If you have failed to pay your federal, state or property taxes or a municipal charge like a municipal tax in full, you may have received notification that a tax lien has been placed on your home and are wondering “what is a tax lien?”
Although tax liens prohibit you from selling your property until you’ve paid the taxes, plus interest and penalties, you owe, you can still sell a house with a lien with expert help.
What Does a Tax Lien Mean?
A tax lien isn’t the same as a levy, which would allow the government to seize your property to satisfy your debts. Even so, liens are a concern because of the possibility of a lien-holder confiscating your property if you are still unable to pay.
Once instated, federal tax liens apply to your property until you repay all your outstanding debts. This can put a hold on your credit lines and other opportunities, making it crucial to think about satisfying the liens as quickly as possible.
How Do Tax Liens Work?
All states have laws that allow the local government to sell your home in a tax sale to collect delinquent property taxes. The government auctions tax liens off to people in the community to recover its lost revenue. Buying a tax lien is an investment, as the owner can recoup your tax payments, with interest and penalties.
Once you’ve paid the amount you owe, the government issuing the lien removes it from your house within 30 days. If you don’t repay the taxes and penalties in time, your lien-holder can foreclose on your property.
Dealing with a Tax Lien on a House
A lien typically prohibits you from selling or refinancing your house. However, you can use the money earned from selling your property to companies that buy homes to satisfy your debt. These companies normally pay out quickly in cash, meaning you’ll spend less time with your home on the market and be able to resolve your lien, fast.
If the proceeds don’t satisfy the lien, you’ll have to apply for either subordination or withdrawal.
Subordination allows you to yield priority in debt payment. This can mean allowing an organization like the IRS to sell your debt to third-party creditors, potentially freeing you to sell your home.
Withdrawal is simply when the federal tax lien is withdrawn from your property. You must be current on your tax payments and have filed taxes correctly for the past three years to qualify. When an entity like the IRS agrees to withdrawal, they’re allowing you to adhere to a more relaxed payment plan. This is perhaps because you’ve already paid back your debt in part. However, you will still have to pay back the full sum.
The government may release your house if it realizes that its interest in your property is of negligible value. To achieve this, you must prove that your home isn’t valuable, or that the property is defaced in some way. If you’re dealing with a distressed house, you might want to consider selling to companies that buy homes in any condition and can take the property off your hands easily.
Another option is to dispute the lien. If there’s a creditor other than the federal government involved, the government might be willing to settle in or outside of court for a smaller payment, depending on your circumstances. With tax liens, it’s possible that the IRS counted debts for the wrong year or that you’ve experienced identity theft. Either of these situations would allow for an immediate release on your property.
How To Sell A House With Tax Liens
Selling a house with a tax lien may be difficult, but it’s not impossible. As long as you can pay off the lien before you conclude your sale, you’ll be in the clear.
One option to pay your debts is adding the taxes owed to the property price when listing it. This might seem appealing because you’ll need to clear all liens before ownership can be transferred to the buyer, but it’s difficult to sell a house at a marked up price.
If the current housing market doesn’t support a higher price, you might have difficulty selling your property. You ca also be forced to accept a smaller profit from your home sale than you would have liked.
Consulting with a real estate professional or getting a home valuation is helpful for finding the appropriate fair market price.
Having tax liens can make selling difficult, as you must disclose this on the title report to potential buyers. Homebuyers may become concerned about the property’s legal status and hesitate to close, resulting in a long, frustrating selling process.
You’ll need to account for additional costs involved in selling your house, such as transfer taxes or broker fees. By selling to a cash home buyer in Tampa, you can get a house with tax liens off your hands without racking up realtor fees. Cash home buyers have the resources to purchase your property upfront in cash, without needing a mortgage.
Companies that buy homes as-is can be very helpful as you navigate liens, as cash home buyers have plenty of experience helping sellers get rid of distressed properties efficiently.
If you’re looking to unload a house quickly, selling to cash home buyers can be a great solution. You won’t have to worry about navigating a complicated sales process while trying to eradicate liens or other liabilities, because a professional can help you deal with the paperwork involved.
Sell Houses with Tax Liens to Meli
If you have a tax lien on your house in Florida, look into cash home buyers in Central Florida. Meli Homes is a reputable cash home buyer in Central Florida. We make selling a distressed property quick, easy and stress-free. We’re here to help you turn a tricky sales process into a simple, hands-off transaction.
We buy homes in any condition for cash so you can focus on paying off your debts today.
If you’re struggling with foreclosure, tax issues, or legal hassles, we’re here to take help without unnecessary fees. Contact us now for a great offer on your house.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
To sell your home as-is fast in Florida, your best option is a cash home buyer. Whatever the circumstances or condition of your property, selling to a cash home buyer is a good option. Here’s why selling your distressed home to a cash buyer is quick and easy.
What’s a Cash Home Buyer?
A cash home buyer is an individual or company that has the funds to purchase your property outright. This allows them to purchase without the need for a mortgage or a loan.
Why is a Cash Home Buyer the Best Option for Selling Property As-Is?
Cash home buyers will buy property in any condition. Whether relocating for work or inherited a home, a cash buyer can purchase your property within 30 days or less.
Selling a distressed property to a cash home buyer in Florida is the faster alternative when selling your home. Listing on the property market is costly, time-consuming and there’s no guarantee that you will sell your property as-is. Selling the house yourself is even more time-consuming, and you get no expert advice.
Homebuyers become hesitant when it comes to purchasing a property that’s listed ‘as-is’ because many are afraid you’re hiding something. Even if someone agrees to buy, there is the risk that the deal could fall through.
Selling your property as-is to a cash home buyer offers security as they’re not dependent on a mortgage or loan. This speeds up the buying process because there’s less paperwork, no waiting on lenders, and no property chain involved.
If you inherit a property and you’re unable to shift it on the open market as-is, consider selling it. You can sell to a cash home buyer and have the funds in your account faster.
Ultimately, cash home buyers give you a selling option that helps you avoid the hassle of trying to sell a property yourself or through a real estate agent.
Why a Cash Home Buyer will Purchase Your Home As-Is
Cash home buyers have an incentive to purchase your property as-is because they can pay a lower price for it. They are then able to refurbish the property and potentially sell it for a profit.
If your property is in a highly desirable location, there’s even more incentive for a cash home buyer to secure a sale on your property quickly. Homes in prime locations are in demand across Florida and cash home buyers are always looking for the next opportunity to secure a sale.
Most cash home buyers tend to be companies acting on behalf of investors, or wealthy individuals looking to add to their property portfolios. They will often buy property as is because it offers a quick turnaround.
Get an Estimated Value of Your Distressed Home
Even though you need a fast sale on your home, it doesn’t mean that you should take the first offer that comes your way from a cash home buyer. If your property does need repairs, you should it valued first so you have a ballpark figure to gauge offers on.
