Working With A Real Estate Investor. Beyond A Cash Offer.
When thinking about real estate investors in Indianapolis that buy houses, the first thing that usually comes to mind is a cash offer and a fast close. But a good real estate company goes beyond the cash offer, providing a host of solutions designed to support homeowners and their unique needs. In real estate, one size doesn’t fit all. The reasons homeowners may need to sell their Indianapolis house fast are numerous. In some cases a cash offer isn’t the best solution for a homeowner. Each situation is different. Thats why at Ittenbach Capital, we pride ourselves on our creativity and problem solving abilities. We take the time to get to know each of our clients and their situation.
The many reasons our clients need to sell their Indianapolis house fast include job relocation, a change in marital status or divorce, bankruptcy or other financial strain. For some, their house may be in disrepair or in need of expensive updates that they either don’t have the financial resources the desire to do so or both. Other clients may have inherited a house or have an aging parent that is transitioning to long-term care and the need for the house no longer exists. In some cases, our clients may just need to gain access to cash fast and are either downsizing or getting rid of an un wanted house.
Cash offers are the fastest and easiest way to sell your Indianapolis house fast but there are a great many more options available to you. In this post, we will go over some of the popular programs that Ittenbach Capital offers their clients and why you may want to consider them for yourself.
Building solutions beyond a cash offer requires significant industry experience, creativity and passion. Most people don’t think of passion when it comes to real estate, but our passion for building win-win solutions goes beyond simply making money. We focus on creating simple solutions that tackle complex real estate challenges. When one of our clients needs to sell their Indianapolis house fast and they have sufficient equity built up in their house and time isn’t on their side, our cash offer is usually the best option. They get to sell their house as is, without having to make expensive repairs or updates. They get to save money by avoiding realtor commissions and we even pay for all closing costs. But what if you don’t have a ton of equity in your house? What if you have a little time to consider your options but your house house still needs major repairs or a moderate to heavy rehab. What do you do then? Selling a house that needs work is not as easy as selling a house that is move-in ready. Homeowners in today’s market are more discerning than in previous years. Buyers know what they want and are less willing to compromise. Increased new home construction is a popular choice over undertaking extensive rehab of an existing house.
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Joint Venture
Our Joint Venture program is a popular program among homeowners who need to sell their house fast but are encumbered by major repairs or more often expensive updates. These homeowners have built up equity in their house but don’t have the desire or resources available to invest in the house in order to get it ready for market. If you’ve never gone through a major remodel or home renovation project before, it can be extremely challenging and consumer a lot of time. Our JV program is designed to alleviate the homeowner of these burdens while enabling our company to pay more for the house than what would be possible with a strait up cash offer.
You see, with our JV program, our company doesn’t purchase your house. Instead, we pay for and manage the entire rehab project for you. Our clients get to move out of the house, handing us the keys and we take it from there. Our team of professionals designs and oversees the entire renovation. When done, our real estate brokerage firm, Ittenbach Realty, markets the property on the homeowners behalf and handles all negotiations.
Houses with a fresh update, with no major repairs on the horizon tend to sell faster and for much higher prices. With our JV program, the seller and our company come up with a predetermined purchase price or simply how much the buyer wants for the house. Ittenbach Capital, agreeing to pay this amount when the house is sold, invests the necessary time and capital for the rehab. When the house is sold, the seller walks away with their money and Ittenbach Capital profits from the higher sales price due to added value. This is truly a win-win solutions. By not having to purchase the property but instead only investing the necessary capital for rehab, we can pay the seller a higher price. What would have normally be a $200,000 investment now only costs our company $35,000.
Our joint venture program won’t work for everyone, but if you have a little time and can be flexible on purchase terms, then this program may be just the solution you are looking for. A few things to consider to determine if this program is right for you are the following:
Do you have a decent amount of equity in your house?
