Well, here’s some information on some options you have, what you can expect and how to make the best decision when you consider selling your house as-is.
Alright, so you googled “sell my house fast in Raleigh, NC” or something of the sort, and now you’re finding a billion results… most of them look the same, and all of them promise to “buy your home fast” or “pay cash”.
You may be wondering if these companies are legit. After all, if there are seriously companies who can buy your home in like 10 days, and pay you cash, why wouldn’t everyone be using them? Unless they’re scam artists?
We get it. Here’s the deal…
If you’re looking to sell your home in Raleigh, fast, or for cash, here are a few things you need to know:
Is it to good to be true? It depends on your expectations.
Yes, you can sell your house for cash in just a few days, BUT you may not earn as much as you could by selling through a realtor.
As with most things in life, it depends on your situation and goals. If you’re trying to get out of your home as quickly as possible; a realtor can’t help you; you can’t or don’t want to make expensive repairs; or you’re in a crisis situation – then selling for cash may be a good road to take.
It just depends on a few things.
Let’s break it down…
First, here are a few reasons you might be trying to sell your home fast in the first place…
To avoid foreclosure.
This is a common reason for people looking to sell fast, or for cash. If you’re facing foreclosure, and struggling to make mortgage payments, selling through a realtor might be difficult. The reason is, that selling your house on the market can take anywhere from 60-120 days (more or less depending on your area, and the condition of your home, etc.). If you’re facing foreclosure, often, you don’t have that much time. Plus, if you’re facing foreclosure you probably don’t have many funds to fix your home up and make the repairs it would need to sell on the market anyway. If you show it to prospective buyers, they’ll often want you to fix certain things before they’ll buy – costing you more money, and in this case, more time that you may feel you don’t have.
So if it’s between going into foreclosure, or selling it in 14 days for cash and walking away with some money to restart your life, and get somewhere for your and your family to rent, then it might make sense.
Move fast for a job.
You just landed a new job (woo hoo!), and now you need to move… fast (oh..). What do you do? You can technically list your house on the market, but you might end up having to try and sell it remotely, from another city or state. So yes, it’s totally doable, but some people just don’t want the headache. Maybe that’s you.
To get rid of bad renters, and a burdensome multi-family (mf) rental.
You bought your multifamily home thinking it would be great passive income. But now you’ve got renters that won’t pay (and won’t leave), and you just want to sell it and be rid of it. However, the renters trashed the place, and you’re fed up with the headache of it all. You just want someone to come in and take it off your hands.
Say you inherited a property in the Raleigh area, but don’t want to deal with it.
Maybe someone left you a house that you just don’t want to manage. It requires repairs, monthly maintenance, showing it to prospective buyers or renting it out, and you don’t want that. So, maybe you’re here because you’re looking for a way to just get paid cash for it and walk away.
All these are reasons why people look for either fast selling options, or cash selling options.
OK, so what are your options with selling your house?
Well, you have 3 main ones:
Sell it yourself.
List it with a realtor.
Sell it to a “we buy houses” company (aka, “real estate investor”).
Let’s break down each one:
Sell it yourself.
In this scenario – you’ve got to market your home to people who are looking to buy, show it to buyers and schedule walk-throughs, take care of all the paperwork with the bank, and… well … literally everything.
We doubt that’s what you’re looking for, or you wouldn’t be here. OK, next one…
Sell it through a realtor.
This is the most common option for most homeowners. You find a real estate agent who will market and list the house for you, schedule showings and appointments, and help you in the closing stages.
They take a commission, and there are some other fees that come out of the sale of your home. However, this is usually the way to get the most money possible for your home. That’s why it’s the way most homeowners sell.
Get the most money possible (usually, though we can’t say for certain in every case)
Wait an average of 90-120 days
Keep your house clean for showings and HGTV show-ready
The sale might fall through if the buyers can’t get financing
You’ll have to pay monthly mortgage payments and utilities while you wait for it to sell
You have to make repairs
For most people, this is the best option, simply because it’s gonna get you the most money possible. But it’s not necessarily for everyone.
… or maybe it’s not all about the money. (I mean you want to get the most you can, but that’s not all that’s important to you…) Maybe you care about your house and what becomes of it.