Let’s say you need to sell a distressed property in Tampa Bay. Your property is right on the coast and despite its poor condition, its location means that it potentially has a higher value than a property that’s inland.
Under these circumstances, before you sell your home as-is to a cash home buyer, get it valued. Knowing what your house is worth as-is puts you in a better position to sell. A genuine cash home buyer like Meli can make you an offer that is within the region of the valuation.
This makes the selling process faster as you won’t have to haggle to get the price you want. You can quickly strike a deal and get the property off your hands for a fair price.
Be Honest
To sell your house as-is fast, it’s best to be honest about its condition, even when you’re selling to a cash home buyer. Not sharing issues within the home and leaving them to be discovered before a sale is done may cause the buyer to lower or back out of their offer. If an issue comes up post-sale, you may face a lawsuit.
Delays and extra costs wouldn’t show up if you disclose everything about the condition of your property at the beginning. You might receive a lower offer, but if you are serious about selling fast, then a lower offer is better than no offer.
Choosing a Cash Home Buyer To Sell Fast
You want the highest offer possible when selling your home as-is. Genuine cash home buyers will offer you a fair price that reflects the condition of your property and its location. Your decision to sell to a cash home buyer in Florida should be based on their customer service record.
Meli is a reputable cash home buyer with excellent reviews, an extensive portfolio, and a solid understanding of the market. This is what you need to look for if you want to sell your distressed home as-is, fast.
When you work with a cash home buyer that understands the process and your circumstances, your deal will be agreed upon quicker. An experienced cash home buying company knows how to overcome any problems that may occur and won’t back out of a deal once they’ve committed to buying.
Partner with Meli Homes
Meli is your cash home buyer in Orlando, Melbourne, Tampa, and other regions of central Florida. To sell your home as-is for a competitive price, we make the process quick and easy. We can schedule a walk-through of your home within 24 hours, make you an offer and close on your property within 30 days.
To schedule a walk-through and receive a competitive offer, call, text, or contact us using our online contact form.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your situation. Please consult with your advisor when making legal or financial decisions.
We handle distressed homes in Central Florida all the time. We know how difficult and overwhelming a distressed home situation can be, and over the years we’ve become experts at tackling some of the most difficult situations, including probate cases, squatters, hoarding cases, and more.
Regardless of your situation, we understand how out of control it can feel. Rather than losing your home or sleep over a seemingly impossible situation, we encourage you to reach out to our team to discuss your situation. There’s no cost to call us, and if your home is a good fit, we may extend an offer to you on your home. Learn more about how our process works here.
In this video, Evan recounts his experience working with a homeowner just a few months ago. This distressed home in Titusville was a difficult case, but very similar to many others we work with on a regular basis. The homeowner called about his property that he’d inherited from his father when he passed away. His brother had been living at the property and unfortunately passed away while at home.
He had been speaking with a lawyer who was charging him $200 an hour, and even though he figured he would need a probate case, he could not afford to continue speaking with the lawyer. He didn’t fully understand probate, so Evan took time to explain the process to help him get a better grasp on the situation.
His sister had worked with a realtor who appraised the home far more than Evan figured it was worth after inspecting the property. The homeowner had been negotiating with home buyers using this appraisal, and many home buyers agreed to it before they had seen the property. This happens often, as home buyers will tell the homeowner what they want to hear and renegotiate after they get the home under contract contingent on the inspection.
We do not condone these predatory practices at Meli, as they force homeowners into a situation where they are tied up in legal issues with the home buyer, who is now offering them far less than they initially offered. Depending on the situation, this can leave the home owner with no choice but to accept this offer – it’s a shady practice.
Meli will only offer you a contract once we have inspected the property to give you your final price. Once the contract is signed, you will receive the amount agreed upon – no hidden fees or closing costs.
Once Evan went to the home to inspect the property, he realized that the homeowner’s brother had passed away in the home, and his body was not found for a few weeks. Because of this, he wasn’t able to enter parts of the property for fear of breathing in toxins.
After inspecting the home, Evan came to the conclusion that there were several issues facing the property: they possibly needed to get a probate on the property in order to close, the property needed to be professionally cleaned to remove the biohazard, and it was a hoarder case with junk from one side of the property to the other.
Evan told the homeowner he would receive an offer the next day, but let him know it wouldn’t be nearly as high as the offers he had been receiving and explained why. Evan and a partner made a no-contingency offer to buy the property as-is.
As stated, he didn’t offer nearly as much as the competition, but Evan listened to the homeowner and was able to buy the home, allowing him to move on with his life. Evan worked with his lawyer to clear up the probate and worked with a local biohazard cleaning company, BioAway to clean up the property.
We work with distressed homeowners in Central Florida, and our mission is to get them out of a stressful, difficult housing situation as simply as possible.
Please don’t hesitate to reach out to us if you’re also facing a distressed housing situation. There’s no cost to talk with a member of our team, and we’ll help you find the right solution, even if it isn’t us.
Meli Homes was formerly known as Simple Sale Central Florida as mentioned in this video and transcript, but the information provided is still just as valuable! If you have any questions, please reach out to the team at Meli!
For your ease, we have provided a transcript of the Q&A Recording.
Hey, this is Evan with Simple Sale Central Florida. Wanted to do a Q&A. We’re trying to do these every few weeks now to just answer some questions that we’ve seen, questions that were asked by clients that we work with. We have 10 or so questions. We’re just going to run through them and then at the end if there are any more questions feel free to type them into the chat. Here we go!
1. How do I know if my home is distressed?
Distressed doesn’t just mean that you’re in foreclosure. It can mean that you have excessive repairs on the property that maybe has excessive code violations that you owe on. It could be excessive repairs. There’s many different instances. It could even be that you just need to sell your house as soon as possible.
Typically those are the types of situations that we work with and if you are not really in one of those types of situations Simple Sale Central Florida may not be a good fit. More of a traditional route with a realtor – which we also do that as well – it’s just a different avenue for selling your home.
2. Can I sell my home if there is a judgment on it?
So… yes and no. You can definitely enter into the selling process. You can sign a contract, but when that judgment shows up on title, you’ll have to take care of that judgment, whatever it may be. If it’s a judgment for you owing money on a fine or something, that matter will have to be paid at closing or before closing in order to be able to close on the property.
So if the judgment isn’t taken care of, typically you aren’t going to be able to close on the property. You’re going to have to sell it subject to the judgment. In almost all scenarios we will not buy a property like that, but we will help you take care of the judgment before the close and make sure that the close goes smoothly.
