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Selling a House Fast

5 Real Estate Reality TV Myths Explained

Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of shows like “Property Brothers,” “Fixer Upper,”and “Love It or List It,” all in one sitting.

When you’re in the middle of your real estate-themed TV show marathon, you might start to think everything you see on the screen must be how it works in real life. However, you may need a reality check.

Reality TV Show Myths vs. Real Life:

Myth #1: Buyers look at 3 homes and decide to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors, the average homebuyer tours 10 homes as a part of their search.

Myth #2: The houses the buyers are touring are still for sale.
Truth: Everything is staged for TV. Many of the homes shown are already sold and are off the market.

Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.

Myth #4: If you list your home for sale, it will ALWAYS sell at the open house.
Truth: Of course, this would be great! Open houses are important to guarantee the most exposure to buyers in your area, but they are only one piece of the overall marketing of your home. Keep in mind, many homes are sold during regular showing appointments as well.

Myth #5: Homeowners decide to sell their homes after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives and goals.

Bottom Line

Having an experienced professional on your side while navigating the real estate market is the best way to guarantee you can make the home of your dreams a true reality.

PHP Houses
142 W Lakeview Ave
Ste 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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Selling a House Fast

Buying A Home Before Selling Your Existing Property

By Bill Gassett

Buying a home before selling an existing property you own is one of those real estate topics that I know gets debated quite a bit at the kitchen table all across America. It often happens unexpectedly.

You might be browsing the online housing ads, or you may just be driving in a neighborhood you like when you see it – a house you want, and for a great price to boot.

Unfortunately, you are still making payments on your current home.

You haven’t put it on the market yet, or you have, but it has yet to sell. Either way, you are in a tight position. Buying another home before selling your current property is a risky proposition for anyone without serious income. It is possible, but for most people, it is not recommended.

The question then becomes is buying a home before selling yours a smart move? Buying a house before selling your existing home is something only you can decide, but there are some things worth considering.

Benefits of Buying Before Selling

Even though most buyers are in no position to buy before selling their existing property, there are still a few benefits worth mentioning. There is a reason why you considered the idea in the first place, so it might be beneficial to review what you would have to gain.

You’re probably considering buying first because you found a property that is exactly what you want or one that is such a great deal that you feel like you cannot pass it up.

The reason could be more space is needed but just hadn’t gotten around to be a serious home buyer yet.

These are all legitimate reasons to want to buy a home, and opportunities like this can pop up, even if you have yet to sell your current home.

Everyone intends to get a great deal, and everyone has a dream home whether they have thoroughly thought through the idea yet or not.

When you come upon a house that fits one or both of these criteria, it can trigger some emotions and desires. You can picture yourself perfectly living in this new place, or you can see how much money you will net once you do sell your home.

You can also look forward to a smooth transition once you sell your home because you will have already purchased your new one.

If you have the finances, you may even see the potential benefits of carrying both houses – the old one with renters paying the mortgage while you enjoy your new home.

This could especially be worthwhile to you if the Real Estate market is on the rise and you see the potential for selling your existing home somewhere down the line for a more substantial profit.

Doing Work Before You Move In

Another significant benefit to buying another home before selling the one you currently own is the ability to go in ahead of time and make the improvements you desire so it is a place you will want to call home.

Some of the improvements that are a heck of a lot easier to complete when a home is vacant are refinishing hardwood floors, painting, and even remodeling projects like kitchens and baths. Many would kill to be able to have all of these things done before the moving truck ever pulls into the driveway.

All of these benefits are things you might gain from buying before selling your property. However, it is worthwhile to look at the risks of such a proposition. There are reasons why so few people go this route.

Risks of Buying Before Selling Your Home

Finances

Buying a home before selling existing property can bring with it a lot of financial risks. The first thing to look at before you go buying the new house is your finances. Can you afford to pay both mortgages for an extended period?

This is something the bank is going to want to know, and something you should be clear on before you jump in. Selling a house is an uncertain business, and it could take months – possibly a year or more – before you can sell. If all things go well, this will not be the case. But you must be able to cover the payments on both mortgages for some time.

If you do not have this kind of money, you probably should not buy before selling. However, there are other ways that people have accomplished this, so they are worth mentioning. Whether they are an option in today’s market is another story, and will depend heavily on your particular money situation, the lending market and whether the housing market is currently for buyers or sellers.