Sell it to a real estate investor (aka “cash home buyer”, aka “we buy houses company”).
Basically, these are companies or single person operations, that buy houses totally as-is, for less than the house is worth, and then take care of the repairs themselves, list and sell the house themselves, and make a profit.
From a seller perspective, you find the person (or company) you want to work with, settle on a price, and they take care of everything (usually, depending on the company). You get paid in cash, and can walk away.
Sell your house in anywhere from 7-30 days usually.
More consistent sales (less fall through)
No showings, no walkthroughs.
Earn less (usually) for your home than you could selling with a realtor. The investors try to make profit for their own business, and need to cover the cost of repairing your home.
Some of them can be really scammy and take advantage of people (more on this next).
So which one is right for you?
You probably knew this was coming, but, it just depends. Only you can decide what’s best for you, because there’s no right answer. Here is a rough guideline:
If you can wait 60-120 days for your home to sell, and have the money and desire to make repairs and show your home – go with a realtor.
If you can’t wait, and your house is going to cost too much to make repairs, and you just have no desire to show it on the market, consider going with a real estate investor or professional home buyer.
There are other options out there, but this article is not meant to go into depth on all that.
Alright, next: if you decide to use a “cash for homes” company, make sure they’re ethical & honest. Here are a few things to look for…
There are a lot of companies who buy homes quickly in Raleigh. Unfortunately, not all are ethical. Here are some things to check for when evaluating them:
Reviews: check their social reviews (Google, Facebook… etc.) Are they on Instagram documenting the work they claim to do? Also look at their website for testimonials. You can also call them and ask them for past referrals from other homeowners. Specifically, look for what people say about how “nice” they were, what they were like to work with, etc.
BBB: if they’re part of the Better Business Bureau and have an “A” or “A+” rating, that can’t hurt.
Experience: ask them how long they’ve been doing this. If they’re new, that’s not necessarily bad… but get a feel for how confident they are. If they’ve been in business 10 years with tons of happy reviews, you can feel better about that.
Win-win mindset: a good company shouldn’t be willing to work with you if the deal is going to hurt you. In other words, not everyone is a good fit for a real estate investor. If you’re not, and you’d be better off selling elsewhere, they should tell you that.
ABSOLUTELY NO FEES. It’s one thing if they ask you to pay any outstanding bills you owe 3rd parties. But a reputable, ethical investor will not ask you to pay any up-front fees, “security fees”, or any other BS thing like that. They’re making their profit by buying your home, and shouldn’t require any money from you.
Look for ones that pay closing costs. Many investors are willing to take care of all closing costs and fees.
Are they sensitive, caring, compassionate, or empathetic? They should treat you with respect. Just because you’re in a rough situation doesn’t mean you should get taken advantage of or treated like crap. When you talk to them, listen to see if they seem to authentically care about helping you out. There are many ethical investors out there who really do care.
Talk with them and feel them out. Many reviews from happy homeowners will tell you when they “just felt comfortable” with certain buyers. You get a feel for people, and after talking to them, will know better what they’re like.
Then ask them these questions…
“How long can I take to decide on the offer”? A good company shouldn’t pressure you, or threaten you.
“Can you show me how you’re arriving at this offer number”? A good company should be transparent, and shouldn’t be afraid to show you their pricing. Of course, you need to know that they’re going to need to make a profit (or else they can’t stay in business), but they shouldn’t be afraid to show you. Often this means showing you: 1) what other homes that are in similar condition as yours in your neighborhood sell for, 2) the repairs and what they may cost to make, and 3) the profit the company needs to make.
Once you think you’ve found a good one, here’s how to sell your home for cash in Raleigh:
Typically, most investors work this way:
Contact them, or fill out their lead form. This is what gives them your address so they can evaluate your home, and know that you’re interested. Feel free to just call them if that’s easier.
They should come out and see your home. They’ll inspect it, look at what it’ll cost them to repair it, get a better idea of how much value it’s worth, etc. They’ll also likely learn more about you and your situation.
If your home is a good fit for them, they’ll make an offer.