3. I don’t know if I own the title to my home. Can I still sell it?
So in those types of situations, which we come across often, what we would do is enter into a contract on the property and then run a title search. In that title search, which comes back in a day or two, it will tell us if you actually own the home or if someone else owns the home that you don’t know, or maybe a family member that you don’t actually know of.
Even in those situations – we just closed on a property last week where the lady that was selling the property had multiple other people on title and she had no idea. But we still took care of it and found the solution and everyone walked away happy.
So yes, you can still sell it as long as we solve whatever title issues there may be on the property. So I wouldn’t let possible title issues keep you from entering into the selling process. I would continue to move forward and then address any issues that come up.
4. My sister and I both inherited our parent’s home. I want to sell it but she doesn’t. What can I do?
So currently there’s a property that we’re working on in which there are 7 people that own a home, and a couple of them don’t want to sell it. So there’s always a way to get the property sold, but you really want everyone to be on the same page.
If you have no choice and you need to sell your part of the inherited home as soon as possible there’s options like partition sales, which means you would go to a judge and say “I own one-half, she owns one-half she doesn’t want to sell but I do. She’s not talking with me about it. She won’t buy my half out. I want to move forward with the sale.”
It’s a very long process, probably at least 6 months. If the judge approves it, you’ll move forward on the sale of the property. But I would highly recommend not going that route. There’s always a solution for everybody.
If there are differences or whatever, it may be something you can figure out. Those differences come up in most every scenario that we’ve seen. You know, there’s always a solution if there’s some kind of relationship problem. There’s always a way to work out those problems and move forward where you don’t really need to get into litigation.
5. I inherited a home from a hoarder and don’t even know where to start.
So, depending upon the situation, you need to decide how involved you want to get with the property. If it’s not an emotional event for you, I would highly suggest just selling the hoarder’s property to a distressed home buyer. But if it is an emotional event however, if it’s just you or if it’s various people and you want to actually go through some of the stuff like valuables, and definitely if it was someone very close to you, I wouldn’t recommend just selling it immediately because you’re probably going to have seller’s remorse since there are a lot of emotions involved, especially if it’s a parent.
If the previous owner has no ties to you, I honestly would just sell it to a distressed home buyer that’s experienced in things like that and try not to worry about it too much. It really just depends upon whatever your situation may be is how I would really approach it.
6. Can I do anything if my home is going to be foreclosed on in the next two weeks?
You can absolutely sell your home facing foreclosure. So in those types of situations if, for example, you approach Simple Sale Central Florida and said “I’m foreclosing in a couple weeks,” what we would do is get a contract and we would end up filing that with a judge, saying that the property is being sold. That would hold off the sale until the closing of the property.
A lot of people don’t know that, that you can usually do that up until just a couple days before if you can get it filed and show that you’re selling it. The judge will typically push back that foreclosure auction and you can close on the property and then you don’t have to worry about it.
There’s also other options. You can file for bankruptcy. I’ve seen that a lot, where someone doesn’t want to get rid of the house, they need to but they really don’t want to and they can file. Filing for bankruptcy will put off the foreclosure as well. It really depends upon your situation, but there are multiple options that you can choose that will keep off the foreclosure.
I would not suggest doing something just to delay the inevitable. I’ve seen people file for bankruptcy and not actually go into bankruptcy, and then you have a judge that isn’t very happy with you because you didn’t perform on what you said you were going to. So yes, absolutely you can sell it which would hold off foreclosure and you wouldn’t lose it at auction, or you can file for bankruptcy there may be even other options but nothing else that I’m aware of.
7. There was some unpermitted work done on our house, can we still sell it?
You can absolutely sell it. Typically it is going to be difficult to get a mortgage on a property with unpermitted work, so it depends upon how obvious the unpermitted work is. Something very minor, probably no one is going to notice, but if it’s a whole addition to a house there’s a good chance that you’re not going to be able to get a mortgage on it. Then you would typically have to sell it to a cash home buyer, someone who’s going to pay cash for the property and take on the risk of that unpermitted work and then take out a permit and then getting the work approved.
But you can absolutely still sell it. A lot of people don’t know that you can take a property where the county or the city may not know that half the property exists and sell it to someone for cash and then let them deal with it. We’ve dealt with situations like that.
8. What if there are tenants in the house? Can I still sell it?
So, over the last month or so maybe a couple of months we’ve had some situations where we bought properties that do have tenants in them or squatters. People that may have never paid rent to begin with and in those types of situations you can absolutely still sell them. You really don’t have to do anything with the tenants just let the buyer figure out the situation with them.
I had a situation in Tampa a couple of months ago. The property had, at the time of closing, 6 squatters in the house and they were not tenants. They were kind of hanging out with the previous tenant, the previous tenant moved out and they just decided to stay. The seller just wanted to get out of the situation because they were taking advantage of her, so we bought the property and we worked with the squatters and everyone walked away without any litigation. So you can absolutely sell the property and let the buyer deal with it.
9. Do you buy mobile homes?
That’s a very common question. We do not just buy mobile homes, we only buy mobile homes if there’s deeded land attached. So that means you own the land under the mobile home If you don’t own the land under the mobile home we really are not interested in buying those there’s probably someone out there that would but it’s not what our company does.
So if you have a mobile home that’s distressed and it does have land under it we are interested in looking at it. But as far as just the mobile home where we’d have to haul the mobile home off the lot or pay the lot fee we’re not really interested in taking that on.
10. Do you buy land with code violations or liens?
Yes we do. We’ve had situations where we’ve worked with people to tried to take care of code violations and liens on empty lots where there were significant liens and code violations. There were so many that we couldn’t actually get it figured out before the sale. I think they actually sold. But we absolutely do.
Land is a similar asset to a home. It does have value and you can sell it to someone. Typically it is going to be someone that will buy for cash that wants to then build on it but we will absolutely work with you on empty lots or even acreages of land with code violations or liens.
11. Will you work with me if I already have a Realtor?
Quite often when someone has a realtor, they will end up reaching out and wanting to discuss their property. I may find out in the process that they have a realtor that they’re obligated to pay commission to.
So we will, but if you already have a realtor, more than likely you’re not in a distressed property situation. In those situations if you are looking for someone to buy your house and you have a Realtor – that’s their job, they should be reaching out because they’re earning their commission. I would seriously consider finding another Realtor, but we will absolutely work with them. Without a doubt we have worked with people who have Realtors in the past and had good experiences so that’s definitely not a deterrent at all on our end.
Wrapping Up
So I think that was 11 or 12 questions there. Really want to see if anybody on stream has any questions at all. I don’t think I see any but if you do now’s the time.
If not, I think that kind of concludes our Q&A and, like I said, we’re now doing this every few weeks so we’ll be back in a few weeks with some more interesting questions. We’ll try to mix it up a little bit more next time.
