Many of the "I Buy Houses"
signs you see posted on street corners and in front of homes belong to private
real estate investors. In today's recessed economy, a large percentage of
homeowners are struggling to attract buyers. When property owners need to sell
their house quick they oftentimes turn to individuals or organizations that
specialize in buying houses for cash.
Before calling the number on "I
Buy Houses" signs, it is important to engage in due diligence and
determine the source. Unfortunately, there are many scammers in the world and
currently the real estate market is a prime target.
Thanks to the Internet it is
relatively easy to locate information about anyone. Business owners are
required to register in each state they wish to conduct business. In most
states, the Department of Revenue oversees business registrations. Other states
utilize the Secretary of State office.
The Attorney General's office handles
consumer complaints; as does the Better Business Bureau. Realtors and brokers
are licensed through the Real Estate Commission.
To locate any of the sources above
via the Internet, type in your state plus the name of the organization, e.g;
California Real Estate Commission. These agencies can help to ensure you are
working with a licensed, legitimate, complaint-free business or real estate
investor.
I buy houses in southern California
and work with a group of nationwide investors. Nearly all of us have heard
horror stories of innocent homeowners losing their property to foreclosure
scams. Mortgage financier, Freddie Mac, offers an article on how to avoid
foreclosure rescue schemes.
As an investor, people call me
nearly every day, begging me to buy their house. The biggest problem I
encounter is the fact that people wait too long before they take action. By the
time they call me they are panic-stricken and desperate. It shouldn't be that
way.
I'll give you the same advice I give
to everyone else. If you are delinquent on your mortgage, you need to call your
lender now. I realize you might believe your lender is the devil incarnate, but
most banks will work with you if you don't ignore their requests. Once a house
falls into foreclosure there is little room for negotiation.
If there is no hope of getting back
on track, ask your lender to engage in a short sale. Lenders agree to accept
less than is owed on the loan if the borrower can sell their home within a
certain time frame. Short sales are relatively complex and require time and
patience.
Short sale real estate is typically
priced around ten percent under market value. In some areas, short sale
properties are being sold up to 50-percent under market value. It's best to
work with a real estate investor who possesses short sale experience and
understands the process.
Selling your home to a private real
estate investor is no different than selling to any other buyer. The exception
is that investors are experienced and know what needs to be done and when to do
it. Working with an experienced investor can simplify and expedite the process.
In closing, be certain to read and
thoroughly understand any legal documents prior to signing them. It's always a
good idea to have a real estate lawyer review the documents to ensure they are
legally-binding and will stand up in a court of law if necessary.
As a private real estate investor I buy houses in southern California. If you are
facing foreclosure, bankruptcy, divorce, short sales or holding probate real
estate and need to sell your house quick, submit your property for free via the
"We Buy Houses" form at Simon
Volkov's website today.