You should take time to consider the offer. You may want to reach out to other investors to compare offers. Remember that going with a caring, compassionate, ethical investor is more important than trying to find one that will pay $1,000 more. Talk with family and friends, and make sure this is a good decision.
If you want to take it, let them know. They should take care of all closing costs, fees, and paperwork with the bank for you. Many will also set the closing date around your schedule and priorities, giving you more time to move out if you need.
And that’s about it! The process is really easy, and that’s why you’re giving up some of the value of your home to work with one of these companies. They simply make life easier.
Have more questions, or looking for an ethical investor?
We are here to serve you. We aren’t your average real estate investor.
Our company, The Inspiring Investment, is a professional home buyer Raleigh, NC whose mission is to help overwhelmed people, whose house has become more of a burden than a blessing, achieve freedom by providing the most reliable and convenient way to sell their home. Most importantly, we provide transparency where it’s needed most. Working with us, you can know you’ve been treated fairly by a company you can trust.
We buy houses in and around Raleigh and turn those houses into places people want to call home. We love giving people a re-set button and are happy to answer any questions you may have. Don’t hesitate to reach out to us if you have a house that needs work and you are considering selling it. We can close fast, or slow it’s up to you.
Our vision is to raise the standard of customer service, quality work and integrity in real estate investing, utilize our experience to serve our community and be a trusted resource for people just like you.
So whether you are looking to sell your house fast, want a free selling consultation, or want to take matters into your own hands with your fixer upper, reach out on our seller’s contact page here.
Together, we can figure out how The Inspiring Investment can best serve you.
“There is something permanent and extremely profound in owning a home.”
“Real estate cannot be lost or stolen nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
Franklin D. Roosevelt
“Buy land, they aren’t making it anymore”
“‘It’s impossible,’ said pride. ‘It’s risky,’ said experience, ‘it’s pointless,’ said reason. ‘Give it a try,’ whispered the heart.”
“Balance helps provide the perspective and foundation that we all need to be successful.”
“As for me and my house, we will serve the Lord.”
“Now, one thing I tell everyone is learn about real estate. Repeat after me: real estate provides the highest returns, the greatest values and the least risk.”
“The best investment on earth is earth”
“I view real estate as the most intriguing opportunity that I’ve seen in my business lifetime.”
“A little house well filled, a little land well till’d and a little wife well will’d are great riches.”
“In the real estate business you learn more about people, and you learn more about community issues, you learn more about life, you learn more about the impact of government, probably than any other profession that I know of.”
“Real estate investing is unique in that it’s almost as much a career or a way of life as it is a form of investing. Indeed, the fact that real estate is involves so much sweat equity makes it unique among other investments”
“Say yes to the situations that stretch you and scare you and ask you to be a better you than you can think.”
“Don’t wait to buy real estate, buy real estate and wait”
Katie assigned me the task of writing about what I’ve learned so far at this company, so today, I am doing just that.
Before I came to work for Katie and Uriah I thought nothing about real estate. Purchasing my own home – or anything of the like – was seriously something I had never considered – not once. As a college student it just wasn’t on my radar, however, now I see the time to start thinking about it is now, so I can be prepared when I am ready.
The good news is that I am close friends with the Dortches. The bad news is that most of you are not.
So, if I can help you out a little by passing some of the wisdom they have passed to me then I am happy to do so.
What’s the Big Deal About Real Estate?
Most People’s Largest Investment
For starters, purchasing a home is one of the biggest investments you will ever make. Not to mention, one of the largest debts most people will carry. I mean, people are still paying mortgages when they die! That kind of debt load is heavy! Can you imagine owing anybodyhundreds of thousands of dollars? As students, our education is our largest investment, unless you attend a school like Duke where the estimated cost of attendance is a whopping 72 grand a year. For you – college and your first real estate purchase may be more “apples to apples”. For the rest of us, our future real estate endeavors will be more costly, but potential gains can be endless, if done wisely. I’d say it warrants the extra effort to analyze a healthy, well-rounded view. What I believe Katie and Uriah want us to see is that every house is an investment. They want us to think like investors.
Creative Real Estate Options
I interviewed Katie and picked her brain about what I should know and how a college student can use REI (real estate investing) to make money, obtain property, and begin thinking like an entrepreneur. What she said surprised me!
