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10 Ways to Avoid Being Scammed by Real Estate Investors Amarillo TX | 806-359-7653

Wednesday, December 19th, 2012

Well another big Real Estate Investor seminar has blown through Amarillo.  I always cringe when I hear their advertisements that promise to show people how to ‘get rich flipping houses with no money down.’  Now it won’t be long until we have a whole new wave of so-called Real Estate Investors. These people do not have the money to buy your house but they have just enough training to look and sound like a real investor.  I can tell you right now that you do NOT want to get involved with this type of person.  No wonder Amarillo Real Estate Investors get a bad name.

So how do you know which company to work with?  You have got to make sure that you are selling your house to an established, reputable company.  You need to make sure that they have the funds available to close and that they do indeed plan to close on the house themselves.  Make sure that they aren’t trying to sell their contract to another investor.

Here are the top 10 ways to avoid being scammed:

  1. Deal only with local companies.  This makes checking up on a company much easier.  I personally would never deal with someone who wasn’t local.
  2. Ask for and call references.  A good company should have plenty of satisfied customers.  I can give you a list of references a mile long.
  3. Check with the Better Business Bureau.  Just because someone has a ‘we buy Amarillo houses’ ad doesn’t mean that they are a real company.
  4. Insist on using a local title company.
  5. Meet the person face to face if possible.  There are too many scams out there.  Meeting face to face makes it much harder to be scammed.
  6. Ask lots of questions.  Don’t take anything for granted.
  7. Have a local attorney review the contract if anything looks suspicious.
  8. Don’t work with anyone who wants to put a sign in your yard and sell your house to someone else.  That is just ridiculous.  If you were going to do that you should have just called a Realtor!
  9. Ask for at least $500 in earnest money and a short closing date.
  10. Do not sign a contract with a long option period or a long inspection period.  Anything over 5 days should be a red flag.

It is important to remember that not all Real Estate Investment companies are bad.  When we write a contract on a house, we intend on closing that deal.  We have the funds available to buy it.  Sometimes we even advise people to do something besides selling us their house.  We have to live and work here in this community with the same people we help.  We are very much a local company.  People can stop by our office for a cup of coffee anytime.  But the bottom line is that our deals close on time.  We do what we say we’ll do. That’s why we are still in business.  We can give you dozens of references.

 

If you have a house to sell in Amarillo or Canyon,  give us a call.  We would be happy to make you an offer.  You can call us at 806-359-7653. You can also visit us online at Amarillo Real Estate Investors.

We Buy Amarillo Houses | Why Use a Realtor?

Tuesday, October 16th, 2012

Why would anyone ever sell their house to a ‘We Buy Amarillo Houses’ company?  Why not just sell it with a Realtor?

This is actually a great question.  It is a question I am frequently asked.  There are actually several reasons why working with an investor may be a better option than listing with a Realtor.

  1. Timing.  We buy Amarillo houses and close in as little as three days if needed.  No Realtor can get a house sold that fast.
  2. Condition.  Some houses are in such bad condition that they will not qualify for a bank loan.  There is very little chance that they will ever sell with a Realtor.
  3. Hardship.  Sometimes people fall behind on payments.  Sometimes people get divorced or get a job transfer.  There are many hardship situations that investors are much better suited to handle.  In most of these situations people just need to know that on a certain date that their house will close.  No ifs ands or buts.
  4. Area.  Some neighborhoods in Amarillo are in decline.  It is very difficult to sell in these areas.  Most of the houses in these areas are rentals.  Realtors often have a hard time selling houses in these areas.

Now don’t get me wrong.  I like Realtors.  Heck my wife is a Realtor so I understand how hard they work.  If you have a house that is in good condition, in a good area, and you don’t mind waiting for several months so that you can get top dollar then you need to call a Realtor.  But if you find yourself in one of the situations mentioned above then give me a call at 806-359-7653 or visit me online at We Buy Amarillo, TX Houses.

Why Sell Your Amarillo House to a Real Estate Investor?

Monday, September 17th, 2012

That is a really good question!  If I needed to sell my house I think selling to an investor would not be the first thing that would come to mind.  I would think about calling a Real Estate agent or selling the house on my own.  Here is the problem with both of those ideas.

First off, let me say this… If your house is in good condition, in a good area, AND you don’t mind waiting for up to six months for it to sell then using a Real Estate agent may be a good idea.  But if you don’t fit all three criteria then you may be wasting your time.  If your house needs work, if it is a less than desirable neighborhood, or if you don’t want to wait for months to sell then you should consider working with me.

