Working With The Right Home Buyers
Sometimes as homeowners, we have to make tough decisions. These might include compromises when we’re building or remodeling a house. Other times it’ll be what to do with a house when we’re going through some financial strain. In the latter case, it might appear that we’re going down into a pit of despair and have no choices to make that will help us out. But in a lot of cases, homeowners don’t really know what options are available to them.
When it looks like bankruptcy is the only option
Last year, Houston went through a terrible flood due to Hurricane Harvey, something that hadn’t happened in a really long time. Because of the unexpected widespread flooding, many homes were basically destroyed without an option to rebuild from any type of insurance. In fact, most insurance companies denied claims even if flood insurance was present. Any FEMA can only do so much with a dry budget.
One of the families that went through this flood tried to remediate the home and recuperate from the disaster, but they weren’t able to afford the repairs and they were falling behind on their mortgage. 9 months after the flood, they were now in foreclosure, and ran the risk of utterly ruining their credit and ability to take loans any time in the future, while also losing the property outright and not being able to live in it.
That’s when a home buyer company stepped in. Learning that the home was going to be auctioned in 7 days, they found a way to get the home taken off the list, and received confirmation that it would not go through the auction literally the day before it was to take place.
Now, as the homeowner, that’s a tough decision to make. When you’ve purchased a home, put money into it, and built equity in the property, it’s tough to make a decision between salvaging what’s left in your credit score and simply letting it all go through foreclosure, or filing for bankruptcy. In a situation such as this, there are no returns to be made for the homeowner. It’s purely about preserving the ability to make future financial decisions based on credit and reputation.
Understanding the motives behind the home buyers
Look, home buyers are there to make money. They are real estate investors, and they do make money off either connecting a seller and a buyer together, flipping the house after a repair by buying low and selling at market value, or lending to a flipper to make the rehabilitation happen. In any case, someone ends up losing money, and that’s generally the seller. But the alternative is that they would’ve lost a lot more. When dealing with a foreclosure, bankruptcy, relocation, vacancy, or any other situation where a seller would do better to sell the house, they are generally letting another company take the home away when they otherwise would have to sink even more money into it.
The difference, however, is that some home buyers will do all they can to screw you out of a home, while others sincerely care about your well-being and will do what they can to make sure you get the best deal possible. They’ll even help you move when you absolutely need it, and follow up with you when they want to know that you were taken care of. That’s when you know you’re working with a company that’s there to make sure you get what you need and they’ll be able to make money on their end as well.
Look at your options objectively
The important thing is to know that you need to remove the emotional connections to a decision in order to make the right one. When you look at your situation objectively, you can see what would obviously be the easiest route vs something that would keep you in a tough situation that will continue to burden you, cause more stress, and wreak havoc on you financially.
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