Let your roommates pay your rent – find a rental, put the lease under your name (taking on the risk and responsibility) and source roommates yourself. (Property owner must allow sublets.) If you do this multiple times with the right numbers, you can create passive cash-flow.
Find a Property where the seller is willing to do “Rent – to – Own”, rent out additional rooms as an AirBNB to cover the mortgage and create cashflow: save, save, save, then do it all over again.
Buy a livable fixer-upper in a growing area, DIY, and sell for profit!
Purchase a Duplex and rent out the other side for enough to cover the mortgage or more!
Don’t stop there – it usually takes more than one property to change your situation. Keep going!
Network with other real estate professionals – maybe you will find a private lender willing to invest in your potential! Try Bigger Pockets*
Time Is Money
As with any investment, the earlier you start investing, the better.
Now to clarify, this type of investment is not always one that gives immediate returns. It’s often a long play: not popular in our day and age. We are used to instant gratification. However, it may be wise to pursue something that can make us more successful in the long run.
To The Critic
OK, but is investing actually realistic? Is it something just anyone can do? Well no, not anyone can invest in a home and not everyone should.
It is important to be educated before making a big decision like this. While I can’t claim to have all the trips and tricks, I did a good amount of research when I received this assignment and found a couple things that might be helpful.
First, make a strategic plan and set goals.
When it’s time to buy a home or investment property, plan to buy low and sell high.
DO NOT buy at the top of the market, at the highest price, with no way to add value in the future.
If possible, find a home priced below comparable homes, one that you can add value to and create equity.
Study your market. Look for “pockets of potential value” in the housing market.
I won’t pretend that there are no risks to investing. It is not uncommon for investors or even homeowners to lose money in real estate, especially when they don’t see their home as an investment. Sometimes things that happen outside of your control: a market shift or change in life circumstance, causing property owners to need to sell or even face foreclosure. Poor investments do have consequences, causing stress and anxiety. Educate yourself, learn from others. (Subscribe to The Inspiring Investment’s Newsletter). Understand what you are capable of and work within that framework to take a path in real estate that can benefit you the most: there is more than one way.
It’s so important to see your home as an investment, a tool for your financial future, rather than an emotional purchase.
What If I Make a Bad Investment?
Sell. Quite honestly, sometimes it’s better to get out from under a property that isn’t right for you and start over. It’s time to cut your losses, but don’t give up, don’t stop learning.
I have been convinced, since my time with the Inspiring Investment, that when done correctly, investing in real estate can be very beneficial. Personally, I plan on filing this information away for a day in the future when I come into some money to use it to create some reliable side income.
Ask yourself, are you willing to stretch your traditional way of thinking to create potential gains in the future? What will you do with this information college students?
Real estate will only give to the extent of effort you put in, but it can change your life. It can change your life for good.
This is a frequent question for us. Today, we are answering.
There are three avenues we pursue to acquire houses.
Word of Mouth
This post, however, is all about auctions.
The Background Story
Before we dive in, let me talk a little bit about my (Uriah’s) background. I worked for a publicly traded hedge fund for 3.5 years in Acquisitions and Construction Management. I had buying parameters and purchased homes at the NC real estate foreclosure auction at my own discretion. Additionally, we purchased homes on MLS and direct from homeowners in a “for sale by owner” fashion. While at the aforementioned company, I obtained my real estate license and studied our market here in Wake County and the surrounding areas (Raleigh, Cary, Durham, Apex, Garner, Knightdale, Angier, and Fuquay Varina, among others).
The result produced experience in over 800 as-is real estate transactions and construction management for near the same. Given this background, I developed the unique ability to underwrite properties with great speed and construction management skills which have place me where I am at today. Believe me, it would happen for you too after that many properties. Practice makes perfect.
North Carolina Real Estate Auction
**In this post, as in all of our content, we simply share in our own experience and opinions, this information is not to take place of legal counsel.
The North Carolina Foreclosure Auction Process: How it Works
When a homeowner misses 3-4 payments, the foreclosure process begins. Several events mark the impending event, but eventually the property will be listed on a trustee’s website. That is, unless, they sell it first. A property can still be sold, up until the 10th day of the upset bid period.