Home Sale Contingencies

Few sellers are interested in home sale contingency clauses; the chances are very slim a prudent seller will be except one – especially in a seller’s market. By making a contingency offer, you tell a seller that you will buy his or her house for a certain price if and when your home sells.

You put your home up for sale as soon as you decide to do this, and you hope that it will sell quickly so you can buy the new house.

The problem with this arrangement and the reason why so few home sellers accept it is that they lose control of their transaction. A seller has no idea if you are going to do what it takes to sell your home.

They don’t know if you are going to price it correctly, market it right, or even have the best Realtor to sell it. The seller is virtually at your mercy to do what it takes to move onto the next phase of the transaction.

The seller on the other hand without accepting this type of contingency is still able to do what is necessary to get his or her place sold by dropping the price. They certainly know if you are truly serious when you put your home under contract you will be back anyways.

A right of First Refusal

Another typical arrangement you see in some Real Estate contracts is what’s called a right of first refusal. You establish agreed upon terms in a contract and give a specified amount of time that the seller has to provide you to exercise your right to proceed with the transaction should the seller receive another offer.

When the seller gets another offer, you have a short period (typically 24 -48 hours) to purchase the home before the deal dissolves – whether you have sold first or not. Most sellers today do not need to deal in contingency clauses, but it could be worth asking if you have no other choice.

What I need to make painfully clear about this is that the chances are incredibly remote the seller will accept either of these arrangements. When you submit, an offer on a property, a good listing agent representing the seller is going to want to know you can qualify to purchase without selling your existing home.

In fact, one of the requirements I will have any buyer who currently owns a home and puts an offer in on one of my client’s homes is to provide a pre-approval mortgage letter that states exactly that.

The language must be explicit – “the buyer does not need to close on their existing home to make this purchase.” This assures the seller that they do not need to worry about a customer completing a transaction before the acquisition. Otherwise, a buyer could use the mortgage contingency clause in most Real Estate contracts as an escape clause to get their deposits back.

In regards to the right of first refusal unless the seller knows you can qualify to buy his/her home without selling it does not make sense to accept this kind of contract. A ready, willing and able buyer has made an offer on his/her home – why would they want to turn around and wait for someone to say yes or no who doesn’t even qualify to complete the sale?

They would be losing a buyer in hand who has nothing to sell! A few years back while working with a buyer client in Central Florida, even though I had explained to them that the vast majority of home sellers would not accept a contingency sale and they needed to get their home sold first, they didn’t listen.

Unfortunately for them, it took losing a home they wanted before coming to grips they needed to get their home listed and sold first.

After being in the Real Estate business for over 14 years, I find this is something that needs to be explained quite a bit. The are many buyers that think sellers are going to accept their contingency offer. Many have in the back of their mind that this is normal or that they have a very salable home – SORRY it does not work that way!

A seller could care less that YOU think your home is marketable.

Bridge Loan

You may have heard of a bridge loan, but do not bet on being able to get one. Bridge loans allow you to combine the payments of the old and the new home together, making it possible for you to transition from one residence to another. However, the catch with bridge loans is that you need to have considerable finances and excellent credit.

Mostly, you need to be one of the rare few that could afford the dual mortgage payments without the loan. A bridge loan was quite common many years ago, but this type of financing is far rarer nowadays.

Renters

Another avenue you can potentially look into when buying a home before you have sold the one you own is renting it out instead of selling. You may be thinking you can just rent out the old house to cover the mortgage while you move into your new home.

While this is an option, it does carry some risks. Renters can lead to severe wear and tear on your property and have little incentive to treat it with love and care you might.

If you are planning on keeping renters there just until you can sell it, you may run into even more problems. Your renters may want to continue living there and might make it unnecessarily difficult to show the house because of this.

Regarding finances, the lender is only going to count a portion of the rent you collect into the equation of whether or not you can qualify to carry both mortgages. Keep this in mind and make sure you do your due diligence before putting in the offer on your dream home.

Buying a Home Before Selling: Do So Only If Financially Wise

Not everyone sells his or her current home before buying a new one. However, the reality of buying a home makes such actions inadvisable for most. You may be able to do it, but make very certain that it is a smart financial move before doing so.

In my experience, most homeowners will opt to get their home sold first and then make an offer on their next place.

By doing so, you remove quite a bit of stress from the equation.

