But what do these companies mean by “We Buy Ugly Houses?” And is it legit?
Why would I sell my “ugly house?”
And for that matter…why do they think my house is ugly?
If you received a personal note from a real estate investor offering to buy your “ugly house,” don’t take it too personally. The term refers to a distressed property — in other words, homes that would be challenging to sell on the open market. Any number of conditions that make a house undesirable to either the seller or a potential buyer, including houses that:
- Have structural problems or code violations, or otherwise need costly cosmetic fixes
- Are facing foreclosure or are under troublesome mortgage terms
- Have title flaws or past due taxes and fees
- No longer suit the owner’s needs or require too much upkeep or repair costs
- Are in an undesirable neighborhood or environmentally hazardous area
- And more…
If you own a house that fits any of these criteria, you may want to sell your ugly house fast. If that’s the case, you have a few different options.
Option 1: Sell your ugly house as-is on the open market
Some sellers already know that the house has major defects, and want to avoid the hassle of intensive repairs or negotiations — so they’ll sell a distressed house as-is, with the home’s condition factored into the purchase price.
Unfortunately, the type of family who buys homes on the open market isn’t looking for a fixer-upper. They’re looking for homes in pristine condition that are ready to move into. Moreover, most distressed properties do not qualify for financing, and the majority of traditional buyers don’t have the capital on hand to purchase a home in cash.
Option 2: Do the repairs yourself
If your home is seriously distressed — it has serious mold growth or foundation, subfloor, water, or severe roof damage — you may consider handling major repairs before listing it on the open market.
The good news? You’ll likely be able to list your house at a higher asking price once the repairs are complete.
The bad news? Those repair costs can be steep: Home Advisor estimates that a typical home renovation can cost upwards of $20,000. Not to mention, repairing and renovating a distressed property is a ton of work. If you’re trying to sell your ugly house fast, you may find that renovations won’t yield enough of an ROI to make them worth your while… so it’s often in your best interest to cut your losses and lower your price.
Option 3: Sell your ugly house for cash
That’s where selling to people who buy ugly houses can be advantageous.
If you’re considering a “We Buy Ugly Houses” option, you may wonder how it works. Because these types of companies are real estate investors, they have the capital to buy houses for cash — and even better, they’re willing to buy houses in any condition. Whether your home has serious structural problems or it’s ugly and outdated, a cash home buyer will make you a fair offer that takes into account any necessary repair costs.
This is a good option for houses facing major repairs because “We Buy Junk Houses” companies understand the work that needs to be done and the risk of buying distressed properties. That way, you can feel comfortable that you are selling your home in all honesty to people who are willing to take full responsibility for it.
Benefits of selling your ugly house to a cash buyer
Not only are “We Buy Ugly Houses” companies legit, but there can also actually be some major benefits to working with them:
- Get a Cash Offer: As the saying goes, “cash is king,” and it’s hard to beat walking away with cold, hard cash in hand, especially for a property you’re eager to let go of.
- Close Quickly: Thanks to the lending process, selling a home the traditional way takes at least a month to close. A cash buyer means you can close in as little as 7 days.
- No Closing Costs: Closing costs can run 8% to 10% of the sale price. Fortunately, many of these fees are eliminated with a cash home buyer.
- No Real Estate Agents: A real estate agent’s commission can be as much as 5-6% of the value of your home — which also eats away at your proceeds.
We Buy Ugly Houses: How does it work?
Selling your ugly house for cash is as easy as these four simple steps:
- You tell us about your distressed or unwanted house.
- We make you the highest possible, no-obligation cash offer within 24 hours.
- We do all the paperwork and handle all the fees.
- You close at your convenience in as few as 7 days.
Are all “We Buy Ugly Houses” companies the same?
KM Home Buyers isn’t a nameless, faceless franchise. We’re a local, family-owned real estate investment company focused on distressed properties in the Tampa Bay area. We’ll treat you like you’re our neighbor — because you are. Work with us, and you can trust you’re getting a fair deal, and you’ll be given the respect and personal attention you deserve.
To sell your ugly house fast, call us at 813-213-4884 or contact us online.