Sometimes a property will present with an opening bid prior to the auction date and sometimes it won’t. Foreclosure auctions happen at the courthouse and are auctioned off to the highest bidder. In NC, trustees require 5% of the purchase price or $750, whichever is higher. The bidder must come prepared and will not be permitted to leave to get a check, or the trustee will start the auction over again.
Tips for Buying Houses at Auction: The Real Estate Investor
Upset Bids, Oh Upset Bids!
North Carolina’s real estate foreclosure process is one of the few that require a 10 day upset bid period. An upset bid period is the amount of time after the original auction date where individuals can continue to place bids on the property.
Once you “win” an auction property, your bid is placed into an upset period of 10 days. During this time anyone may come down to the courthouse and pay 5% more than you and put down their 5% down payment. This starts the 10 day process over again.
Time is Money
As we all know, time is money, and you should probably have a lot of it. With the ARV of most houses in Wake County in the 200k-300k range and the requirement of 5% down, it adds up. The whole process is time-consuming and competitive. You will, by virtue of real estate investing’s popularity, be paying top dollar for every investment house you win, because everyone wants to be a real estate investor. Develop an efficient process for underwriting that works for you and be consistent.
Not for the Risk-Averted
There is a great amount of risk involved in buying houses at auction. People can’t legally enter the property (unless invited) and are trespassing if they do. This means you are buying a house you haven’t throughly inspected (although I do suggest an exterior inspection.) Additionally, auction houses are usually occupied, so after you do win one, you will need to begin the eviction process, preferably the day after closing. Talk to your attorney and make sure you know their costs to accomplish this. I have seen it take between 6-8 weeks to gain possession.
When Bidding, Set Your Price and Hold To It.
This is where new buyers loose their shirts.
Expect emotion, but don’t be controlled by it. Auctions are not for the faint of heart nor emotional buyers. I have seen new buyers come down after watching one property on Zillow for the last three weeks, doing all their homework on that one property all to have seven other people doing the same thing. By the time the bidding is over, according to my numbers, they will be lucky to break even. The reason? The didn’t have a max bid amount in mind and were too emotionally invested in the house to lose.
Do the Research, Cover your Basis:
Check each file to insure the book/page number being foreclose on is a first mortgage and not a second. If win the bid on a second mortgage, you just bought someone’s debt and would still have to pay off the first mtg in order to actually own the house. Additionally, have your closing attorney check every house you are going after for IRS liens. These can ruin what you first thought was a great property.
In Conclusion …
Before you decide to go this route, you need to understand there is potential that buying houses at auction will be a huge waste of your time and resources. If I can be honest, there are often dry seasons, when I have been at the courthouse multiple times per week over the course of several months and walked away with nothing. With all the competition involved, it may not be a good use of your time, but again, that’s up to you. A good amount of dedication should, eventually, land you one.
Hope you found this informative and helpful. Best wishes in all your endeavors.
Between running a house-flipping/real estate/renovation business, meal planning, laundry, homework and bathing for 4 kids, I don’t have much time for reading lately. (Even when I do, I kinda just want to veg out and watch This Is Us.) However, in order to grow in life and business, it’s important to always be filling your cup with new information. Podcasts are a solution. Well, podcasts and audiobooks, but for now I’m listing my top 5 best podcasts complete with mini descriptions. (The titles are direct links)
5 of the Best Podcasts
Uriah and I are long-standing advocates for this podcast. If you are an aspiring, new, or experienced real estate investor, you need to be involved in this network. There is a wealth of free information and a community of people who are open and willing to help you. It is free to join, but also offers pro-level membership options. This podcast is where our real estate journey began and how we built an educational foundation that has kept our business standing for the past 4 years.
Happy Hour is fairly new to me, but a refreshment to my entrepreneurial spirit as a mother and woman who is actively involved in our business. She often interviews other women who are also self-employeed. Jamie invites her “girlfriends” and to come on her show and talk about the little things in life – and everything in between: marriage, faith, family, parenting, sorrow, grief and joy. It feels like your just sitting down with her to have a cup of coffee.