The next worry, of course, will be selling your home before you have found another home you really want to buy. This brings a whole different set of things to keep you up at night including finding temporary housing and a place to store all of your belongings.

These of course are legitimate concerns as nobody likes to think about making a “double move.”

In Real Estate we like to call the decision process for buying before selling or vice versa as the “chicken and egg question.” Essentially which option makes the most sense to do first based upon your life and financial position.

Only you can decide that, but these are the things you need to consider.  As you can see, there are risks and benefits of buying a new property before you have sold your current home. Hopefully, you are now better informed to make the right decision when buying and selling real estate.

PHP Houses
142 W Lakeview Ave
Ste 1030
Lake Mary, Florida 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
website: www.PHPHouses.com

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PHP Houses is Buying Houses Directly from Sellers in Central Florida

Homeowners constantly battle obstacles to sell their homes in Central Florida. Local cash home buyer now makes it easy, fast and stress free to sell a home.

SANFORD, FLORIDA, UNITED STATES, July 28, 2019 — Property owners have to deal with countless obstacles while attempting to offer their properties for sale. Discovering a reliable real estate broker can certainly be a challenge for most people. Local multiple listing services (MLS) do not regularly generate the traffic or offers one expects when they list their home for sale. Prospective home buyers possess their own distinguishable requirements. The property inspection and appraisal might not proceed as smoothly as expected for the property owner Certainly there can be unpleasant surprises from financial institutions of the purchasers and other various bad developments. The real estate marketplace in Northwest Indiana is positioned for modest growth but that is normally for new property developments. Selling a new house is less troublesome than making an effort to encourage purchasers with an existing or aged home.

“Our clients’ interests always come before ours. We tell you all of your options based on your situation even if it means we don’t buy your house.” Walter DiLoreto

A large number of aged properties are continuing being listed and unsold in the market for three to four months. Several homes are generating no attraction at all and they are most likely to go unsold even after several months. Within such an unsteady marketplace, homeowners become forced to slash listed sales prices so they can at least sell their homes instead of dealing with their equity help up or even lost. A home’s equity can be accessed only when the property gets sold and closes. PHP Houses is seeking to buy homes exclusively from property owners or sellers in Central Florida. The We Buy Houses company is offering premium cash offers without the requirement of property owners having to utilize the services of a real estate broker. Homeowners do not have to list their residential properties online either. Walter DiLoreto, the founder of the real estate investment company, says that property owners need to directly contact his office which will allow his team the ability to provide the fastest sale possible for property owners in Central Florida.

PHP Houses is an all cash home buying real estate investor. It is not dependent on any mortgage funding or any type of loans from credit unions and other financial establishments. It is a self-sufficient property investor that makes cash offers for homes in Central Florida. House owners can accept or turn down the offer. There is never any obligation. DiLoreto and his team have developed a reputation for making fair cash offers. The company is fair with the property inspection and subsequential pricing evaluation. They do not play games with homeowners money, their first offer is always their best offer. Not only does the company put forth an upfront offer for an outright sale, but it also does so within twenty-four hours of the inspection and can complete the deal, consisting of the financial transaction, in 7 business days.

Property owners who are about to list their houses for sale and those individuals who have been unable to get offers should contact PHP Houses. They need not shell out any money on marketing and advertising. The company does not expect homes to be staged for them to be interested in. Maintenance and repairs, renovations and of property improvements are also not called for. DiLoreto and his team are looking at houses just about anywhere in Central Florida. They are also contemplating properties in any condition. Every single home is evaluated on the basis of its qualities. The weak spots are likewise factored in but they do not typically emerge as a deal-breaker. Average prospective buyers are not interested in homes that repairs and maintenance. They wish to have the most ideal home possible that meets all of their requirements. PHP Houses does not have this type of steep criteria. More of PHP Houses services can be discovered here.

PHP Houses is a family-owned and locally-operated house buying company based out of Sanford, FL. They buy and sell houses throughout Central Florida specifically they buy houses in Sanford, Lake Mary, Orlando, Deltona, Kissimmee, Oviedo, Winter Garden and other areas in Orange, Seminole, Volusia, Lake and Osceola counties. Contact Walter DiLoreto for further information via email at info@phphouses.com or call to speak directly with Walter at 407-519-0719. You can also visit their location at: 

PHP Houses
142 W Lakeview Ave #1030
Lake Mary, FL 32746
Ph: (407) 519-0719
F: (407) 205-1951
info@phphouses.com

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Why Real Estate Is Still One Of The Best Ways To Make Money

make the best investment: magnifying glass analyzing a house, with sector newspaper, stats, keys, wallet and mortgage contract

Want to add more money to your income streams but not looking to play the stock market? Then it might be time to consider real estate.  Real estate is the perfect opportunity to accumulate wealth. In fact, real estate is possibly the best way to make money in your local market.