I meant to say we’re available through Facebook, through LinkedIn, through our website, of course – simplesalecentralflorida.com. So we’re always available to talk about any distressed home issues you have, or if you have a family member. If you are a Realtor we now have a place for you to submit clients.
So there’s plenty of ways to reach out to us. Like I said Facebook, LinkedIn and the website in which, you know, if you have questions. feel free to ask. I would say a decent percentage of people that come to us are not looking to sell, they’re just looking to have a discussion to see if they want to sell or need to sell and we’re absolutely happy to answer those questions for you.
So, I think that’s it. Appreciate you all for coming on and, like I said, if you have any questions feel free to reach out on simplesalecentralflorida.com. Thank you!
If you’re looking to cash out on your distressed home, there are pros and cons of selling your house as-is. Selling your distressed home as-is can be the easiest option because you won’t have to make repairs to your home. However, there are some things you need to be aware of when selling your house in its current condition.
What Does Selling As-Is Mean?
Before diving into the pros and cons of selling your house as-is, understand that selling as-is means selling your home in its current condition without making any repairs. The buyer purchases your property complete with all its faults.
Under Florida law, you are legally required to disclose any defects your home has. This is mandatory, even if a buyer does not ask about your home’s faults.
For instance, if you sell your home to a private cash home buyer in Tampa Bay, the buyer should sign paperwork affirming that the house’s condition was disclosed before purchase. Both parties should be forthcoming about the as-is nature of the house sale.
Unfortunately, many homeowners selling property as-is get the impression that they do not have to abide by the general obligations associated with selling houses. Even if it’s understood that you’re selling a distressed home, you must disclose the particular faults and defects of your home before making the sale.
Pros of Selling Your House As-Is
The simplicity of selling your home as-is makes it an attractive option for distressed homeowners looking to make a manageable sale.
1. Sell Fast
Sometimes, people get a property they don’t want to maintain or may have to move on short notice. If that’s the cast, you probably won’t have much time to renovate or repair your property. Instead, you might choose to sell your property to a cash home buyer, fast.
For example, if you decide to sell to a cash home buyer in Orlando, the buyer will purchase your property in its current condition and make a fair offer based on the renovation work that’s needed. This way, you can get the property off your hands quickly, without the headache of renovations. Plus, you may even earn a lump sum to put toward relocating.
You’ll be able to avoid selling on the open housing market, which can be time-consuming, costly, and a hassle if you have major repairs like water damage and mold.
2. Settle Debts
If you’re in a difficult financial situation and unable to afford your mortgage payments, you could be facing foreclosure. If the bank repossesses your home, you’re left with nothing. Selling your home as-is gives you a fast way to generate cash to settle some of the debts you’ve accrued.
Selling your home as-is helps you avoid making expensive repairs that are necessary to get a good deal on the open housing market.
3. Get Inherited Property Off Your Hands
If you inherit a property that’s dilapidated and you lack the funds or energy to make repairs, selling the property as-is to a cash home buyer is a fantastic option. This helps you avoid the hassle and inconvenience of trying to bring the property up to a sellable standard.
If you decide to sell to a cash home buyer in Melbourne, you’ll get a fair offer based on the condition of the house, putting cash in your bank account that you can invest elsewhere.
Cons of Selling Your House As-Is
As with any selling method, selling as-is comes with some disadvantages.
1. Less Than Market Value
Expect to get offers that are less than market value for your home. Any offer made by a buyer will almost definitely factor in the cost of the work needed to make your home viable for resale or living in.
The amount of money you’ll lose when selling your home as-is will depend on various amounts of things. These things include the state of the property, the cost of repairs, and more.
2. Limited Buyer Pool
Selling a home as-is will set off alarm bells for a lot of home buyers. They won’t be able to get beyond the idea that there is something majorly wrong with the property, meaning they’ll have to invest heavily in repairs after making the initial purchase. This can drive buyers away or lead to ridiculously low offers.
This generally limits your buyer pool to investors on the open market, which means you’ll have to target a specific market to find the right buyer for your home.
3. Harder to Sell
A limited buyer pool means that your home will be harder to sell on the open market. If you decide to list your property with a realtor, you and your agent will have to work doubly hard to convince people that your home is worth a fair price.
Selling your home as-is can create trust issues, as a buyer will automatically assume you’re trying to hide something.
Sell to a Cash Home Buyer in Florida
There are several pros and cons of selling your house as-is. The cons tend to be associated with listing your property on the open market.
However, selling your home as-is to a cash home buyerin Florida offers many benefits. Most cash home buyers purchase properties in any condition and offer quick transactions and greater security around the financing. All of this is ideal if you need to offload a property fast.
It’s important that you work with a reputable cash home buyer with a portfolio of buying homes as-is. Make sure you do your research, get references, and check reviews if you decide to sell to a cash home buying company.
Before anything else, get your home valued. When entering into negotiations with a cash home buyer, knowing the value of your property as-is will give you an indication of whether the buyer is making a fair offer.
Sell to Meli Homes
If you’ve unsuccessfully tried to sell your property as-is on the open market, consider selling to Meli Homes. Whatever your circumstances, we will make a fair offer on your property in any condition.
We are your trusted cash home buyers in Florida, and we offer many benefits: we’re willing to make deals to let you stay in your home a few days after closing, and we offer incentives for sellers who schedule walkthroughs within 48 hours. To get an offer on your as-is home, call us at (407) 338-4183 or fill out our contact form.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
Meli Homes was formerly known as Simple Sale Central Florida as mentioned in this video and transcript, but the information provided is still just as valuable! If you have any questions, please reach out to the team at Meli!
For your ease, we have provided a transcript of the Q&A Recording.
This is Evan with Simple Sale. Just want to do a quick introduction before we get in the Q&A. Simple Sale is a distressed home buyer throughout Central Florida.
We’re actively buying distressed properties throughout Central Florida, anywhere from Tampa to St. Pete, Titusville, Orlando, Ocala, Kissimmee, several different locations throughout Central Florida.
Distressed properties are anything from code violations, liens, legal issues like probate, judgments, we actively purchase those types of properties.
We typically do not purchase properties that are not distressed. We do not make competitive offers on those types of properties, but we do actively work to purchase distressed properties and fix those situations on those properties. And with that we’ll go ahead and get into the commonly asked questions that we get here at Simple Sale.
1. Can my house be distressed even if it’s not damaged?
Commonly people think distressed either means the roof is falling in, the A/C doesn’t work, the windows are knocked out >or it needs tons of repairs, and that’s not always the case. Distressed can mean foreclosure, code violations, liens, judgments, It can mean that there are probate issues where there’s going to have to be litigation or lawyer work of any kind done. That’s what is considered distressed in the residential space.
