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Sell my Amarillo house fast—Should you sell your house to a Real Estate Investor?

Thursday, August 19th, 2010

I get calls every day from people who want to sell their house.  Most of these people are tired of playing all of the Realtor games and they don’t want to wait for 6 months to sell their house.  They want it sold in a few days.  That’s why they call me.  Of course I want to buy every one of them, but sometimes it just doesn’t make sense to sell to an investor.  How can you know when selling your house to an investor makes more sense than selling by using a Realtor?  Well it’s pretty simple really.

If your house is in a nice area, in good condition, and (here is the big one) you have time to wait for a higher offer, then you need to list it with a Realtor.

On the other hand, if your house is in a marginal area, or it needs repairs, or you just want to get it sold quickly, then you need to let me make you an offer.  But a Realtor can get you way more money, Right?  Well, let’s take a look and see.

First of all, the nation average for discounting a home is 5%.  Most Realtors are going to charge you 6% to sell your house.  You can figure about 1% to pay your own closing costs.  You can also count on buyers needing you to pay up to 6% for their closing costs.  If you don’t believe me just ask around.  That’s the new way the Real Estate world goes around.  Buyers just don’t have the money to pay for their closing costs.  So you are losing around 18% to the transactional costs.  Then you get hit with a list of repairs from the new buyer.  This can add up to some serious money.  Even if you don’t pay the full 6% for buyer closing costs and you don’t negotiate the full 5%, you are still going to lose around 15%.  And you will sometimes have to wait up to 6 months or longer for your house to sell.  Many people aren’t in a position to wait that long.

People who sell to me have several advantages.

  1. They get to pick when they close. Since I pay with cash I can close in as little as 3 or 4 days or I can close in 2 months. But they get to pick.  Some people need to be able to know that their house will sell, for sure, on a certain date.  The timing in a Real Estate transaction can be just as important as the price.
  2. I take the house in it’s as is condition. That means that the seller doesn’t have to make costly any repairs.  They don’t even have to clean up.  This saves a lot of time and money for the seller.
  3. I handle all of the paperwork and details. I make things as easy as possible.  From writing the contract to working with the title company, I handle everything.  The seller can just focus on other more important things.

Now I know what you are thinking.  You are thinking that I offer half of what the houses are worth right?  I mean, if I were in your shoes I would be thinking the same thing.  So the million dollar question is, “How much do you offer for houses?”  I get that question a lot.  It depends on the area and the condition of the house.  I do have to get the house for a price that allows me room to fix it up, put it back on the market, and babysit it until it sells.  So yes I have to buy at a discount.  But when you compare my offer  with what you would actually NET (walk away with) if you were to sell using a Realtor, you would see that my offers are very reasonable.  I am doing the job of a general contractor and a Realtor all in one.  If you were to add up what you would really spend if you were to call a contractor to make repairs and then sell using a Realtor, you would see that selling to me is not such a bad idea.  And the big bonus is that you can have your money now instead of 6 months down the road.

If you are still on the fence, you should give me a call.  I would love to visit with you.  You can call me at  806-359-7653.  You should also get a copy of my free report “Sell Fast in a Slow Market, 6 Ways to Make Your House Disappear.”  It will help you understand if your house is marketable or not.  Click here for your copy http://www.sellmyamarillohouse.com/index.php or better yet, just call me.

Real Estate Amarillo TX. How to know when to list with a Realtor or sell it yourself.

Wednesday, July 28th, 2010

Every month I get this question probably more than any other.  “Do I need to use a Realtor to sell my house?”  Like so many questions in life, the answer is…. well…it depends!

If you are selling your house you must first begin by asking yourself who will buy this house?  What kind of buyer will I be looking for?  If your house is in great condition and in a nice area you can be pretty certain that you are going to sell to a homeowner.  In this situation I think you are crazy to try to sell it on your own.  Here’s why.

