Your Trusted Local Home Buyers in Northeast AR
Fair Value Offer Guaranteed
If you’re looking for the right Home buyer in Jonesboro or in Northeast Arkansas. Call us today to receive an immediate offer.
We have the knowledge and expertise to offer you a Fair Market Value Offer. Some properties don’t meet our guidelines. We’d be happy to redirect to you to other options that may work better for you. If interested in looking at what options are available to you please continue to read on.
The Premier Home Buyer for Northeast Arkansas
We specialize in purchasing property that is either going through Probate or directly inherited. We’re able to make a cash offer and close as soon as 10 Business days.
Properties in need of Rehab
We’re specifically looking for properties that need work. Do not be discouraged to call us due to your thinking we wouldn’t be interested. We’ll be able to let you know if its something we can do on the first call.
Properties with a delinquent Mortgage
Although the majority of the properties we buy are with cash we do purchase properties with delinquent mortgages or mortgages with negative equity.
I’ve been working with Tristan for a little over a year. He’s provided me with nothing short of an amazing experience.Carrington M.- Realtor
Tristan made us a Fair Offer Value and worked extremely hard through our title issues to make sure we could close the property at an extremely fast pace. I can’t thank him enough for his help. If you’re looking for a home buyer he’s your guy.Vicki W – Homeowner
Your Options as a Real Estate Owner (You don’t have to just sell to a Home Buyer)
You have plenty of options when it comes to selling your home in Jonesboro Arkansas to a home buyer whether you decide to sell the property, refinance or rent it out. It’s ultimately going to come down to the goals you’re after.
Listing with A Real Estate Agent
If you work with a real estate agent you’re looking at anywhere from 5-7% in commissions.
Keep in mind these are based on the worth of your home. You’re going to be looking at roughly 2% closing cost as well conservatively. To be conservative you should estimate that it will cost you around 10% in total to sell your property this.
The biggest drawback is the extra cost associated when working with real estate agents. There are also pro’s when working with a real estate agent. If your property is in great shape and you’re looking to get top dollar you may consider listing. If selling your home isn’t time-sensitive then this may be a good option for you here. Realtors can give you ease of mind when selling your property and let them do all of the heavy lifting. This is usually the preferred route most people take when selling their property.
Refinancing Your Property
If you purchased your property when the interest rates were high and you have equity in your property, chances are good that you may be able to qualify to refinance your property. If you’re going to be in need of money in the future and you’re planning on staying in the property this may be a good option for you to do.
Here’s what you can expect when refinancing a property. You’re essentially acting as your own home buyer and taking out a mortgage on the property that you may or may not have an existing debt on.
There will be ALOT of paperwork to fill out but a few suggestions I would like to provide, make sure your new loan is a fixed rate meaning the interest is locked in and can’t change, read the fine print when it comes to penalties, some financing institutions can get away with horrendous late fee fines, ask you lender if they keep the mortgage or sell on the secondary market. If your loan gets sold to a secondary market, you want to make sure the loan terms stay the same as well as you being alerted that this has happened so you can make the payments to the right creditor.
Renting The Property Out
If you’re looking to move and interested in a way to build passive income renting the property out that you own may be a good choice. Your property doesn’t have to be in the absolute best condition in order to be rented out. It should be clean and provide the basic amenities that people are accustom to such as providing a washer/dryer, refrigerator, microwave, and other amenities depending on the rental rates in your area.
If your home is worth 200k plus and it’s a single-family residence rental rates start to stagnate while the price of homes increases with every sq. ft. increase and bell and whistle added on. You’re going to get a higher return from your property if it’s 200k and below as a good rule of thumb (there are exceptions to this). If you decide to go this route you must decide whether you want to self-manage or if you’re going to hire a management company. Just like anything else, Great Management companies are hard to come by because they’re usually operating at max capacity be sure to think strategically on which company you’re going to use if you do decide to work with a management company.
List the Property For Sale By Owner
If you’re wanting to sell the property without having to fork over 5-7% commissions this may be a good way for you do this. There are Flat Flee listing sites that you can go onto and list on the Multiple Listing Service for around a few hundred dollars. You can get your property the exposure on the MLS without having to give up a chunk of the equity in your home. If you do this you may end up still paying a commission to a Real Estate Agent that brings a home buyer, but that would be for you to decide.
This is by far the most time-consuming process for you to undertake but the most cost-effective when it comes to trying to save on fees associated with selling the property. You’re still going to be reliable for paying your closing cost and you still might encounter the buyer asking for concessions, and some large ones at that. Replacing the entire Roof and installing and new Central Heat and Air unit may not be on the top of your list to do when your first priority is to sell the home, but anything is possible when dealing with a retail home buyer (a buyer looking to live there themselves.)