The repairs aspect of distressed is commonly what we see. A lot of times a property that’s distressed has a lot of work up front that needs to be done. That’s not a reason to not sell your property, just because it needs repairs and it appears distressed. There are companies out there like Simple Sale that will purchase your home and get you the money you deserve.
2. How are you able to work through legal issues if you aren’t a lawyer?
This is pretty common. People that call Simple Sale and ask us “How do I fix this legal issue? I have a probate? How do I get rid of these judgments or liens because I can’t sell my property?” From our experience we are able to talk with you about a lot of situations.
We don’t give advice because we aren’t lawyers, but we do have lawyers that we use for different types of situations like probate, for example. That’s a very common one. I would say a third of all properties that we buy are probate properties that people don’t even know about.
We’ll run title on the property and figure out that the person who thinks they own the property doesn’t actually own it outright, technically. They may have treated it like they owned it for the last 10 years and have lived in it, but that issue needs to be resolved in court, and we always hire a lawyer to do that after we figure out that there’s an issue that needs to be resolved. A lot of times just talking we can figure out a solution without ever having to hire a lawyer. It may not actually be a legal issue, even though it may have seemed that way.
A quick example is a property right now that we are trying to purchase in St. Petersburg. I’ve been talking with this guy for a couple of weeks now, we have a property under contract and we’re looking to purchase it. We ran title on it and it came back that he actually didn’t have 100% interest in the property and he didn’t know that. And it’s very common, and now we’re going to have to do probate on the property in order for us to purchase the property.
So it’s not an unusual circumstance to get into a situation where you need a lawyer and you don’t even know it.
3. Can you tell me how much my home is worth?
When people reach out, a lot of times they ask how much is their home worth and the easiest way to figure that out is to go to our website, simplesalecentralflorida.com. Type in your address, leave the contact info that’s the best way to reach you, and we will get in touch with you. We’ll ask a few questions to determine the current status of your property legally and from a physical standpoint and from there we can give you an estimate on what we think the property is worth, contingent on legal issues that we may not know about, of course.
That’s kind of the start of the relationship with Simple Sale where we’ll give you an estimate and if that estimate is something that you are interested in, we’ll dig further into coming to view the property, getting to know you, getting to know your situation, and talking with you about what’s going on with the property. A lot of times there can be some emotions, complexities, and we actively work to make sure that you’re happy with the experience.
4. Why should I sell my home to you and not through a realtor?
That’s a great question, and that happens all the time. A lot of times we are not the best fit for buying your property because it isn’t distressed. If there isn’t anything wrong with the property you should list it with a Realtor.
If that’s the better decision for you, we will tell you. We are not in the business >of giving you bad advice. We’re in the business of finding a solution for you, and sometimes that solution is us and other times it’s not. It’s all about having that initial conversation and determining what your situation is and what appears to be your best direction forward.
5. My home is a wreck, I’m not sure if it’s even worth selling.
Commonly the properties that we look at do have issues with them where there’s a lot of junk or a bad roof, knocked out windows, major leaks and I would say that in almost of those types of situations it’s a non-issue. Very few properties that we come by are properties that we can’t do something with.
If you’re embarrassed by the condition of your property, I would say that’s not a reason to not reach out to us. You should reach out to us, because I’ve never had a property where it’s in such a condition that I can’t evaluate it and give you a reasonable offer. I would highly recommend that you still reach out because it’s not something that’s going to deter us.
In most initial conversations with sellers, they’ll ask: “Is this the worst house you’ve ever seen?” A large percentage of people ask that and there’s a few that stand off on their own, but then everyone else is pretty much the same. There may be some junk or some issues where repairs or updates are needed or there’s trash in the yard, but that’s a non-issue and it won’t affect you getting an offer on your property.
6. Can I sell my home if it’s in pre-foreclosure?
That’s a really common question, and of course you can. People sometimes don’t understand that almost all these transactions are going to be done through someone that’s paying cash for the property. You’re not going to be able to go out and find someone who’s then going to buy the home through retail and get a loan to purchase the property. That’s not typically how it works.
In pre-foreclosure, someone has to come in and pay cash for it. The offer is not going to be what your friend down the street told you that he’d pay you for it, that he just needed to get a loan from the bank, because that’s in the form of a loan and we buy in the forms of cash. The valuations for property are different based on cost.
So to answer that question again you can absolutely sell it. It’s a non-issue. In those types of situations what we do is we run title. Assuming title is clear we get a payoff from your bank, and then we get that number and my title company will then wire the money upon close to the bank to pay off the loan, and then you’ll get what’s left in between.
For example, if you owed $100,000 on it and you’re in foreclosure and we have the payoff for $100,000 even and I offered you $140,000, you would get $40,000 in between, minus some small pro-rated tax costs. Besides that, that would be the difference and that is what you would get. You don’t have to call the bank and then send the money, we handle all that from our end.
7. How do I know if the home I’m trying to sell needs a probate?
That’s one of those things where we figure it out after we run title, and I would say half the time people don’t know that they even have to get a probate on the property until after we run title and realize that in order to close on the property, transfer title for the warranty deed, you’ll have to do a probate. That doesn’t mean that we can’t purchase the property, it just means that we’re now going to have to go through a legal process in order to clear up the title on the property to be able to transfer it or convey the title legally.
Half the time people don’t know that they need a probate, and sometimes it honestly doesn’t make sense on why, but that’s the way conveyance works. It needs to be shown by the court that you legally own the property before being able to sell it. It does make sense because if it was easy, there would be some fraudulent activity with people trying to take title on other people’s houses, so it is actually for the better.
Unfortunately it does cost money up front and we work with you on those costs and see how we can pay those costs. We can sometimes reduce those costs from the purchase price depending on the situation. It’s not a one-size-fits-all, a lot of these types of distressed homes are not a one-size-fits-all.
8. How long does it take to sell or close on the house?
For you to sell to us and for us to close on it and transfer the title it’s rarely going to take more than 30 days. Typically, if the title’s clear, there’s no outstanding issues that no one knew about it will be in 30 days or less. Maybe 3 weeks. We’ll close on the property and move forward.
If it’s over 30 days, it’s probably going because of an outstanding legal issue or there was unknown circumstances that came up because these situations with distressed homes can sometimes get pretty complicated. We will actively work with you to make sure that we are going to purchase your property as quickly as possible,and that means taking care of business as fast as we can.
Just to reiterate, it typically takes 30 days or less to be able to purchase and close on the property.
9. Where do you buy homes?
So we get people that reach out in, for example, Webster or Ocala or Mascotte or Groveland. Those types of areas that are not densely populated, and we do absolutely buy there. Inverness, we also buy in Tampa, St. Pete, Port Ritchie, Titusville, Melbourne, Palm Coast, Daytona, Ocala, Orlando, of course. Essentially most of Central Florida and then also in some circumstances outside Central Florida.