This podcast is specifically about motherhood. Parenting is hard, you guys! The women of this podcast uplift me and help me prioritize gospel-centered, grace-filled teaching. The best part? It’s short – like 20 minutes. I’m giving my best effort to make this a part of my weekly schedule.
Jon and Sherry inspire many with design-on-a-budget ideas. I love how colorful, clean, and functional her style is. When we bought our first “flip”, their blog was my go-to for how-to tutorials, color inspiration and cost concious decorating tips. That was almost 8 years ago! A few books and three primary residences later, they are currently design home products and are renovating their second airbnb beach house! Their podcast is light and funny. I highly recommend this one.
Uriah’s personal favorite, this podcast stands out from the rest because of the heart behind it. Brett and Brian carry consistent personal beliefs to our own and they happen to be in the same industry. That is hard to find. Not many real estate investors care much about being ethical or allowing the character of Christ to reflect in their work, but they do. In fact, I think this podcast is what inspired us to take a bolder stand in this department, to hold ourselves to a higher standard.
Until Next Time …
That’s all I can keep up with for now. Do you have any podcasts you enjoy listening to on the regular? Sharing is caring ☺️
via GIPHY Many investors want to make easy money with little effort. You have to admit, that thought is attractive, right? This lends to a market flooded with inexperienced wholesale-only investors.
For those of you who don’t know, wholesalers are individuals who get a house under contract, then turn around and sell that contract to an end buyer (investor) – at a higher cost. They keep the difference.
If your buyer is not well-versed in calculating costs, doesn’t know your market like the back of their hand, nor willing to put their money where their mouth is, the probabilty is high that they aren’t going to show up at the closing table. The reason for this is because they don’t have an accurate assessment of the property value nor the actual cost of repairs. They don’t know how to put a house under contract at the right price the first time to ensure it will close.
Here’s the thing, you don’t really know something if you haven’t sacrificed a significant amount of time, effort, and money to learn it. This applies to real estate investors just like anything else.
A Message to Sellers, from an Experienced Investor
Many sellers end up returning to us, burned by another investor, because they know we will close.
The sad thing is that when people come to the point of selling to an investor, there is usually a challenging situation in their life. They need someone to come through for them, to stick with their word, to solve their problem. Often sellers fall prey to the inexperienced wholesale-only investor offering them a shiny price. A shiny price that no one will close, leaving the seller to pay the consequenses in an already challenging situation.
For professional home buyers, it comes down to price, as in any business. In order to be able to buy a house, invest funds, take on risk, and create value, profit must be made. If they don’t make a profit, they can’t run a business that allows them to continue buying. Goodreal estate investors, or professional home buyers, care about you, they aren’t trying to exploit you. They provide a service that is necessary, valuable, and helpful. That service has to have a price.
All of this is to say, if you are considering selling a house to an investor, it matters who you sell it to: choose a professional home buyer. Don’t allow your house to go under contract with someone who is educated enough to offer the correct price the first time. This way, you won’t be left stranded at the closing table.
This article references several common costs associated with selling a house.
Attention Homeowners in Raleigh and Surrounding Areas:
If you are considering selling your house in Raleigh, Durham, Cary, Fuquay, Apex, Chapel Hill, Garner, Knightdale or Angier and you don’t want to invest any more time or money making repairs, you want to close on your timetable, and avoid mulitple strangers walking through your home for showings, we need to talk.
When you sell to The Inspiring Investment, you choose your closing date and there are no realtor fees or closing costs, it’s all included in the offer:
no realtor fees
no closing costs
nobody going through your sock drawer
You work directly with the buyer that can bring the money to the closing table – and it is as easy as 1 – 2 – 3.
Let’s start the conversation. Take the first step.
** Not all wholesalers are unethical, in fact, there are times that we wholesale, too. Some are highly experienced, honest, and quality people. A few questions is all it will take to weed out the good from the bad.
I'm Katelynn and this is Uriah. We are accidental real estate investors & home renovators who've been buying houses that need work since the beginning of "us". We see beauty and redemption in taking a home from broken to whole and are leveraging our experience in flipping houses to help you with your house problems. Whether you're knee deep in a home reno, thinking of starting one, or have a fixer upper you want to sell, we are here for you!