  1. Realtors can usually make the house bring about 10% more than you can.  They charge you 6% to sell it, so you do the math.  Plus they do all of the work for you, which is the best reason of all to use a realtor.
  2. A good Realtor, and I mean a good one, is an expert on the entire house selling process.  You want them in your corner.  They can save you time and money and help you avoid a lot of mistakes.  Most transactions are not too complicated.  Sometimes however, a transaction can become very difficult.  It is when things start to go wrong that you really need an expert in your corner.  When the ‘fur starts to fly’ a good Realtor is worth his or her weight in gold.  Realtors can also help you price your house correctly and give you advice on how to stage it properly.  When a house is priced right and staged correctly it is much more likely to sell.
  3. When you list with a Realtor, your house gets more exposure to potential buyers.  Realtors enter your house into the Multiple Listing Service, also known as the MLS.  This computer database makes your house available to every Realtor in your area.  Now you have hundreds of Realtors working to sell your house.  Every time a Realtor searches for a house in your price range they will see your house.  All of this exposure will help your house to sell in less time and for more money.
  4. Realtors have all of the buyers!  Well, maybe not all the buyers, but most of them.  When most people decide to buy a house, they call a Realtor.  They are too busy to look at all of the houses on the market.  They need a Realtor to help them narrow down the list.  Besides helping them find the house, home buyers need Realtors to help them obtain financing, negotiate the contract, meet inspectors, and take the deal all the way through closing.  That is why buyers use them.  When you list your house with a Realtor you have access to this huge pool of buyers.

There are a hundred other reasons why it just makes sense to use a Realtor to sell your house.  The bottom line is that Realtors are professional house sellers.  They can sell your house faster and for more money than you can on your own.  If you are serious about selling your house and your house is in good condition, you should consider calling a Realtor.

So when is it not a good idea to use a Realtor to sell your house?  Remember the first thing that you need to do?  Think of who will be buying your house.  What type of buyer will you be looking for?  What if you can’t sell to a homeowner?  In some cases it may be better to sell to an investor.    So you ask, when is it best to skip the Realtor and call an investor?

  1. Your house needs a lot of work.  If your house needs too much work, you will probably end up selling it to an investor.  Homeowners do not have the desire or ability to make too many costly repairs.  Even if you find someone who is willing to do the work, the house will not pass FHA inspections.  This is a real deal-killer.  Most homeowners want a house that is in good condition and is move-in ready.  There are plenty of nice houses on the market to choose from.  Under these circumstances, you need to sell directly to an investor like me.  I buy properties in their ‘as-is’ condition.  You don’t need to fix anything or clean anything.
  2. Your house is not in a good area.  Some low to middle income areas have been hit especially hard by the recent lending crisis.  There are plenty of people who will want your house, but not too many that can qualify for a new loan.  Most of these people will want you to owner-finance your house to them.  If you own your house free and clear this may be an option that you should consider.  If not, you may end up selling to an investor simply because you cannot find a qualified buyer.
  3. You need to sell your house quickly.  One of the biggest problems with using a Realtor is how long it takes to get your house sold!  In many areas it is taking between 6 months and a year for a Realtor to sell a house.  That’s a long time.  Some people need to sell much sooner than that.  This is when you should consider selling to an investor like me.  I can close a deal in as little as 2 or 3 days, or longer if you want.  Basically, we can close on whatever date you choose.  Sometimes people face situations where a quick sale is very important.  There is nothing quick about using a Realtor.
  4. You fit two or more of the above scenarios! If you fit more than one of these scenarios I can tell you right now that listing with a Realtor is a waste of time.  For example, your house needs a lot of work and you need to sell it fast.  Or if your house is in a not so good area and it needs work.  You get the idea.  If this is the case, you need to call me before you list with a Realtor.  I can save you time and a lot of trouble.

In these situations, you need to realize that if you list with a Realtor, you will probably still end up selling to an investor like me.  This really stinks.  I cannot pay extra just because you have it listed.  Why not save the 6% that most Realtors charge and put that in your pocket?  Most home buyers will need you to pay an additional 6% in closing costs.  If you sell to an investor like me, you don’t have to worry about this.  I pay all of the closing costs.  Here is what you should do….  If you think you may have a hard time selling to a homeowner, or if you need to sell fast, then give me a call.  Let me make you an all cash offer on your house.  If my offer is not right for you then I can recommend a good Realtor based on the location and price range of your house.

I hope these ideas are helpful.  As you can tell, I think that you have two choices.  Either list with a Realtor and sell to a homeowner or sell directly to an investor.  From my experience, people who try to sell their house on their own usually don’t have very good luck.   You have to decide who is most likely to buy your house… a home buyer or an investor.  If you are having trouble deciding, give me a call.  I would love to visit with you.  You can call me at 806-359-7653.  You should also get a copy of my free report “Sell Fast in a Slow Market, 6 Ways to Make Your House Disappear.”  It has a ton of good information in it, and it is F-R-EE!  Click here for your copy http://www.sellmyamarillohouse.com/index.php

How to stop a foreclosure in Amarillo. Amarillo home owners facing foreclosure fight back against greedy banks.