We will definitely consider your property no matter what we’ll reach out and see if it’s something that we are interested in purchasing no matter the location. There’s not a specific boundary that we look at when we evaluate properties. Just reach out and we’ll see if we are a good fit.
10. Why work with Simple Sale?
At Simple Sale, we operate with different standards than other companies. We operate by being trustworthy, accountable, and transparent. We do that by setting standards for ourselves in every interaction and in every transaction that we have. We want to be trustworthy.
Everything that we say we’re going to do, we do, and we are working in your best interests and we’re accountable for the things that we do. We work and strive to create great accountability by making Simple Sale accessible on the web and on social media.
If you Google our company you’re gonna find us, you’re gonna see our reviews, you’re gonna see how people felt after working with us. The reviews are also there so people who feelthey weren’t treated properly when working with Simple Sale are able to give reviews as well. We keep it open for the good and the bad, and fortunately we’ve had a lot of good along the way.
So accountability is huge and then of course the last and most important is transparency. Just being transparent with a person and completely honest with them about what’s going on. Most people sell a house once or twice in their life. We do it daily, so just letting the seller know what’s really going on from the perspective of someone who sees these types of situations every single day. That transparency is very, very important in creating a good relationship and having a successful transaction through all the situations that may come up.
Wrapping Up
Just to close out, we appreciate you coming by and hearing some of the commonly asked questions that we get here at Simple Sale. We just wanted to have a stream and a video available that answers those questions, not just from writing on a page, but from a real person that sees it every single day.
We work with these properties and deal with these issues every day and I think having this stream and this video can be valuable to educate people without having to take up too much of their time.
Once again, I’m Evan with Simple Sale and we really appreciate you coming by. If you have any questions at all, we’re here on simplesalecentralflorida.com. We’re on Facebook, we’re on Google.
Reach out with any properties that you may have or if you know of other people’s properties. If you’re a Realtor and you know of distressed properties, reach outand see if we’re a good fit. Thank you!
If you’re looking to sell your distressed home in Florida, it’s important to consider the benefits of cash home buyers. You can sell the property to cash home buyers in Florida to get unwanted properties off your hands for cash.
It’s important to note that a cash home buyer isn’t going to hand you a suitcase full of cash. A cash home buyer is a buyer who has the funds necessary to pay you in full if they buy your home, rather than financing it.
The Benefits of Florida Cash Home Buyers
1. Fast Sale
Florida cash home buyers don’t need a mortgage or a loan to purchase your distressed home, which means you can sell quickly with minimal hassle. What takes months with a buyer who needs a loan takes a matter of days or weeks when you’re selling to a distressed home buyer.
The traditional property selling process can be tedious and often involves a lengthy chain of stakeholders that requires everyone involved to do their part. If one part of the process falls through, the sale could collapse and leave you back at square one.
2. Avoid Foreclosure
If you’ve defaulted on your mortgage payments or declared bankruptcy, your lender could foreclose on your property. If that happens, you lose your home and get no payout. Selling to a Florida cash home buyer can help to avoid foreclosure on your property. Plus, it gives you the funds to pay off some of your debts.
3. Relocate Quickly
Got a job elsewhere in the USA or overseas? Need to relocate fast? You can quickly sell to cash home buyers in Orlando, Tampa, or Melbourne to fund your relocation. The benefit of cash home buyers in this situation is that you can seal the deal quickly and have access to the funds you need for relocating.
When selling to a cash buyer, you don’t have to put your home on the market or pay real estate fees. A cash buyer is more likely to complete the sale without any delays.
4. Settle Divorce or Legal Disputes
If you need to sell your distressed home as part of a divorce settlement or legal dispute, Florida cash home buyers are a fast, convenient option, especially if you’re on a deadline.
5. Sell Inherited Property
If you inherit a property that is in a state of disrepair, is not easy to maintain, or you simply don’t want, selling to a cash home buyer is a quick way to get rid of the property and make some money.
Selling to a cash buyer frees you from having to pay for upkeep and renovations or retaining a real estate agent. Selling a home can be time-consuming and costly, but it doesn’t have to be with a cash home buyer.
6. Sell a Home Stuck in Probate
Dealing with a property stuck in probate can be frustrating, time-consuming, and expensive. Probate proceedings can be incredibly complex and are often an emotional rollercoaster. However, you can sell to a Florida cash home buyer and free yourself from the hassle and stress.
7. Sell a Home That Needs Major Renovations
If your home has fallen into disrepair, needs major renovations, or has become unlivable, then sell to a cash home buyer. Florida cash home buyers purchase property in any condition, especially if it’s in a prime location in a sought-after neighborhood or up-and-coming area.
8. Sell and Rent Options
Let’s say you have a wonderful home in Melbourne, Florida. You need to sell, but you want to stay in the house. If you sell to a cash home buyer, you could negotiate a deal to stay in the home as a tenant. You get to remain in the property that you’ve made your home, and your cash buyer has a rental income.
9. No House Viewings
Selling your property the traditional way means you might have to host several house viewings or give a real estate agent permission to show people around your home, with the latter likely incurring a fee.
If you have to host viewings, it can be disruptive, as you might have to take time off work or be out of the house for large blocks of time on the weekends.
10. No Agency Fees or Commissions
When you sell to a Florida cash home buyer, you receive a lump-sum payment equivalent to the value of your distressed home. You will not have to pay agency fees or commissions for selling your property.
Be Aware of Who You Sell To
Due diligence is still advised when selling to a cash home buyer. You are within your rights to verify that a cash home buyer has the funds to purchase your property outright, without a mortgage or loan. You should also check the source of a cash buyer’s funds to avoid getting caught up in financial crimes, such as money laundering.
The majority of cash home buying companies and private buyers are legitimate, but it’s worth doing your research. If you’re considering a cash home buying company, look for reviews and testimonials to decide if the company is worth doing business with.
If you decide to sell to a private cash home buyer, request a portfolio and ask for references. Get consent to contact your buyer’s references so you can verify previous property purchases the buyer has made.
Make sure you get your property valued so when you come to sell to a Florida cash home buyer, you have an idea of what your property is worth. This helps ensure that you’re not selling your property under market value.
Choose Meli Homes to Sell Your Distressed Home
Meli Homes will buy your distressed house fast. We work with our partners to purchase your property with a fair offer and on a schedule that suits you.
Whatever your circumstances, we’re here to help by purchasing your home at a price reflective of market value. We understand the challenges of selling distressed property, which is why we’ll work with you to strike a fair deal. Get an offer from Meli Homes today.
A cash home buyer is an individual or company with the funds to purchase your property outright, or without a mortgage. A cash buyer cannot actually give you a suitcase full of dollars to buy your property, as it’s illegal to do a real estate deal with actual cash in the US.
