PDX Renovations

Tag: #renovations

Use Your Equity to Get Into a Bigger House and Skip the Marketing & Sales Process

Here’s an example of how you can quickly convert your current home with some deficiencies into the down payment on your dream home without making repairs or updates – a bigger, better home for a growing family. – Marketing & Sales Process

Houses needing work to prepare them for the market can delay your next purchase and siphon off the cash resources you want to use for a down payment on the next house. But it doesn’t have to be that way.

In our example, Mark and Susan Miller are hypothetical homeowners with a growing family. Several years ago, they carefully selected a less-expensive older home to purchase with the goal of building equity and putting aside savings at the same time. Now, with a relatively modest mortgage balance and a nice amount of equity, they are pleased to see a marked increase in the value of similar houses sold over the past year as their local economy rebounds.

The Millers would like to upgrade to a larger house and have read that now is a good time to market their current house. Home buyers are faster to close in rising markets before houses become even more expensive and interest rates go up. That’s also true of the Millers’ desire for their next house – they would like to get out of this one and into the next one while they can afford more.

But after speaking with a real estate agent, they realize that a fair amount of cash is needed to bring their older house up to marketing standards as desirable enough to attract offers sooner rather than later. And it will take time to complete the work to correct deficiencies that haven’t bothered Mark and Susan but will be important issues for a home-shopper.

It’s discouraging to realize that part of the savings they had planned to go to a down payment on the next house will be spent preparing to sell the old house. Even then, completing the work gives time for interest rates to rise and prices to climb on their next house. And they will still face price concessions to get this older property sold and allow them to move on.

Or … Mark and Susan can find a cash buyer who will take this house off their hands, as-is, quickly. Their nest egg/down payment on the next house remains intact, and their equity is converted into additional cash. No time and money spent fixing the old house, no long and uncertain marketing and sales process. The Millers are out shopping for their next home while the deal on their old one is completed within a couple of weeks or even less. The Miller family is ready to move on and enjoy a new, bigger, better house!

January 27, 2014
Turn Your Equity Into Cash Now! Call PDX Renovations

Owning real estate with little or no mortgages or liens sounds great! Except that a house is an ongoing drain on your finances for maintenance, repairs, taxes, and insurance.

If you shirk the upkeep to save money, it is disheartening how fast your house will lose value and show disrepair. Turn Your Equity Into Cash.

Do you say the house you bought or inherited is an investment that is going up in value? But that is “unrealized gain” – it means nothing if you don’t sell since the market could soften again.

If a $200,000 house gains 5% value in a year, that’s $10,000 of a paper asset to weigh against the real cash expenses of insurance, taxes, and upkeep that may be even greater.

In comparison, your monetary investments are earning real cash money for you, the cash you can spend or invest for more real earnings.

If you have built up significant equity in your property or inherited a house with few or no encumbrances, it’s strictly a theoretical paper asset until you convert it to cash now and put the money to work earning for you. Lock in the gain before the market flattens or reverses.

You may hesitate to put the house on the market because you don’t have the time, patience, or even the cash to prepare it for sale and go through the process of marketing and selling to a traditional home buyer.

But there is another way – sell quickly, as-is, to a professional cash buyer. I explain how in my blog post “How to Sell Your House (Very) Quickly”.

Inheriting an unencumbered house is a great example of the difference between equity and cash in real estate. You must actively keep your inherited house in good repair and well-maintained, pay the taxes and insurance, and continue to pour cash into your “free” house for as long as you continue to own it.

Or, you can sell it fast with no further cash input on your part and put those funds to work earning for you instead of costing you.

Cash buyers like PDX Renovations can get you the cash you want or need quickly for the equity you’ve created in your house, sometimes in as little as 24 hours.

Cash that can earn returns for you without ongoing high costs, cash to settle old liens or debts, or clear up your back taxes. Convert your equity into cash that isn’t just a number on paper but is truly making your life better.

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January 20, 2014
How to Sell Your House (Very) Quickly | PDX Renovations Can Help!
Last week I reviewed estate houses and why it’s often best to sell the house quickly in “as-is” condition in “Should You Sell Your (Inherited) Estate House As-Is?”. And, if you need more reasons why you are likely to realize in hindsight that it would have been better to sell for cash right away, please see my several earlier blog posts on “inherited houses.” Need to Sell Your House (Very) Quickly?

This week I’m going to give you a list of ways to sell off your estate house, your current home, or any unwanted real estate, without any cash investment or repairs on your part, within a matter of a very few weeks – even days.

Here is a quick look at how “cash-buying” or “selling for cash” works, regardless of how you do it.
- The process is fast because the buyer is a knowledgeable professional who has seen it all and is accepting the property just as it is today.
- The buyer pays cash, so there is no delay in arranging bank financing.
- Unlike an ordinary home buyer, there are no requests to the seller to fix anything.
- Once the professional buyer visits the property and does his/her own inspection, shortly thereafter, he/she makes a firm cash offer and is ready to close on acceptance.
- The seller does little but accept an offer, sign the deal, and walk away with the cash.
How do you find a reputable professional cash buyer to take this house off your hands now?
- An online search will quickly turn up cash buyers in your area.
- Post your house on Craigslist, asking for the highest and best cash offers to be submitted by a date you set.
- Go to a local Real Estate Investor’s Club meeting to offer your property for sale and get information. You’ll receive valuable leads and advice and perhaps some offers.
- Wholesalers can put together deals quickly and may be found through Real Estate Investor’s Clubs and sometimes through internet searches.
- Terms such as “renovations” and “fix-and-flip” can also help turn up cash buyers.
How can you know you are dealing with a reputable company?
- Check with the Better Business Bureau – are they listed, do they have reviews, have there been any complaints, and how were they resolved?
- Ask for good leads at the Real Estate Investor’s Club mentioned above. You may be surprised at how much information will be forthcoming from people with real experience.
Reputable professional cash buyers work with people in your situation every day. They have structured their business, as I have with PDX Renovations, to fill a gap in the real estate market when an owner with little or no cash to put into a house needs to move it on quickly. They will let you leave with cash and without the headaches and heartaches of the traditional selling process for a house needing a lot of work.
January 13, 2014