Terry, Home Seller in Dallas, TX

What is the best way to locate investors to purchase my home?

Asked by Terry, Dallas, TX Sun Mar 9, 2008

I'm not in a financial crisis, I just don't want to hassle with listing my house the traditional way or with fixing it up. It's a historic 4 br/3ba home in one of the most (if not the most) desirable in-town neighborhoods in Dallas. It needs cosmetic work (I'd call it an ugly house for the area) but my family and I just moved out so it's not horribly uninhabitabitable. I have not tried to sell or list it. We have moved out and moved on and are just interested in not having to mess with it. Unfortunately, so far no one has just knocked on my door and offered to take it off my hands - so how do I reach investors without going through the traditional listing route? Are there agents who work primarily with investors? I'm not at all opossed to paying a commission, it's the whole traditional listing, showing/fixing up thing I don't have the time or the interest for. Am I silly to think it is possible to make this sale simple and fast if I'm willing sell for way under market? Many thx

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Get-smart, , Durham, NC
Sat Jun 6, 2009
You definately are not silly to think you can have a quick and hassle free because those types of transactions do happen if everything pre-approved beforehand. Investors with the means can purchase your house no problems in 2 weeks. Plus investors know investors so there is a whole different network that is more effective.
0 votes
Karen Shrock…, Agent, Dallas, TX
Sun Mar 30, 2008
It's hard to understand what your beef is about listing the house with a realtor since you are not in the house. Most folks don't want to go through the hassle of showings.

Listing "as-is" is going to get you more than looking for an investor on your own, and you will probably get more money for the property. There are folks out there who are looking for homes in an historic district. Folks from other parts of the country are a lot more familiar with this concept than I've found Texans to be.

The local board of realtors offers a certification program for realtors who wish to become Historic Home Specialists. You may want to look for that designation in finding a realtor. Someone who knows historic property will get you top dollar.

Hey, do it for the neighborhood!

If you want to attract investors (or realtors), just put a for sale sign in front of the property for a couple of days, and you'll be inundated. It will only cost you a couple of dollars for the sign, and folks who have targeted that neighborhood will find out soon enough. You might want to even have some fun with it and time how long it takes for word to get out.
0 votes
Don Tepper, Agent, Burke, VA
Mon Mar 10, 2008
Some mixed (good and bad) advice below.

To find investors: As Bruce suggests, go to your local real estate investors meeting. Or look in the paper for "We Buy Houses" ads, or look at "Bandit Signs" for "We Buy Houses" investors. They will offer you up to about 70% of the fixed-up fair market value of your house minus repairs. So, if your property in good condition would sell for $500,000, but needs $25,000 in repairs, their calculation would be: $500,000*0.7=$350,000-$25,000=$325,000. Now, their initial offer might be less, but they'd go up to about $325,000.

If that sort of offer works for you, then go for it. They will buy your house in as-is condition. And they'll buy with all cash--no mortgage contingency or anything like that. It will meet your needs for a simple, fast sale.

If you want more, then listing with a Realtor in "as is" condition is the best option. Just make sure it's included in the comments that your house isn't a foreclosure; most of the "as is" properties in the MLS are listed that way because they're foreclosures, and the banks require the properties to be sold "as is."

There are agents who work with investors. However, contrary to the advice below, many investors do not use real estate agents. Many of the best deals don't make it to the MLS.

You might also try selling it FSBO. There's a lot of hassle from tire-kickers involved. But you'll also get calls from some investors. Price it right and lay down your conditions ("as is," for instance). And you offer a commission to the buyer's agent, if the buyer comes via a Realtor. I'd still recommend listing with a Realtor over going FSBO, but I just wanted to mention all the options.

I know some investors in Texas; feel free to contact me, if you wish.