The Benefits of Florida Cash Home Buyers
There are many benefits to working with cash home buyers, not least of which is the speed of the transaction. Completing the sale quickly is ideal if you own a distressed home.
If you’re unable to keep up with mortgage repayments or taxes because of bankruptcy or divorce and you’re facing foreclosure, selling to a cash home buyer in Florida offers you a fast way out of the predicament.
If you want to sell your Florida home for cash without having to pay any real estate agent fees, then a Florida cash home buyer could be the right solution for you. This is a lower-risk option than selling your home to a buyer without the personal funds to make the purchase. When home sales fall through, it’s often because the buyer is unable to secure a mortgage.
This can be incredibly frustrating and costly if you need to sell your distressed home in Florida to free up finances. If a sale falls through, you then have to find a new buyer and the process starts all over again, costing precious time and cash.
Selling to a cash buyer is more likely to guarantee a quick sale, as they are not dependent on funds from a third party. Most Florida cash home buyer sales can be completed in a matter of weeks.
Selling Your Distressed Home in Florida to a Cash Buyer
To get the best possible offer from a Florida cash home buyer, you can take the following steps.
1. Make Repairs
While most Florida cash home buyers will buy property in any condition, making necessary repairs could increase your offer prices. However, if it doesn’t make financial sense to repair your property, you may have to consider lowering the asking price to secure a sale from a cash buyer.
2. Research Reputable Florida Cash Home Buyers
If you’re considering selling your distressed home in Florida to a cash home buyer, it’s important that you do your research when choosing who to sell to. Whether you’re selling to an individual or a cash home buyer company, research what they’re like to deal with.
It’s a good idea to check online reviews and case studies of individuals and companies to verify that they’re reputable and will give you the best deal for your property. Better still, if you can speak to someone who sold to them, it’s worth hearing what they have to say.
3. Know the Value of Your Home
Before selling your home to a cash buyer, get it valued. Not knowing what your house is worth when you begin negotiations could mean you get less than market value. Do your research and look into what other distressed homes in Florida are selling for. This will give you some indication of your home’s market value, which can help you negotiate a better sale price.
Know that if your home is facing liens or other title issues, a cash buyer may offer you less than what it’s valued. They have to pay for the fees associated with solving these problems out of pocket, which is why they may offer you less than your home was valued.
4. Confirm Your Buyer Can Afford to Pay
Since you will be selling to a cash buyer who is paying for the house with a bank transfer, it’s worth verifying they have the funds to pay the agreed amount on an agreed date. A cash home buying company is often a more reliable payer than an individual.
You’re within your rights to ask for proof of funds. Should a sale fall through, you risk losing your home to foreclosure. However, don’t give the buyer any indication that you’re desperate to sell, as this could lead to a lower offer. To make sure you get the funds for your home, verify the buyer’s financial status.
5. Tell the Buyer Everything
If you decide to sell your distressed home to a cash buyer, it’s important to disclose everything about your property. The last thing you want is to agree on a price only for the buyer to discover that the property needs a new roof. They may lower their offer, or pull out of the deal altogether. Don’t give the buyer a reason to exit negotiations.
Equally important, if you fail to disclose any serious defects with the property, you could be faced with a lawsuit.
6. Get Everything in Writing
A verbal agreement is not enough when selling your distressed home in Florida. You need to get everything in writing to protect all parties. If you sell to a cash home buyer, all the paperwork should be taken care of for you. You get paid right away, and the company deals with the legal side of your house sale.
If you don’t want your home or need to get rid of it quickly, getting the paperwork sorted with the help of a professional can speed up the process.
Choose Meli to Help You With Your Distressed Home in Florida
Meli offers peace of mind when you work with us. We will buy your property, list it, or provide you with advice, no matter what condition it’s in. We’ll always help you find the right solution for your home. And, we make fair offers that allow you to sell your home fast and secure funds quickly.
Whether you’re facing foreclosure, looking to relocate, or going through a divorce or legal dispute, and you need to sell your home fast, we’re here to help. We proudly serve Central Florida, and we’ve helped hundreds of homeowners sell their property, completely stress-free, for a good price. Request a consultation with Meli today.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
Hoarding is a serious psychological condition that can make homes dangerous and unhygienic to live in. These homes can also pose a broader risk to the community. The cluttered conditions can create a fire hazard, and hoarded items can attract wildlife and breed disease. At this point, you may be wondering how to sell a hoarder house.
Due to the danger associated with hoarder houses, many landlords or government authorities are forced to evict residents and sell it. However, as a seller, how do you know what to do with a hoarder house and its contents? Do you sell a hoarder’s house as it is? Or get rid of the items and make structural repairs?
If you want to know how to sell a hoarder house at an optimal price, consider its condition, the contents, and any structural issues that it may have.
What is a Hoarder?
A hoarder is a slang word that refers to a psychological condition. The American Psychiatric Association defines hoarding as an obsessive condition in which a person compulsively keeps objects well past their usefulness or viability.
A hoarder is someone who has strong emotional ties to objects they collect that they have a difficult time letting go. This leads to them keeping items indefinitely. Commonly hoarded items include:
Food
Photos
Memorabilia
Clothes
Newspapers
Cardboard boxes
Recyclables
Affecting 2 to 6% of the population, this disorder can lead to severe consequences for the sufferers, including the loss of income, isolation, and loneliness. It also creates a hazardous environment for the homeowner. The risks of tripping, falling, and having piles of junk toppled over on you are ever-present.
The Challenges of Selling a Hoarder’s House
If you are in charge of selling a house that has previously been occupied by a hoarder, you have an enormous task in front of you. Hoarders’ homes often are left to the seller with all of the hoarded items, many of which have been in the structure for months, if not years.
A hoarder’s house may contain mold, rot, and decaying food, which are all significant health concerns for everyone involved. Most of the time, to avoid a black mold infection, workers wear ventilation masks when working in a hoarder house.
If there are animals on the property, the conditions can be even worse. Feces, decaying pet food, or even animal corpses can surprise workers by dismantling the piles of items inside the home.
If the hoarder is on the property to help clean before the sale, it can make the process slower and more difficult. Many hoarders become anxious and distressed when they see what they believe to be valuable items thrown out.
How to Sell a Hoarder’s Property
If you are trying to sell a house that once was inhabited by a hoarder, you have a few options.
You can sell the house as-is, with all of the damage, at a low price. Or you can undertake to renovate the home to revamp the property to make it attractive to potential buyers.
When deciding which route to take, consider the time it will take, the costs, and the perceived financial gain.
