair market value for the home, especially when one considers the savings in commissions, carrying costs, costs of repairs, and costs of staging. However, auctions always come with the risk that the buyers will not show interest in the property or that bidding will not be competitive.
How Does a Home Buying Service Work?
Home buying services provide another way for homeowners to sell a property fast. These companies specialize in purchasing distressed properties, which they either refurbish and resell or use as rental properties. They often offer prices that may be below a fair market retail price for the home but are still competitive once the homeowner factors in things like commission, carrying costs, costs for repair, and any costs associated with staging and selling the home. Another bonus is that they can generally make cash purchases and are often able to close on the property in very short time frames.
Titan Home Buyers is a Bryan/College Station-based home buying company. Titan provides home buying services throughout Central Texas. They make competitive offers on homes for their property portfolio and can close quickly, making them a viable option for those who need to sell distressed properties quickly. For more information, visit https://www.sell2titan.com/.
Company Name: Titan Home Buyers
Contact Person: Owner
Email: Send Email
Phone: (979) 705-1600
Address:3515 – B – Longmire Drive #230
City: College Station
State: TX 77845
Country: United States