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*CNB Business News: How are companies that are buying houses doing their job

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CNBNews Staff

Here’s here is how to sell your house traditionally:

Talk to agents who know your neighbourhood look at the comps and net sheets that they give you

Make them tell you how are they going to market your house and ask them to do it in detail - this is how you're going to get a great deal.

 

Get a real estate agent

It's a great idea to have a real estate agent because it would be easier for you to sell your house. But when you come to realise exactly what this means, it will not always be fun.

Your house needs to be clean and show-able. Which means that it has to be fully repaired and prepared for guests. This takes lots of money and time, especially if you have to paint the whole house. You may also need to take care of all the other stuff that you've gone to realise that doesn't really bother you. And even if this is not a problem, a problem will be meeting all the conditions that your real estate agents put for you.

 

Conditions

You will have to let strangers come into your house and see every aspect of it.

You will have to negotiate a lot of offers until you finally accept one.

You will have to make even more repairs in case of the visitors found something that he didn't like.

In the end, you might also have to contribute to the buyers closing costs.

Even if your real estate agent is very nice and always here to help you, you will be the one that will have to put up with all of this chaos.

 

More ways to get money from your house

Another way to do this is to rent your house or sell it to a buyer using a lease-purchase program.

The thing with renting your house is that it doesn't give you the money that you need in the big amount that you want, but it will come once a month and with all of that, you will become a landlord which has to talk to their renters constantly to ask for money and, of course, they will start complaining and they will want to use you to repair the problems that you couldn't fix in the first place for yourself.

So you'll have to think about selling your house to a buyer using a lease purchase option, but this also means that you have to pay the mortgage and you will have to put up with the tenant who might actually not buy your house after all the time that has passed.

 

About companies that buy houses

The thing with unexpected medical bills and your job is the fact that you will run out of money, and before you know, you will not have enough money to maintain your house. Regarding this, people started to believe that they have better things to do with their money but pay every month mortgage.

Sure, you will complain about the colour of the carpet or of the colours of the walls or how old the furniture is. Companies that buy houses don't really care about that, they are looking forward to buying your house just as it is and the price is fair and given in cash.

 

What’s wrong with them?

The problem with these companies that buy houses is that they give good companies that buy houses a bad name. They might actually ask you for money before they buy your house by charging an application fee.

If you're close to calling closure, they will drag out the deal because they want you to drop your price.

They might offer to take over your mortgage payments and then they will not pay them.

 

How to be sure the company is good?

To be sure you made a good decision regarding the company, make sure you follow the next steps:

When a company wants to buy your house, ask for their fund and for proof that it exists. Look for references and testimonials from previous sellers and make sure they are valid. Ask them if they belong to real estate associations.

Look into history to find out for how long has the company been in business, how long has it been since they started buying homes.

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