Here’s how and why.

Real Estate means options for income and profit

One of the first things to decide is whether you want an income stream or a profit. Each will put more money in your pocket, but through different means and with different levels of commitment.

  • Rental Income – Rental income can come from both short or long-term strategies. Investors often find properties that are ideally suited for long-term rentals, while many homeowners are exploring short-term rental possibilities such as VRBO. Either way, you will spend money upfront but the cash returns over time make it well worth the initial investment. Not only will you produce an income stream, but you can also enjoy appreciation, equity pay-down and tax benefits as a landlord.
  • Cell tower leases – Another, lesson-known revenue revenue stream possibility is cell tower leasing. As more and more people carry cell phones, more cell towers are needed. Cell tower companies are increasingly turning to property owners to discuss installing and maintaining these towers, sometimes small enough to fit on a rooftop undetected. One word of caution: property owners are not likely to understand the full value of their property and will be sold on the fact that they should use market-standard lease rates. Your land may be worth far more than you think to a tower company. Consult an expert before signing a contract.
  • Fix and flip – There’s a reason HGTV is flooded with shows about flipping houses. Flipping homes ideal for people who are patient enough to seek good deals on homes for sale and can manage contractors.  There are a few companies that buy houses for cash in Central Florida and PHP Houses is the best option if you’re in Central Florida for the purpose of selling them to house flippers.  Taking an existing piece of property and increasing its value, through repairs and staging can mean selling at above market value.  Money is needed initially to get started with this plan but rather than a cash stream over time, you can earn a sizable lump sum that can be used to repeat the same process again.  Just be sure you take the time to read house flipping tips and advice to avoid the most common mistakes first time flippers tend to make.
  • REITs – Technically Real Estate Investment Trusts are playing the stock market. However, they have lower volatility than stocks. REITs can only invest in real estate to produce income and they must distribute at least 90% of income back to shareholders in the form of dividends. In addition to rich dividends, REITs offer diverse exposure to real estate assets and inherent tax advantages.  As with flipping, it’s important to take the time to investigate before jumping but here are 3 available REIT options currently recommended.

The best part about building wealth with real estate is that virtually anyone can do it. Depending on the amount of time and initial investment you wish to spend, the possibilities are endless and the profits sizable.  With proper research and education, real estate can truly be one of the best ways to make money.

PHP Houses
142 W Lakeview Ave #1030
Lake Mary, FL 32746
Ph: (407) 519-0719
F: (407) 205-1951
info@phphouses.com

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Selling Your Home to a Real Estate Investor

You only have to drive around your town for a little while to come upon “We Buy Houses” type signs plastered all around on telephone poles or street signs. The signs let you know that there is a company out there that will buy your home, no matter what state it’s in. These Investors who are looking to flip your house for a profit. House flipping has become a lucrative business model for a number of real estate investors.

By definition, house flipping is where a real estate investor purchases a property for less than its value, makes any necessary repairs and updates, and then sells the home for a profit typically within a short period of time.

House Flipping Companies – Pros And Cons

Pros of selling to a house flipping company

1. It’s easy.

Selling a home that needs work can be challenging if you want to get the best possible price. With a house flipping company, you avoid the difficulty of trying to sell for a good price. Instead, you sell to a company that will buy your house for the lowest price it can get away with. In exchange for taking a low price, you can quickly free yourself of the burden of owning the home. If you are in desperation mode this is often times your best bet. Selling to a real estate investor can get you out from under a problem very quickly.

2. You only have to make one decision.

Your only decision when selling to a house flipping company is to sell, or not to sell. You won’t have to decide what repairs to make or who you want to sell to. You will get an offer and make a single decision. After that, you are free of the home. Most often a house flipping company will be paying cash and there can be a quick closing if this is what you are after.


3. You don’t have to find a real estate agent.

Finding a good real estate agent can take a little bit of effort. You may have to interview several to find someone you are really comfortable with. You also don’t have to worry about disagreeing with your real estate agent once you hire one, which can happen. You are going solo.

