In this post we want to answer Cindy Smith’s question when she visited us at our offices to talk about buying her property. In the middle of the conversation, my wife reminded me that I had to contact a North Portland client who wanted to sell us an ugly house.
Cindy laughed at the comment and asked us. “Why do you buy ugly houses?” 😄
The term “Ugly Houses” is common in the investor’s language. It refers to properties that are truly ugly or those that have physical damages and need major repairs. Properties located in high crime neighborhoods. Houses that could have a legal action against them, and that represent a large expense for their owners, and they can’t afford it, for example,
- Houses that have cracked foundations
- Weak or damaged home structures
- Plumbing, or electricity to be repaired.
- Pest infestation
- A disaster caused by accident or natural forces.
Some Legal Situations An Ugly House could Face
- Levies Against a Property (Ugly House).
- Judgments against the property.
- Unpaid property taxes.
An ugly house is one that is causing high expenses and that its owners can’t or don’t want to cover.
Also, ugly houses maybe those unwanted as an uninhabitable house. An inheritance property that causes displeasure among the heirs. A home that prevents city improvement works.
We at Better Off Home Buyers are dedicated to buying houses in Portland “As is” no matter how they look.
Cindy Smith’s visit to our office was very pleasant. We closed the deal for purchasing her home in Portland. According to her last comment, she learned something new that day. The ugly house term’s meaning.
I Need To Sell My Portland House Fast. Is It True That Better Off Home Buyers Pay Cash?
It was definitely the day of questions. After Cindy left, I called our client who wanted to sell us his ugly house. The first thing he asked me was:
“Is it true that Better Off Home Buyers pay cash for houses?” I answered yes. Our company is well funded to close transactions in cash.
“I need to sell my Portland home fast,” he said.
“We buy any house in Portland,” I repeated with a smile.
Well … the client from North Portland was asking me more questions about our process to buy his house. I explained that due to his property description, we were interested in seeing it. So we made an appointment for the following week.
I explained to him that, after the visit. We could present a written offer to him in less than 24 hours. If he agreed with it. We would begin the necessary documentation to finalize the transaction. He could get cash in a short time.
I asked him. Why he wanted to sell his house quickly. He told me that the house has been recently vacated by bad tenants. Unfortunately they left it in a bad state. Repairing it at this time would cost him a lot of money. In less than a month his wife will be giving birth to their second baby. So he wants to get rid of his Portland Ugly house right away.
I will meet him at his Portland property next week. I am confident that we are going to close the business in a short time. With the cash we’ll pay him for his house, he can attend to the needs of his family.
At Better Off Home Buyers we are so happy helping our clients. I felt identified with the customer in this story because my wife and I also have the happiness of having our first baby.
I Am Selling My Portland Home, I Need To Speak To One Of Your Real Estate Agents.
We received the above message through our website on the contact box, I dialed the phone number that came in the information and Mr. Jair Duncan answered, I identified myself as the representative of Better Off Home Buyers, an Investor company that buys houses.
Jair said he thought he was in contact with a Realtor office and he wanted to talk to a real estate agent. Kindly I explained to Jair the Better Off Home Buyers activities in Portland, Oregon.
Given his refusal to not want to continue talking to me, I asked just for a few minutes of his time to compare selling his house through a real estate agent or selling it to a professional home buyer.
Jair graciously agreed to let me continue, so I asked him about the property sale price and how long he had owned it.
He told me that his 15-year house was in a Portland neighborhood, where houses like his were selling for $ 650,000 average.
I asked my client if after 15 years the house would need repairs.
He was honest in telling me that they recently had problems with plumbing.
He said the garage door worked well, but a new one would improve the property.
Also, the house needed a complete painting.
So, I did the analysis as follow:
|Real Estate Agent, 6% Commission||($39,000)|
|Closing Costs, 5% approx||($ 32,500)|
|Plumbing check out||($ 750)|
|Estimated Plumbing Fix||($ 3,500)|
|Estimated new Garage Door||($ 8,000)|
|Complete house painting||($ 10,000)|
|Balance after fees||$ 556,250|
The total amount for expenses needed to sell Jair’s property through a real estate agent $ 93,750 Dollars.
Plus some minor extra expenses such as House Appraisal $ 650, cleaning $ 200, Gardening $ 120.
These extras add $ 970 to the expensive. We have to take into account the time that a property is sold in Portland, which is between 90 to 180 days, in the traditional house market.
So in broad strokes I showed Jair that, if we round numbers the estimated expenses cost of selling his house was $ 100,000. From the remainder of $ 550,000 he has to pay the house mortgage balance and the capital gain taxes.
If Jair Duncan sells his house to Better Off Home Buyers. He could save the costs of real estate agent commissions, home repairs, and closing costs plus minor expenses because we buy houses “as is.”
When you sell your home to an investor like us, the transaction takes 7 to 30 days and we pay in cash.
Jair said that my analysis seemed very tempting to him, but that he would like to have another opinion, I encouraged him to take the time he considered necessary to compare the two options. And no hesitate to contact us at any time
Also, I let him know that we are willing to assist him with anything related to his Portland house, or any assistance he may need on the real estate industry.
We love to do business with homeowners, but our main interest is to establish a friendly relationship with them.
Better Off Home Buyers obtained permission from our clients to write their names in this publication. At this moment we are waiting to hear from Jair Duncan. Therefore we will be writing about his house purchasing conclusion.
For us, every day is a new adventure in the work we do. It does not really work. It is a fun activity that has become a lifestyle.
Today we are living the effects of the Coronavirus pandemic in the world. At Better Off Home Buyers we continue to reinvent ourselves to keep helping our people. We take all recommended precautions to prevent the spreading of COVID-19.
Contact us by filling out the form on this page or dial (503) 212-9641