Some people make a business out of buying homes, fixing them up, and then renting them out. However, for a good portion of these people their goals are never realized. Expenses can come up along the way that simply drains the money that would be spent on repairs, and they’re left with a broken down home unfit to live in. What can they do with these financial sinkholes?
We were contacted by John, who found himself in exactly that situation. John had the deed to a Maryland home, but was never able to complete the necessary renovations. Fortunately, we were able to help.
What happened to the home?
John had purchased a home in the Spring Meadows neighborhood of Severn, MD in 1980 with the intent to improve on the property and rent it out. After renting the house for many years, it subsequently became vacant, and squatters found their way into the home. That’s when the situation began to spin out of control.
The house already had its flaws when purchased, but the squatters took it to a whole new level. They trashed the rooms, put holes in the walls, busted out the windows, and stole nearly everything of value within the house – including most of the copper piping for the heat and plumbing. Needless to say, the house was now completely unlivable, even for the squatters.
The client didn’t know what to do.
The home had already been in need of repairs, but now everything was way out of John’s budget. To add to his woes, the status of the house would disqualify it from receiving a government loan from the FHA, as the loans are not guaranteed to homes that need some work before moving in. Most first time homebuyers use these loans, and so a good portion of the market, if not the majority, had been ruled out.
How were we able to help him?
John contacted us by email and informed us that he had a home in need of massive repairs that he needed to unload. He was headed on vacation soon, but we worked it out so that he’d leave the keys so we could access the home and do our evaluation. When we got there, the situation was even worse than we had thought. The house had been completely and utterly trashed.
This doesn’t shy us away from an opportunity to help a client. After completing our evaluation and waiting for him to return from vacation, we sent him the paperwork with our offer. Two days later we received the signed paperwork back, and six days after that we had officially purchased the home.
All told, the entire process took 19 days.
That’s right, less than twenty days for the client to go from despair to money in his pocket for a project that seemed to have no hope just a month before.
Do you have a home in need of massive repairs?
Although the situation may seem hopeless, there’s always one place you can turn. Remember, there is no home too broken down for us here at Express Homebuyers. We know that these situations can be a burden – financially, mentally, and emotionally – but we’re here to help. So if you have a “fixer-upper” that you need to get rid of, we’re here to help!