Retail Buyers Need Financing
Another thing to consider is that a large majority of these home buyers are going to need financing to purchase the property. To get a loan on the property they are trying to purchase you have a large chance of something not meeting their standards that you’re going to be responsible for to fix before you can close. Remember once you accept an offer from someone and it’s in writing you have to go through the process of them figuring out if they can close on it or not. If they are using an FHA Loan or a conventional loan there’s a higher chance that work to the property will be required before those institutions can lend the capital to close on the property.
Selling to a Home Buyer Investor
Selling to an investor may make sense. Let’s consider the pros and cons.
If you’re not interested in dealing with the headache of what a property can bring. If you’ve got a full-time job plus a family you may not have time for much else. Trying to work on a property may be the least of your concerns. A Real Estate investor can help out with a multitude of things. They can buy in a quick timeline typically under 30 days. They can purchase the property As-Is, so no last-minute repairs on your end will be required. All that would be required on your end is to sign a Purchase Sale Agreement and wait until Title clears.
Some Investors will also offer to pay your closing cost and help provide you cash before closing.
It’s important to go through all of your options and see what the most important factors to you are. If you’re looking to get the highest dollar possible then selling to an investor may not work. Investors have to be able to see a return from there amount of investment in the property as well
If you have a property that you’re looking to sell quickly in Northeast Arkansas, that needs work and you’re not wanting to do any of the work yourself and would prefer a nice and easy transaction over one with a lot more headache then this might be the option for you.
We’re Here To Help
There are a lot of reasons why you might be looking to sell a property my goal is to help you go through these decisions and help you make the right one for your certain situation. I’ll be writing about each of these options more in-depth and potentially making a video as well so you can really get a good understanding of what you’re able to do depending on your situation.
If you think working with an investor is a good option for feel free to reach out we’re Jonesboro’s Premier Home Buyers.
Letting Your Property go up for Forced Auction
This may be the worst option out of all the options when it comes to selling your property. Whether you have a delinquent Mortgage, back taxes, or any other liens associated with the property you have options. Letting your property go to auction leaves you with no money and an extremely damaged credit score. Knowing this why do people let their properties go to auction?
Most of the time I usually hear the same things over and over again. They think it’s too late to sale their property, they’ve accepted defeat, or they’ve just ignored the problem.
There is good news to this, even if you have one day before the property goes to auction you can save your property, you have to work with someone that knows what they are doing that can design a plan that creates a win-win for both you and the buyer. If you’re in this situation and you think it’s too late please reach out, you can still salvage a sale even with an impending auction date coming up.
Take Your Property through a Short-Sale Process
A short sale is a process for selling your property for less than the mortgage amount. When the 2005-2007 Real Estate Bubble hit, people were buying real estate on speculation only. That is they thought that prices were going to continue to rise forever.
With no fundamental cash flow analysis, people were borrowing funds to purchase highly inflated real estate assets. When prices fell these buyers ended up owing more on there home then what they could sell it. These people were caught with a property they were, for the most part, stuck with. This is where a short sale can come in.
Definition of Short Sale
A Short Sale is where you sell a property lower than the amount of what the mortgage is owed.
Most larger banks now will work with an Agent to sell a property for less than the owed amount. Sounds like a fantastic deal right? Well not quite, if you’re going through a short sale process your credit score will be damaged. It won’t be as hard of a hit as losing the property to foreclosure but it’s definitely not recommended. You may not be able to take out another attractive mortgage for quite some time and only be able to rent for the upcoming years.
Selling your Property Subject to existing Financing to a Home Buyer
If your mortgage is close to the value of your home you may be in a tough spot. You might need to ask more then what the home is worth to clear the mortgage. What happens if you can’t sell for a higher price? You’re going to be required to bring money to the closing to clear out your debt service.
Considering a short sale is definitely an option but if you’re looking to save your credit then selling your property subject to your existing mortgage may be the best bet.
Selling your Property Subject to existing financing is usually referenced as “Sub too”. This is the process of an Investor purchasing the property with mortgage staying in place.
The mortgage will remain in your name but the buyer will own the property. The buyer is now responsible for all property-related tasks. This includes mortgage debt service, property upkeep, management if tenants are moved in. The downside is that if the buyer defaults on the payment you could still be held responsible for the mortgage. This is a very creative solution and it doesn’t work for most sellers.
You need to trust the homebuyer because you’re still held liable for the mortgage if payments are not made. This can be a very risky strategy or work our great with both parties. Open and honest communication is vital here so all parties are comfortable moving forward with this type of transaction.
About The Jonesboro Home Buyers.
We’re an investment Group purchasing property in Northeast Arkansas.
If you’re interested in selling your Home Fast in Arkansas Call us 870-205-9592.