Posted on March 12th, 2019, 11:59
There are a lot of new people moving to Spokane and Kootenai Counties, in case you hadn’t noticed. The valley has about half a million people, a fair percentage of whom have escaped California and Seattle, looking for a more relaxed atmosphere to raise their families and work.
The local newspaper, the Spokesman-Review, stated on Jan. 27th, 2019, that “Prospective buyers can find themselves in bidding wars, and competition for homes is reflected in rising prices. Although the Spokane area remains an affordable place to buy a house compared to other West Coast cities, the median home price rose 12 percent last year…” http://www.spokesman.com/stories/2019/jan/27/realtors-forecast-another-year-of-competitive-cond/
If you’re selling a house in the current market, if it’s in top shape (updated windows, doors, roof, flooring, kitchen, bathrooms, etc.), you’ll able to sell it for top dollar, and buyers from the aforementioned areas have a lot of top dollars to spend. Currently, we’re even hearing of bidding wars, a sign we may be in a bubble market, though with the influx of companies and people, it may continue for a while!
However, we have personally observed homes in the area that languish for months and then don’t sell. Why is that? Remember the updates mentioned above? If you have not spent the many thousands of dollars to update your home (the last one we did cost over $40,000 and 5 months of remodel blood, sweat and tears), you may well either not sell your house, or entertain offers from wholesalers who are professionals at valuing run down houses. You may see their billboards about town that say, “Sell my house fast for cash Spokane/CDA” or the ubiquitous “We buy ugly houses Spokane” billboards.
You may have wondered about who is advertising to buy homes for cash, and why they are offering to buy homes for cash in Spokane and Kootenai counties. The answer is, because they offer a service to the people whose homes aren’t up to snuff, who don’t have $20K or $50K to update their homes. They may be behind on house payments, recently divorced or widowed, retirees who are too tired to remodel or simply don’t have the skills to do the job, or someone who got downsized and needs to clear out fast. Even in good times, bad luck can strike.
A conscientious wholesale real estate investor (a.k.a. “wholesaler”) will build a commission and repair costs into his offer, to buyers who fit the above “distressed seller” definitions. As he may be the “we buy ugly homes Spokane” guy, he will either purchase the home within 30 days or find someone with capital to do so if he doesn’t currently have the bankroll to buy the house. Most wholesalers are connected to landlord or “flippers” who make their living updating these ugly homes in Spokane and CDA.
There are always hucksters in any industry, so if you need to get out of your house fast and call from a bootleg sign that could read, “I BUY HOUSES FOR CASH FAST SPOKANE AND CDA” sign, check the Better Business Bureau and review sites such as Yelp (although do take any of these with at least a small grain of salt, as many people do nothing with their lives except complain) for negatives. Also, don’t believe realtors who tell you “it’s not legal.” Hundreds of thousands of wholesalers are operating in 50 states within the confines of the law, so that is obviously a negative sales pitch. Again, though, vet anything you purchase as best you can, whether a camera, a TV, a car, or a home wholesaler. Let the buyer beware!
Posted on March 12th, 2019, 11:58
Do you want to sell a home for cash in Spokane or Coeur d’Alene? Here are some options:
Regardless of how hopeless your particular situation is becoming, we understand that life throws hurdles in your way. [We fought the bank for 4 years to keep our house and were eventually forced to let it go]. We might be able to help you out of your situation, whether you’re a tired landlord, about to be foreclosed on, have relatives mooching or squatting in your house you can’t get rid of, inherited an unwanted house, or maybe you just want to get out without fixing up your home because you’re tired and retired, and want to move to the Bahamas.
You have a few choices on how to sell houses fast in Spokane. A professional real estate agent will be happy to help sell your home. This will cost you about 9-10% from full service real estate brokers like Keller-Williams or Re/Max. The agent will want you to spend a lot of time and money to get your house in shape to get top dollar, because he or she gets paid a percentage of the sales price, so the higher, the better. Plus, the better your home looks, the more you will make as well.
In our experience, we have never put in less than a hundred hours prepping a house to sell, although we have also gotten top dollar for all but one (in 2007, as the housing market was crashing down on our heads). Then, every time the realtor has a showing, we spent half a day polishing the house and property, only to have the viewers’ kids track mud all over the house (yes, that does happen!).
Then there was the realtor open house, in Coeur d’Alene, where the realtors left half-eaten donuts and paper bags on our counter, food in our fridge, and filled our garbage can half full of trash. It looked like they had a lunch party with their friends and didn’t clean it up. So much for hiring professionals!
More labor intensive yet, and a lot more stressful is deciding to do without any professional help by going the “For Sale By Owner” route. Now, we can say that we have gone that route successfully one time, and very unsuccessfully the other time. If you are in a hot market and can deal with full-time spammers mailing you bogus checks from London (yes, this also is a true story – the check bounced – surprise!), or a million other ways to frustrate you and waste your time, you may save yourself a few percent. It can work. But less often than people like to imagine when they’re trying to sell their homes fast in Spokane or CDA.
A third option could be to negotiate a cash price with a “wholesale real estate buyer” (a.k.a. “wholesaler”) who can assist in handling all the transactions in dealing with a house. If like I opined above, the frustration of an unwanted property is weighing on your life, professional wholesalers may be an option. Of course, these professionals are looking for a bargain, because in most cases the house will need a lot of TLC, and a wholesale real estate buyer will offer a way, often in less than 30 days, to take your home off your hands with relatively little hassle, and put some cash in your pocket.
So, how can I sell my house quickly in Spokane/CDA? The fastest way is to work with a wholesaler. Next would be a realtor. And the slowest way? FSBO.