Whether you’re looking to do interior design, full renovation work, trade work, or real estate investment, sometimes to accomplish your goal you end up purchasing the real estate that becomes your project. While your intentions may come from other sources, what often happens is you’re completing a transaction that has two sides. In some cases, the purchase of a home helps the current homeowner get out of a sticky situation. Many people, including even real estate investors, don’t consider this because they’re so caught up in the deal.
What A Homeowner Could Be Dealing With
Some homeowners are dealing with tough scenarios that require them to liquidate their assets quickly. These situations might be related to foreclosure, tax liens, divorce, or even other debts that need to be covered from their asset. When we’re purchasing a project home, we’re generally taking a look at what can get we as the lowest price for the home, how much work are we intending to put in, and what can it sell for on the market after repairs. What we fail to realize is the emotional side of the transaction and making the connection with the homeowner.
Diving More Into Being a Home Buyer
As a Houston house buyer, our company deals with scenarios like this on a daily basis. Most of the time these homeowners are motivated or distressed in such a way that they need to sell their house quickly, so they look for the best ways to accomplish that which often involves looking for home buyer companies or simply searching for “sell my house”. But in some cases, they get stuck because they don’t know their options. Then it’s up to us, as real estate investors, to really seek them out and educate them.
The challenge with a lot of owners going through these tough scenarios is that they have never learned the options available to them. The reasons are generally because they’ve never been exposed to it before, and the people involved in their lives (family, friends, real estate agents, even bankers) don’t know all the options either. The homeowner may agree to go under contract with a real estate agent hoping that they can sell the house quickly, although in many cases that doesn’t happen. And because they’re under contract, they can’t sell to an investor who is ready to pay cash immediately. Had the homeowner known that this was an option, they might have avoided going with a real estate agent when they had such little time before a foreclosure.
Do What You Do Best, But Consider The Homeowner
As investors, we’re there to make a profit on the real estate market because that’s what we enjoy. But it’s not about benefiting from people that are on the ground, it’s about reaching out and letting them know that they have other options. We can help them get back on their feet by not going through horrible experiences that may even hurt their future options, such as a tarnished credit report due to a foreclosure. When we approach these homeowners, it’s important to establish that connection, be empathetic, and show them the way. They just don’t know it yet, but you might end up being their savior.