Good luck.
0 votes
David Langham, , Washington, PA
Mon Mar 10, 2008
I am a Real Estate investor near Pittsburgh, Pa. I am associated with groups of reputable investors from around the nation. I am sure I could help you find someone who would love to help you. Sometimes an investor is the very best rout to go especially if you want the traditional hassles of home selling. Not every situation demands that the house be fixed up to resell. Most investors have lists of people looking for "fixer-uppers" and for a small fee hook you up with a perfect buyer. A good investor will look past the traditional methods of selling homes and find a way to meet your needs while putting someone else in a home that otherwise might not be able to own their own home, thus benefiting every one involved. Feel stop by my web site for more information or to contact me. I look forward to hearing from you!
0 votes
David Hitchi…, , 75252
Mon Mar 10, 2008
The reason no one has knocked on your door and taken it off your hands is because...Those who do not wish to use a Realtor, have no idea what their value is? A Realtors job is to get the highest number of traffic through your door to see your property, no matter what the condition is. A Realtor will list your property in whatever condition you ask them too, but a good Realtor will explain the pros and cons of selling the property in whatever condition it happens to be in, and what other options you may have. This business is a numbers game, and if you have a Realtor who does his due diligence and markets your home the way it needs to be marketed, you will end up selling it to whomever. About 85% of homes in the D/FW are sold through the MLS, the reason you have not had anyone come to your door and ask you to buy it, is most likely because it is not properly advertised. Investors tend to primarily deal through Realtors and most good Realtors have a database full of investors that may or may not like your property. My suggestion is to hire a Realtor and tell them that you do not want to have to mess with anything, most Realtors will work with you not against you.
Web Reference:  http://www.DavesHomes4u.com
0 votes
Barbara Vance, , orlando- windermere vicinity
Mon Mar 10, 2008
Short answer: its still best to list it with a Realtor , AS-IS priced aggressively. You will get maximum exposure with an agent who networks with rehabbers and/or traditional buyers dying to get into your neighborhood at a reduced price in excahnge for doing their own repairs. Get at lest three Realtors to do CMA and present you with their market strategy.
0 votes
Bruce Lynn, Agent, Coppell, TX
Mon Mar 10, 2008
The trick is....when you talk about going this route, most investors will want to buy the house at 40-60% off of retail. Is this what you have in mind? They need to do it that way to have money to rehab it, cover their holding costs, and make money when they're done with the rehab. There are plenty of adds in the local papers like DMN or Green Sheet of people who will buy the house. You could also go to one of the local investor meetings. Just make sure you have YOUR agent or YOUR attorney write the contract for sale. Don't allow the buyer to write the contract as it will be written in their favor and there are some real slick people out there that want to do some interesting things that are very much in their favor and not in yours. I'd think you'd get more money for the home if you go the traditional route and try to sell it to someone wanting to live in it and fix it up themselves vs. the investor route, but if you need the money quickly vs more money the investor route might be the best option for you.
Web Reference:  http://www.teamlynn.com
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Mar 10, 2008
I work with investors I am also a realtor who buys properties below market value. I am assuming you maybe talking about the M street location. This also depends on the value of the home, what you owe and the total cost to rehab the property. If the numbers do not work for an investor in Dallas homes for sale, or myself you may need to go thru the traditional route in selling the property and list "as is"
yes you are correct not all realtors work with investors, we work with investors all over the country, plus local.Contact our office 972-699-9111
Web Reference:  http://www.lynn911.com
0 votes
Kathy Murray, Agent, Dallas, TX
Sun Mar 9, 2008
Hi Terry,

I would love to talk to you about listing your house. Keep in mind however, that certain Historical Districts have restrictions on renovations and or/building. Investors usually do not mind a certain investment but how big an investment is it? Could it be dirt value, or could there be an overlay in place? There is a lot of choice in the marketplace right now. In this market of buyer's choice the house needs to be priced to sell under what has sold, not what others are asking currently. Pricewise you want to lead the market, not follow it. Since repairs are needed it needs to be priced appropriately because, generally speaking, there are a lot of homes with improvements that are priced the same as some needing improvement. I would love to talk to you more about this but it is hard to give specifics without knowing any specifics. Please give me a call..214-809-2244. Thanks and hope to hear from you and to provide you with my complimentary appraisal of your home.
Web Reference:  http://www.HouseHuntDFW.com
0 votes
Jodie Franci…, Agent, Studio City, CA
Sun Mar 9, 2008
Hi Terry,

You can always list the home as an "as is" sale, stating that seller will make no repairs or concessions to the buyer. You are not obligated to "fix up" your house to sell it, you just need to price it accordlingly so that someone will be willing to do the work themself and feel like they've gotten a good deal. If your home is in a very desirable area, and you are willing to sell it for under market, as a realtor I would jump at the opportunity to list your home. By listing with a realtor you will be exposing the home to a much broader audience than just investors who may be driving through the neighborhood, or a client of so and so.

Since you've already moved out, there shouldn't be a real downside to a "traditional" listing, and you could potentially sell it for more money than you think. Plus, you will be protecting yourself from potential lawsuits and/or problems, if you are not familiar with your local purchase contract and required disclosures.

You could try putting it on Craig's list, but my experience with putting real estate for sale there hasn't been real positive.

Talk to a realtor or 2 and just get their input...it won't cost you anything, and in the long run it might save you a lot of time and trouble, and quite possibly get you more than you thought you could get!

Best of luck to you...

Jodie
0 votes
Cory Kutin, , Dallas, TX
Sun Mar 9, 2008
Terry, you are not alone. I speak with people on a regular basis about selling their homes. Some get fixed up in order to raise the price, while others are sold "as-is" so they can get out sooner. It's up to you. It depends on what and when you want to get out of the house. If you like, I can do the analysis and tell you what it will sell for "as-is." A lot depends on the neighborhood and actual condition, but I have a few investors that I work with regularly in the area. Who knows, we might be able to work something out.

Feel free to contact me at
ckutin@ebby.com or 972.407.3994
Web Reference:  http://CoryKutin.com
0 votes
Mikem, , 01803
Sun Mar 9, 2008
You could always list it "as is" which would imply you are not going to be fixing anything. Also, if you do sell to an investor they are likely to offer you less than what you could get on the market (more competition-- better price) but since you said you are willing to sell for way under market... well, if it's truly way under market it should sell quick even with a traditional sale.
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