There is a third option, but it is usually reserved for the direst of situations. In some cases, the hoarder’s property is too far gone and is condemned by the state. In this case, the state has deemed that the structure is too dangerous for any inhabitants. If this is the case, your best bet is to raze the structure and sell the land.
Selling a Hoarder’s Home As-Is
If you don’t have a lot of time to devote to a home renovation, or don’t want to spend the money to renovate it, you can sell a hoarder house as-is.
The best buyer for a hoarder’s home is a real estate investor. These agents don’t need to see the property a lot or make too many inspections as they mainly buy property for cash and quickly turn it around.
Some of the significant benefits of selling a hoarder house as-is to a real estate investor are that they complete the closings quickly, sell on cash terms, and don’t charge real estate commissions.
To ensure your hoarder home sale is uncomplicated, always vet the real estate investor before you finalize the deal. You can check the investors’ online presence and reviews, meet with them in person and obtain references.
Renovating a Hoarder’s House
This option is more time-consuming and costs more money than selling a hoarder house as-is, but it can also net you more money in the long run. The first step is to empty the house. To ensure the health and safety of workers, masks, gloves, and protective jumpsuits should be provided.
Separate the stuff into three categories – keep, trash, and donate. Once you have emptied the house, evaluate the structural integrity with a professional. There may be rot or damage to load-bearing beams, pipes, electrical wiring, and more.
The third step is to hire a professional cleaning crew to scrub the house from top to bottom. Some services specialize in deep-cleaning hoarders’ homes as it may take some extra elbow grease to get the property clean and sanitized.
Whether you plan on renovating the house yourself or using a contractor, set a firm budget and timeline so you don’t end up losing out on your investment. If you can’t dedicate the time or money to fixing a hoarder house, the best option is to sell the place in as-is condition, as it may be more cost-effective for your long-term.
Final Thoughts
Selling a hoarder house on the open market is difficult and not always successful, as it may not show well or appeal to buyers. But helping dismantle a hoarder house and making it livable again is a worthwhile and noble cause.
By putting your property in our hands, we can help you make the right decision for selling your distressed home. Meli Homes can help you get rid of a hoarder house quickly and easily with no excess fees. If you have a hoarder house for sale, get started by submitting your address or call us at (407) 338-4183 to get your offer.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
Many people love the challenge of a fixer-upper, but this kind of undertaking isn’t for everyone. Maybe you’ve recently come into an inheritance that also includes a house that you don’t need and on which you don’t necessarily want to pay taxes. There are quite a few situations in which you may want to sell distressed property in Florida quickly.
Here are some tips if you find yourself in possession of a property that has seen better days and that you want to get rid of swiftly.
What Does Distressed Mean?
If you want to sell your distressed home in Florida, make sure that it meets the right criteria. If you are a homeowner and unable to meet your home’s financial obligations, you may be looking at a distressed property.
Other situations that warrant this title are when the home isn’t up to safety code standards, in foreclosure, or has tax liens on it. You may also find yourself in possession of a distressed home if you’re going through a divorce or bankruptcy.
Anytime an owner is unable to meet their financial obligations, either in the form of mortgage payments or taxes, the property is deemed distressed. These homes usually sell for under market value, but there are some tricks to getting the best price when selling your distressed property in Florida.
1. Fix it Before the Appraisal
Your distressed home may not meet the criteria for an appraisal if there are major structural issues like exposed floors or extensive water damage. If you can, fix the problems before you get the property appraised.
You may do the math and realize that the renovation costs do not match up to the selling price. In that case, your best bet may be to lower the price of the home and cut your losses.
2. Sell to Cash Buyers
Distressed homes do not usually qualify for mortgages. Because of this, it may be best to sell your distressed home in Florida to a cash buyer.
When you’re dealing with investors that have their funds tied up in a variety of ways, your distressed home sale could take significantly longer. This is precisely what you don’t want. Cash buyers will pay you in full, buy your place quickly, and buy a home in almost any condition.
3. Know the Value of the Home
Many people jump into the real estate market without knowing what their home is worth. This can result in selling the house, even if it’s distressed, at a much lower price than you may have gotten if you had done a little research beforehand.
Look at other homes on the market that are in a similar condition to your distressed property. Even if your home is not viable for appraisal due to structural damage or other concerns, you will still have an idea as to what price to ask for it.
You should also know whether it’s a buyer’s or a seller’s market. You may not be able to wait very long if the conditions are not ideal, but you will still know how to move forward with the sale with the right outlook.
4. Verify the Buyers
Even if you’re selling to cash buyers who will pay for your Florida distressed property out of pocket, ask for financial verification.
If you’re working out a contract, don’t feel anxious about asking to see proof of income to ascertain whether the buyer can indeed make the payments they promised you.
Your attitude going into negotiations is also essential. Make sure to feel and act confident, and don’t jump at the first or second offer if it’s well under your asking price.
Buyers may assume that, since you’re selling your distressed property in Florida, you are desperate. Don’t give them that impression, especially if you have done the footwork and know an estimate of how much your property is worth.
5. Disclose Everything
When you’re negotiating, disclose all the details about the property – the good, the bad, and the ugly. If you don’t, you may face a lawsuit in the future.
If the buyers discover these details during negotiations, they may lower the price or back out of the deal.
6. No Agent Commissions Fees
If you are selling your distressed property in Florida, listing it is not a viable option. Listing your distressed property in Florida is expensive, and you may not find a buyer.
Find a cash buyer, so you don’t spend your profits paying off agents’ commission fees. Using an agent and listing your property takes much more time than finding a cash buyer to quickly sell your distressed property.
If you wait too long and you’re not in residence at the property, you may have to deal with squatters and pay for any damage they inflict on the house.
7. Keep Everything in Writing
This isn’t an easy step if you are selling the property yourself but keep all negotiations in writing and all contracts printed and in order. To make sure that all proceedings are aboveboard, you will need disclosure documents and more.
One of the benefits of working with a cash buyer is that they understand the ins and outs of buying distressed property and turning it around quickly, so they can handle a lot of the documentation and get you your money fast.
8. Check Their Reviews
When working with a company to sell your distressed property in Florida quickly, you should know the estimated worth of your house. You should also know something about the company with which you’re working.
Do a little digging online and read some reviews and testimonials. The way a company treats its clients is an excellent indication of the treatment you’ll receive. If the company has no reviews or testimonies, they’re either a young company, or this may be evidence of more substantial troubles.
The Takeaway
If you have a distressed property under foreclosure, in bankruptcy, or can’t meet safety standards, you have options.
The best step you can take is to do your research regarding the estimated cost of your house to find a buyer quickly, without the hold-up of listing it in Florida.
At Meli, we make sure you get your asking price through a quick and easy process. We understand your expectations for selling a distressed home in Florida, and we’re here to help. Contact us today at (407) 338-4183.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
