Home Selling in 11791>Question Details

Ana, Home Buyer in Hicksville, NY

I want to sell my home quickly and am thinking about using one of those buy my home quick companies.

Asked by Ana, Hicksville, NY Thu Mar 19, 2009

Is this a good idea? I'm not behind on payments or anything but I can't stand the thought of people walking in and out of my home. My home is assessed at over 1.4 mil and I'm in a top school district. Will they give me a fair price?

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Dear Ana,

I would suggest that you use a strategy of limited showings with full exposure through virtual tours and marketing information. You need a very proactive broker in this market. I have noticed an increase in buyer activity the last couple weeks in my area of Douglas Manor/Douglaston
, it may be a very good time for you to begin preparing to sell.

I would not believe that the all cash buyers would get involved with a property in your price range, they tend to like properties that are easily resold utilizing FHA financing.

If you have any questions, please feel free to contact me at your earliest convenience.

Very truly yours,

J Douglas Montgomery, Broker/Owner
douglas@HomeNY.com
718-279-8762
0 votes Thank Flag Link Thu Mar 19, 2009
This question posted Mar 2009

So much has changed since then.
Ana's delima has long ago been resolved.
0 votes Thank Flag Link Thu Aug 14, 2014
"Buy my Home Quick" means..sell your house cheap.
0 votes Thank Flag Link Thu Aug 14, 2014
Ana PRICE IT TO TO MOVE! if you price it right it will sell itself......
0 votes Thank Flag Link Sat May 19, 2012
Dear Ana,

I understand your feeling. But to sell your home to those company is not a good idea.
First of all, they wouldn't give you fair price for your home.
Second, I don't think they will buy a house high end house with no room to bargain with.

To sell your home, you have to show. But if you are frustrated with only showing it and not getting any result, talk to your agent(I assume you have one) you will only show it to people who is ready and pre approved.
Make sure agent understand how you feel about it.

Best of luck to you with your selling...

Linda Kang
Charles Rutenberg Realty
646-201-0510
Web Reference: http://www.LindaHome.com
0 votes Thank Flag Link Thu Jan 7, 2010
Hi Ana, the answer is NO they will not give you a fair price. They are in the market to make money on your loss. A house priced at your market value- shouldn't be having an Open House. Should be Pre-approved buyers , serious inquiries only.. You need a seller's agent that will do his/her job and not bring every breathing body through your door. I'm availale whenever you are.
Terry K 718-614-3167 cell
0 votes Thank Flag Link Mon Jun 1, 2009
Ana, the purpose of the 'quick purchase or cash for homes' companies is not to give you a fair deal - it's to make the biggest profit from your home as possible. Not that there is anything wrong with that..it's what they are in business for.

The purpose of hiring an agent to sell your home (if you hire under the correct representation agreement) is to get the best terms they can for you.

Interview and get an analysis from a few agents, please! before making any decisions.
0 votes Thank Flag Link Sat Apr 11, 2009
Hi Ana,

I understand how you feel about people coming in and out of your house. I currently live in Syosset, NY and I recently had an open house in Syosset and had over 53 people come during two days. . . wow! Later that week it was shown 6 more times by realtors. Thats almost 60 people coming in and out of the house and although we had some interested buyers no one was there to place an offer on the house. Buyers today are a bit more reluctant to JUMP at a house unless they feel they are getting a BARGAIN. If you want to sell your house quickly you may be jeopardizing the value you receive because you will have to price it so competitively that your house, in the condition that its in, is a BARGAIN compared to the other local homes for sale in your area. I called everyone back that came to the open house. Everyone I spoke to wanted a bargain and told me that they wanted to wait a couple of weeks to see if the price comes down. No one felt the price of the house was a "bargain", although based on the assessed value, other sold homes in the area, and professional advice from two appraisers the house was priced pretty well. Our marketing efforts definitely paid off bring 60 buyers to the house in less than 10 days. . . . However, no bites.

Higher priced homes will be a little harder to sell now because of the economy. Don't forget the people that could afford those homes have either lost their jobs or have seen a pay cut, and therefore, the pool of buyers in that category has shrunk. If a company is looking to pay cash to close on your house quickly chances are their offer is going to be much less than what your house is really worth. Local statistics on Long Island's MLS show that from November 2008 until February 2009 (March figures just coming out) there has been a 12.5% drop in prices and the market saturation rate has increased from about 19 months in November to about 28 months in February 2009. This means that if you dont put your home on the market, there are enough homes out there for us realtors to sell, at the current rate, for another 28 months. Its taking longer for homes to sell and many of the homes on the market now are overpriced based on what buyers are willing to pay. If you have someone that will offer a quick sale, then I suggest paying for an appraisal to ensure that you are getting your value.

If you are seriously considering selling your home and have not done so, then I suggest you think about putting your house up for sale sooner than later. Values are not going up any time soon and different sources see a recovery in prices to be anywhere between 2010 to 2011. Based on research that I do, there is going to be another 5-10% drop in value on Long Island between now and the year's end. There is a FLURRY of buyers out now and they are looking for a great deal on a great house. Most of them want to get into a house before school starts and also to capitalize on low rates. A jumbo mortgage today is in the low 5s so if you want to sell I suggest you interview realtors as soon as possible. If you would like to interview my partner and I and to offer our professional advice please email me.
0 votes Thank Flag Link Sat Apr 11, 2009
I specialize in getting my Clients the maximum the market will bear. I'd like to offer you a free home market analysis. Your true market value may be different than your assessed value. More than likely a "Buy My Home Quick Co." may offer you pennies to the dollar. I would never suggest going that route. I have the latest technology to help limit the amount of traffic and attract serious prospective buyers only.
0 votes Thank Flag Link Sat Mar 21, 2009
Your biggest concern was, would this "buy my home" company actually give me a "fair price"...