When you list your house with a Realtor you will usually have to pay a 6% commission.  You will also pay about 1% in closing costs plus, and (this really stinks) you will need to be ready to pay at least 3% in buyers closing costs.  If you are not willing to do this you will probably not sell your house.  Most of the buyers do not have the money to pay closing costs.  So you will probably lose about 10% of the sales price.  Buyers will also get the house inspected and give you a big list of repairs that need to be made.  They will also negotiate the price down as much as possible.  It is important to keep these things in mind.

The bottom line is that if you use a Realtor you will have to pay some fees and commissions.  This will greatly lower the amount you net from the sale of your home.  And it may take several months to get it sold using a Realtor.  I can close in 3 days.  If you compare my cash offer with what you actually walk away with if you use a Realtor you will see that my offers are pretty darn competitive.  It’s the bottom line that counts, not the contract price.

So what about selling it For Sale By Owner.  The short answer is that it is not a good idea.  I list every house I sell with a Realtor.  Realtors have all of the buyers.  They also are able to list your house on the MLS which give it much more exposure than you ever could.  Several years ago when the market was hot you could sell it on your own, but not in this current market.  If you are able to pull it off you are still going to pay closing costs and make repairs just like you would if you used a Realtor.  So even though the contract price may be higher than my cash price you will not come out that far ahead.  And, just like I mentioned before, it may take six months for it to sell.  Add up your house payment, insurance payment, and monthly taxes and deduct that from the amount that you will net.  See what I mean?

Many times people call me months after I have made them an offer and tell me that they wish they had taken my offer.   They ended up selling it to a home owner but after they realize that they netted the same as they would have if they had taken my offer they are just sick.  Sometimes I end up buying the house for the same price that I offered six months earlier.

There are several advantages to selling your house to me.  I can:

  • Close on whatever day you want. You are in complete control of the closing date.
  • Take the property as-is. You don’t have to fix or clean ANYTHING.
  • Pay all of your closing costs. This saves you a ton of money.
  • Take care of all the details and paperwork. There is no stress for you.

If you are serious about selling your house give me a call today at 806-359-SOLD (7653) or visit my website at Sell Amarillo House.

Sell My House Fast Amarillo TX | Real Estate Investor Amarillo 806-359-7653

Tuesday, May 10th, 2011

I received a call last week from a woman who was desperate to sell her house.  Her husband had lost his job and they were not able to keep making payments.  They had contacted another Real Estate Investor (I won’t mention any names) who had told them that he was buying their house.  He even wrote a contact on the house.  But he never really intended to buy it.  Instead, he tried selling it to other investors.  When that didn’t work he just backed out of the deal one week before the foreclosure sale.  But before he did, he filed his contract against the property.  In other words, he placed what amounted to a lien on the house.  So it couldn’t be sold without paying him off first.  When I contacted him he told me he wanted $5,000 to release the property.  Can you believe that?  It made me want to puke!  It’s no wonder that real estate investors have such a bad reputation!  To make a long story short, I called my title company and my attorney and we got everything handled.  We closed on the house in three days without any trouble.

I’m not going to go off on my usual rant about unscrupulous investors.  But just make sure that you are working with an established company who can provide you not only with references but also proof of funds.  Make sure that they actually have the ability and the intentions to buy your house!

If you have a house that you need to sell fast give me a call.  I can take it as is so you don’t have to fix anything.  I pay all of the closing costs and handle all of the details.  It is very easy.  You can find out more about my company at Sell My House Fast Amarillo or better yet, give me a call at 806-359-7653.  It may be old fashioned, but I think it’s hard to beat calling someone!

Why would you sell to a Real Estate Investor? | Amarillo TX Real Estate

Thursday, February 3rd, 2011

Why would you ever consider selling your house to a Real Estate investor like me?  That is a really good question!  If I needed to sell my house I think selling to an investor would not be the first thing that would come to mind.  I would be thinking about calling a Real Estate agent or selling the house on my own.  Here is the problem with both of those ideas.

