This article will go over what you need to be careful about when dealing with investors. You would consider selling to an investor if for example you wanted to sell your house fast or if you just wanted to avoid the inevitable stress of going through an agent. Selling to an investor is typically a straight forward affair, although you should keep the following few points in mind.
Only go with experienced investors – if you get the feeling that the investor is not competent or lacks experience, then choose another one – selling a house is a big deal and you want to work with good people on it.
Confirm that the offered amount is not going to change at any point. Sadly there are a very small number of people out there that will agree one figure only to reduce it several weeks into the process, sell house fast in the hope that the seller will be too far along to pull out. Obviously this is morally reprehensible and if you suspect that the investor may do something like this, and then run a mile. Fortunately, there are very few people who stoop so low as to use this tactic.
Look out for things like the investor calling when he says he’ll call etc – if he can’t keep small commitments, then what are the chances that he can keep big ones?
Ask how long it will take. Beware investors who promise too much – a lot of investors has the ability to complete in as little as a week. However to do this is actually quite difficult and can be quite expensive. Consequently most will do it in about 4-8 weeks. If it seems too good to be true, then it may just be.
Watch out for investors who claim to offer 90% of the market value of the property for a straight purchase. This is actually far above the level of possible finance for a property, so an experienced investor would be very unlikely to offer it. While some may, be careful that they don’t offer 90% now only to reduce it at a later stage.
Some investors do insist on getting the seller to pay for a survey although a lot of good investors pay for it themselves – make sure you get the investor to pay for it.
A god investor will also pay the legal fees for the seller – if he doesn’t offer to do this then ask him to do so.
A good investor should be able to make an offer within a day or 2 – if it takes much longer than this then they may have either too much going on themselves or may not be that competent -either way be aware of it.
Hopefully these tips will help you when you do speak with investors, if used with some good common sense you should hopefully be able to sell quickly.
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