And the answer....? I don't know.. and I'll explain.... I have seen those signs on utility poles, stuck in median or corner of a public street... or even ad's in local newspapers and on some websites...

A "fair price" is what ever and a willing Buyer and willing Seller, who are competant to enter into contracts, agree is an acceptable price to the both of them. I guess a "win-win" would be a term you'd hear right..?

Here's what you do if you decide to approach these folks.


1. "Know the market" you are in and be realistic as to the price you are willing to accept.... This is where a Realtor can assist you.

2. Get a comparable market proposal that includes a comprehensive analysis of recent sales, which would also include other homes in your area that are for sale now or that are in escrow as a "pending sale". You'd also get additional information such as "average days on market", "List Price/Sales Price ratio" and the "Average Sales Price".

3. The Realtor will help you calculate your bottom line based upon a suggested price that reflects the market. which will include all the normal costs of closing for your area. Those costs are for items, Title Insurance and Escrow services, Transfer Taxes, pro-rations of real estate taxes,existing mortgages and other liens, other misc. document fees, Real Estate commissions, maybe include an estimate for perhaps some repairs that might crop up.. Once you have the "Net to Seller" estimate...

After you've done all that, then contact that "buy my home quick companies" and listen to their deal. Since you have already met with a Realtor, you have the "Seller Net Sheet" and all you have to do is "compare" the Price of Your Proposed Sale with the Offer Price that this company offers you.

So...? Review what you can get for it "realistically"... and without any showing hassles... which is what your other concern was... By now..you at least have some up to date and accurate information so you can compare "Bottom Lines"...

I don't know your market but in the Sacramento area, there are lots of homes in that price range and you will have some competition. That is because they are a little harder to sell and it will take longer than a home in the "median price" range of your area.

Assuming the Realtor gave you an accurate Market Analysis, you will have an idea of how fast it will sell with a Realtor because of "days on market" average and if you price your home at or near the "List/Price" ratio you'll know how much time and hassle it will be to sell.

I hope that helps....




If you have a well prepared market analysis, you will know if it's a good deal don't you...?
0 votes Thank Flag Link Thu Mar 19, 2009
Ana;
The agent listing your home will have to respect your wishes.
Use the latest technology like virtual tours,open house date
and time of showing are just a few ideas.
If you have additional questions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.
0 votes Thank Flag Link Thu Mar 19, 2009
Regarding you issue about buyers going in and out of your house; you can request your Realtor to accompany all showings. The down side to this is that you will miss out on some showings because a Realtor cannot be everywhere at once, but I understand your feelings about strangers going through your home. I don't know how I will manage this when I am ready to sell!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Mar 19, 2009
Do not count on the "assessment" price for being a market price...two different things. Market value is currently based on sales of comparables homes during the last 3 months only in your immediate area.

If you would like a complimentary market analysis, I would be happy to provide one for you.

The speed with which you sell is in direct relationship to the price you ask and the proper marketing. Be sure to look for a written marketing plan from any Realtor who assists you...they should be placing your listing on dozens and dozens of consumer websites.

Feel free to contact me with any further questions...Gail@GailGladstone.com or 631-425-6150
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Mar 19, 2009
I fully agree with my associates Ana, those companies only buy when they see they can make a profit. My advice would be to chose a good realtor that would be sensitive to your needs while not compromising what is necessary in his marketing strategy to get the home sold quickly. Many of us would be happy to discuss these methods with you.
0 votes Thank Flag Link Thu Mar 19, 2009
Oh, God No!
These people are looking to make a profit and not a small one either.
You have some good advise from everyone here. I would listed below the last closed sale and sell it at a fair market value not at a discount.
Good Luck Ana.
0 votes Thank Flag Link Thu Mar 19, 2009
Ana,

Those "we buy homes for cash" folks will not give you fair market value. It will be a distressed sale price. If you are interested in a quick sale with multiple offers to choose from and the least time on the market, price your home 10% under the most recent comparable sale.
0 votes Thank Flag Link Thu Mar 19, 2009
Ana,

I understand how you feel. If we price your home properly it will sell within a short period of time. I agree with Doug that the internet could really help you with maximum exposure through virtual tours. I would love to help you. I am a top producer in your area. Please contact me.

Mara Navaretta
Licensed Associate Broker
C21 Laffey Fine Homes & Estates
20 Miller Pl
Syosset, NY 11791
516-551-3347
http://www.HomesByMara.com
HomesByMara@aol.com
0 votes Thank Flag Link Thu Mar 19, 2009
Not a very good idea you won't get top dollar. If you are serious about selling start interviewing brokers and choose the one that is best for you and your needs.

Anna
0 votes Thank Flag Link Thu Mar 19, 2009
Ana,
No. The real estate market is set up whereby you list your house for
a six month time frame and in that period you should get an offer
that someone is willing to pay and you are willing to sell at (fair market value).
When you hurry the sale you are not going to get fair market value.
Right now the market is in a transition period. No one knows where the bottom is
and so it is very difficult to determine what a property is worth. You will have to
wait it out if you do not want many lookers in your home. Especially if your home is 1.4 mill.
This is the reality of the market. Face it head on.

Camille Dandola
Certified Buyer Representative
0 votes Thank Flag Link Thu Mar 19, 2009
nope....thats the short answer.

expect 40-50 cents of the dollar.

why not do a short sale? goto my blog on my website and read up about it. this would be the best way for you to get the house off of your credit and move on with life.

i can help you out with the shortsale if you like.
0 votes Thank Flag Link Thu Mar 19, 2009
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