Wednesday, July 28th, 2010

A new day has dawned in the land of bank foreclosures.  Homeowners are arming themselves with information and fighting to prevent foreclosure and keep their homes.

In the past, many homeowners simple ignored letters from their bank and watched helplessly as their house was auctioned off.  Well not any more.  With all of the free information available on the internet, homeowners now have turned the tables on banks.

As it turns out, homeowners now have more rights than ever before.  A great majority of those who fight back actually achieve some level of success.  Many are able to keep their homes and avoid a foreclosure all together.  Foreclosure help is just a click or phone call away.

We work with people facing foreclosure in Amarillo and Canyon.  What we have seen lately has been amazing.  People are educating themselves and fighting back.  And they are getting great results.  It has made our jobs so much easier.

We start out by helping educate homeowners on their foreclosure rights.  In the past, we had to really try to educate people and then get them to take action.  Now we just point them in the right direction.

We help people avoid foreclosure in one of two ways.  First we show people how to do a loan modification or a forbearance agreement so that they can keep their house.  We don’t charge anything for this.  If that doesn’t work we can then offer to buy the house so that the homeowner doesn’t end up with a foreclosure on their credit.  Even if they owe too much we can usually still work a short sale with the bank and get it done.

When it comes to stopping a foreclosure, the creative possibilities are endless.  Where there is a will, there is a way.  It is important to start by understanding the foreclosure process.  This is a very important first step.  In the end, most experts agree that homeowners have 5 basic options to choose from.

1. BRING THE LOAN CURRENT

This is also known as a reinstatement.  It means that the loan is brought current by paying the total amount past due.  Most banks will help you find a way to do this if you are able to start making payments and can afford to pay extra towards the amount you are still behind.

2. WORK OUT A FORBEARANCE PLAN.

Think of this as pressing a giant pause button.  A forbearance agreement is a formal, written agreement between you and the bank to reduce or suspend monthly payments for a specific period of time.

3.  WORK OUT A LOAN MODIFICATION WITH THE BANK.  A Loan Modification is when the bank agrees to change the original terms of the loan.  This gets the loan reinstated and lowers the monthly payments.  If the mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or even lower the rate.  A lender might also extend the amortization period.  Loan Modifications are a great way you to permanently lower their house payments and keep their house.

4. SELL THE HOME

If you have enough time to work and there is equity in the property  you can sell your house to a homeowner.  If there is not enough time or equity you can sell your home to an investor.  Many times it may be necessary to do a short sale.  In a short sale transaction, a bank agrees to allow a homeowner to sell a house for less than the balance of the note.  In return, the homeowner is released from any liability.

5. FILE FOR BANKRUPTCY

It is important to understand that a bankruptcy does not prevent foreclosure by itself.  It only delays the foreclosure process.  If you cannot resume making regular payments then a bankruptcy just buys you more time.  This option is only good if your financial situation is about to improve.  Make sure to find a good bankruptcy attorney if you choose to file for bankruptcy.  Even then, proceed with caution.  Many bankruptcy attorneys who are out to make a fast buck will often recommend bankruptcy even though other options are available.   Homeowners sometimes end up losing the house in the end any way because they still can’t afford the payments.  Now they have a foreclosure and a bankruptcy on their credit.

If I could tell homeowners one thing, it would be to just take some form of action.  There are still a lot of people who just wait until there is no time left.

Amarillo homeowners looking to stop foreclosure, or wanting foreclosure assistance can call us at 806-359-7653 for a free consultation. We offer solutions such as loan modifications, short sales, aggressive listings, cash offers, and a variety of other services.  We educate homeowners on the foreclosure process.  To learn more about how you can avoid foreclosure and save your home and credit get a copy of our free report “5 Fastest Ways to Stop Foreclosure” at http://sellmyamarillohouse.com/foreclosure.php Or better yet, just pick up the phone and call us today!

New Website!

Tuesday, June 29th, 2010

Thank you for visiting the new website for Mitchell Property Group!

We are really excited about the new look and would like to know what you think.

We are Wade and Emmy Mitchell. We are a husband and wife team, and we actually enjoy working together. Every day we come to work to have fun.We feel blessed to be able to live and work here in Amarillo, TX. We began investing in Real Estate in 1999.  To learn more about us, click here.

If you have a general comment or question, please call us directly at 806-359-SOLD (7653), or use the form on our contact page to send us an email.

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Contact Information

4105 SW 34th St, Amarillo, TX 79109 | 806-359-7653

wade@mitchellpropertygroup.com | emmy@mitchellpropertygroup.com