Equivest Homes Is Helping Distressed Property Owners Sell Their Properties for Cash
In most cases, before a home can be sold, an appraisal needs to be conducted where the appraiser determines whether the home is worth the purchase price that has been agreed upon by the real estate agent. But in some cases, a home is in no condition to be appraised at all, so does that mean that the property cannot be sold? Fortunately not, for the owners of distressed homes is Raleigh, there are some alternative solutions for selling their property.
Equivest Homes in Raleigh is a company that specializes in working with homeowners who have houses that are either in foreclosure or have properties that are not in saleable condition. They offer options to homeowners who are not able to get an appraisal for their homes and who need to sell but have major outstanding repairs that prevent them from doing so. Another other focus is to help educate homeowners who are behind on their mortgage as well as offering them the option to sell their property.
In the Triangle metro area (which includes Wake, Franklin, and Johnston counties) the foreclosure rate is less than 1% which equates to over 3500 homes that are in foreclosure. In general, the foreclosure process starts after the homeowner is 90-120 days in arrears on their mortgage.
In other situations, a foreclosure may be imminent, but the homeowner may not be able to sell due to extensive repairs that are needed. This could be for a number of reasons including water damage, a roof that needs replacing or exposed floorboards. In all of these cases, an appraisal for the home would detail these major repair issues making it impossible to use regular lending and real estate sales channels to sell the home through real estate agent or a listing agent and find a regular buyer who can get approved for a loan on a house in need of major repairs. The lender will require the repairs to be made first and this presents a sticking point for this type of home to be sold.
The type of properties that are suited to Equivest Home’s business solutions include homes where the bank is likely to foreclose in the near future, and a quick cash sale is needed. In other cases, there may be too many expensive repairs required on the home before it would be in a saleable condition, and the homeowner does not have the finances to complete the work.
Michael Porter with Equivest Homes shares on the importance of taking action quickly, saying “If you are behind on your repayments or likely to fall behind in the near future, it is better to take steps up front to resolve the situation rather than waiting for something to change.” He went on to say that, “Circumstances usually don’t improve, and the homeowner then finds himself in a tight spot with no way to negotiate with the bank and time is not on anyone’s side at that point except the bank’s.”
Distressed sales often occur at a loss because the funds tied up in the property are needed urgently, meaning that the owner is not in a strong bargaining position. A distressed property sale is usually not in the best interests of the owner as it indicates that the property is either under a foreclosure order or it is being advertised for sale by the mortgagee. In these cases, distressed properties usually fetch a price that is significantly lower than the market value.
This is where the service that Equivest Homes provides comes in. They are generally able to match or exceed the expected sale price and pay cash for the distressed property with closing in a matter of days. They offer an end-to-end solution including legal paperwork, fees, and other administrative issues.
Equivest Homes in Raleigh has a reputation for offering sound advice and quick turnaround times for distressed properties. They work discretely buying distressed properties and provide full confidentiality for the work that they do with their clients. Equivest is able to offer a cash sale which is often completed within a couple days to a few weeks regardless of the condition of your home.