4. You don’t have to waste your time going for sale by owner.

Trying to sell your home as a for sale by owner can be extremely challenging, to say the least. While the goal for most owners is to save on paying a real estate commission, it is a lot of work to accomplish this. For sale by owners need to keep in mind the following:

  • You need to have some good marketing skills to make sure your home is found online. This is where the vast majority of buyers will be searching for a home.
  • The photography on your home needs to be excellent.
  • You must make yourself available for showings which may mean times of the day where it is not convenient for you.
  • The buyer needs to be qualified for a mortgage so it will be your job to make sure this is the case. Make sure you understand the difference between pre-qualified vs pre-approved.
  • There will be nobody there to represent you at vital stages of the home selling process such as the buyers home inspection.

When you sell to we buy houses company all of the headaches associated with selling as a for sale by owner are avoided.

5. You can probably sell no matter what shape your home is in.

A home can deteriorate considerably over a long time period, especially if regular maintenance is not conducted and repairs are not made as necessary to keep all components of the house in good working order. You may have a home that you want to sell that is virtually uninhabitable. But even in this state, there is probably a company that will still buy it. Not for very much money, but someone will still purchase it if just to obtain the lot that the house sits on.

Cons of selling to a house flipping company


1. You will probably make less on the sale.

When you hire a real estate agent, he or she is working to make you as much money as possible from your sale but it will take longer and requires more work and time from your side. Hiring a Realtor since it takes longer means that seller would have to pay for all the house related expenses while is sold. It is true that the Realtor takes a percentage of the sale price as financial compensation, so he or she is motivated to fetch the best price but at the end you could be getting less money. 

2. You don’t have the option of improving the home to improve the selling price.

Even homes that are in relatively bad shape can often be improved to attract better quality buyers. In fact, that is probably what the house flipping company is planning on doing with your home.

They will buy it, fix it up, sell it and make a profit. When you sell with a real estate agent, you get to make the improvements and reap the rewards. However we must make the distinction between fixing or repairing and improvements. When the property needs things to be fixed that takes time and money and maybe it will payoff. On the other hand and depending on what types of improvements the house needs usually seller would never recover the amount of time and money invested on improving the house. 

There are things you can do to a home that does not cost a lot of money that many owners don’t realize. Here is a how to make your home more appealing when on a budget.

3. You give up control.

A house flipping company is focused on finding sellers who are desperate or just don’t care anymore. If you do care and you are not desperate – you just want to sell the house – there is no reason to work with a flipping company. You wind up working with a company that does not have your best interests in mind.

House flipping companies are not necessarily bad. They fill a niche and are capable of helping homeowners who have no other options. For those with no options, getting paid to get out from under the home is an opportunity worth taking. But if you think that maybe you could get more for the home, a house flipping company is not the partner you want.

As you can see there are many pros and cons of we buy houses flipping companies. What you really need to be concerned about are the scammers!

House Flipping Risks

While many “We Buy Houses” flipping companies are completely legit, there are some that are not. Selling to a real estate investor is something that requires some due diligence on your part. It is imperative that you do careful research when dealing with a house flipping company.

There are some common house flipping scams that all sellers should be aware of. The preceding link does an excellent job of summarizing many of the known scams out there. Just be careful and make sure none of these things mentioned are happening to you!

One thing you should know is that there are a few legit ones “We Buy Houses” companies out there and one of them is PHP Houses. 

You should put extra scrutiny into any of these companies. Calling a house flipping company from a sign on a telephone pole and establishing a relationship with them without any research could end up being financial suicide.

Find a company where the investors are also Real Estate Agents and/or Brokers Before Choosing A House Flipping Company. Real Estate Agents and Brokers are liable to the State Professional Regulation Departments and the local Realtors Association for every transaction they make and usually know the legalities and markets better.

Depending on your circumstances, a house flipping company may be the best option for you. However, it is worth speaking to a Realtor first. As long as you are talking to a reputable real estate agent, he or she can give you quality advice on your options for selling the home.

The Investor/Real Estate Agent can come by and take a look, analyze your local market and give you a clear picture of what you can make off of your home – with or without repairs.

Talk to a trusted investor/real estate agent, then decides how to move forward. Maybe a house flipping company will serve your needs. Or, you may discover that you can make a lot more money by hiring an agent and selling your home.