First off, let me say this… If your house is in good condition, in a good area, AND you don’t mind waiting for up to six months for it to sell then using a Real Estate agent may be a good idea.  But if it doesn’t fit all three criteria then you may be wasting your time.  If your house needs work, if it is a less than desirable neighborhood, or if you don’t want to wait for months to sell then you should consider working with me.  When you list your house with a Realtor you will usually have to pay a 6% commission.  You will also pay about 1% in closing costs plus, and this really stinks, you will need to be ready to pay at least 3% in buyers closing costs.  If you are not willing to do this you will probably not sell your house.  Most of the buyers do not have the money to pay closing costs.  So you will probably lose about 10% of the sales price.  Buyers will also get the house inspected and give you a big list of repairs that need to be made.  They will also negotiate the price down as much as possible.    I t is important to keep these things in mind.  The bottom line is that if you use a Realtor you will have to pay some fees and commissions.  This will greatly lower the amount you net from the sale of your home.  And it may take several months to get it sold using a Realtor.  If you compare my cash offer with what you actually walk away with if you use a Realtor you will see that my offers are pretty darn competitive.  It’s the bottom line that counts, not the contract price.  I can close in 3 days.  If you use a Realtor it may take months or longer.

So what about selling it For Sale By Owner.  The short answer is that it is not a good idea.  I list every house I sell with a Realtor.  Realtors have all of the buyers.  They also are able to list your house on the MLS which give it way more exposure than you could ever give it.  Several years ago when the market was hot you could sell it on your own, but not in this current market.  If you are able to pull it off you are still going to pay closing costs and make repairs just like you would if you used a Realtor.  So even though the contract price may be higher than my cash price you will not come out that far ahead.  And, just like I mentioned before, it may take six months for it to sell.  Add up you house payment, insurance payment, and monthly taxes and deduct that from the amount that you will net.  See what I mean?

Many times people call me months after I have made them an offer and tell me that they wish they had taken my offer.   They ended up selling it to a home owner but after they realize that they netted the same as they would have if they had taken my offer they are just sick.  Sometimes I end up buying the house for the same price that offered six months earlier.

There are several advantages to selling your house to a Real Estate investor like me.  I can:

  • Close on whatever day you want. You are in complete control of the closing date.
  • Take the property as-is. You don’t have to fix or clean ANYTHING.
  • Pay all of your closing costs. This saves you a ton of money.
  • Take care of all the details and paperwork. There is no stress for you.

If you are serious about selling your house give me a call today at 806-359-SOLD (7653) or visit my website at Sell My Amarillo House.

Are Real Estate Investors Scam Artists? | Real Estate Investors Amarillo TX

Tuesday, November 16th, 2010

If I needed to sell my house to a Real Estate Investor I have to admit that I would be a little skeptical.  And for good reason!  It seems like there is always some investor making the news who tried to scam home owner out of their house.  It also seems like a lot of Real Estate investors are, well, for lack of a better word, just plain weird.    Considering the fact that your home is probably your biggest asset, it pays to chose wisely when considering Real Estate investment companies!

Let me say this… just because someone says they are a Real Estate Investor doesn’t always mean that they are a legitimate company.  I could tell you plenty of stories of people who tried to work with a rookie investor who ended up regretting it!

So how do you know if you are dealing with a reputable company?  Here are some suggestions:

1.  Try to deal with only local Real Estate Investors.  This makes checking up on a company much easier.

2.  Ask for and call references.  This is so important.  A good company should have plenty of satisfied customers.

3.  Check with the Better Business Bureau.  This isn’t always a completely reliable source, but it is still a good place to start.

4.  Insist on using a local title company.

5.  Meet the person face to face if possible.

6. Ask lots of questions.  If something doesn’t seem right, it probably isn’t.

7. Have a local attorney review the contract.

It is important to remember that not all real estate investment companies are bad.   We buy Amarillo houses but we also help people.  Sometimes we advise people to do something besides selling us their house.  They just look at us kind of funny.  But that’s just how we do it.  We have to live and work here in Amarillo with the same people we help.  We are very much a local company.  People can stop by our office for a cup of coffee anytime.  But the bottom line is that our deals close on time.  We do what we say we’ll do. That’s why we are still in business.

If you are looking for a legitimate Real Estate Investor give me a call.  I would love to visit with you about your house.  You can call me at 806-359-7653 or visit my website at Amarillo Real Estate Investor.

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

Sell My Amarillo HouseSell My Amarillo HouseSell My Amarillo HouseSell My Amarillo House

Contact Information

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

wade@mitchellpropertygroup.com | emmy@mitchellpropertygroup.com