Typically our JV clients have been living or have owned the property for 10 to 15 years. The longer or more equity you have in your house the better. This provides enough room to make the necessary investment in the house to achieve the best outcome. Remember, only a small portion of your monthly mortgage payments go to paying down principal. It often takes 5 years before enough equity is gained to even pay broker commissions when the house is sold.
Do you have an additional 4 to 6 months to sell your house in order to get a higher purchase price?
If time isn’t on your side and you need to sell your house yesterday, then our joint venture program will likely not be a viable option for you. A typical rehab takes between 4 and 6 weeks to complete. From there the house is listing with our agents and marketed. And while the majority of our rehabbed houses sell within 2 weeks, it could take longer to find the right buyer. Patience is critical for this program to succeed. Once our buyer is found it takes an additional 45 days to close.
If this is your primary residence, can you move out to accommodate the construction?
Do to the extensiveness of the typical rehab, it is usually not possible for the the homeowner to remain living in the house. Often times our joint venture clients have a second home or the home they are selling is an inherited house. Typically, our JV clients move out completely before we begin working on the house and remain out of the property while we are marketing the house to prospective buyers.
Mortgage Assumption
If you need to sell your Indianapolis house fast and are running out of options because your mortgage is too high or you don’t have enough equity to sell it without coming out of pocket, our mortgage assumption program may be the best option for you. A mortgage that is assumable enables our company to step into your existing loan, alleviating you of any additional financial burden. If your loan is assumable, this may give you just the advantage you need to get out from underneath a crushing mortgage and move on with your life.
When your mortgage is transferred to us, the interest rate, remaining balance and terms remain the same. Not all home mortgages are assumable. It’s a good idea to check with your lender or financial institution to make sure your mortgage is assumable. This could save you a lot of time and headache. If your mortgage is insured or guaranteed federally then your mortgage can be assumable. The types of mortgages that are assumable include FHA, VA and USDA loans. These federally backed loans are insured by the federal housing administration, the Department of Veterans Affairs and the Department of Agriculture. In general, conventional loans are not assumable.
If you need to sell your house fast in Indianapolis, have limited equity or your house is in need of repairs, your options can be limited. But, if you accept a mortgage assumption for your loan, you can get rid of that property pretty quickly. This is a win-win scenario. Our company gets a property that we can rent out without having to outlay any capital to acquire it and you get to be free and clear of the responsibilities.
If you are a homeowner and considering mortgage assumption, make sure you take the time to get to know the individual or company you are considering working with. Check their references, make sure they are an accredited company with the Better Business Bureau and that they have positive reviews from past customers.
Retail Sales
As we mentioned before, cash offers are not always the best option for homeowners and we’re not afraid to say so. If you need to sell your house and you have considerable equity you may want to consider our retail solution. Ittenbach Realty is our full service real estate brokerage company. Our team or highly skilled brokers can take all the work out of selling your house. If you have time to sell and aren’t facing any financial challenges we recommend working with our retail division first. Let us first see if we can sell your house to a broader audience. While this solution takes longer it will more than likely put more money in your pocket. If the house doesn’t sell as a result of its current condition you can always fall back on one of our other solutions.
In real estate, like most things, convenience is costly. Cash offers are the fastest and easiest way for you to sell your Indianapolis house fast. This is especially true if your house needs a little TLC. But cash offers will likely generate the least about of profit for you. The investor outlaying capital, allocating resources and taking the risk will need a return that justifies the venture. A portion of our profits comes from value added through rehab, design and function. But a portion of our profit also comes from the fact that we purchase real estate at a discount.
If you are a homeowner and you need to sell your Indianapolis house fast, you owe it to yourself to work with a professional home buying company with a passion for building rewarding solutions. We have our clients best interests front and center. Our team takes the time to get to know you and your unique situation. Go online and fill out our short form or give us a call today at 317-731-2540. You are never under any obligation and your personal information will be kept completely confidential. Working With A Real Estate Investor. Beyond A Cash Offer.