EPS Houses LLC Buys Ugly Houses
We want to let our sellers know that we are willing to buy houses that are either in poor condition or, for one reason or another, might not be attractive to all buyers. Here are some of the following reasons:
· Houses with severe structural issues such as foundation, roof, plumbing, or electrical problems. These situations can present a difficult challenge when selling your home.
· Houses in the flood plain or areas prone to weather effects have proven to be very difficult to insure and thus making them more challenging to sell.
· Houses with high-interest rates, undesirable mortgage financing, or negative equity will make the property nearly impossible to sell and even bank refinancing. EPS Houses LLC can offer a solution to this problem.
· Houses with payments or balances that are too high for the owner for reasons such as a job layoff or some reduction in income. This can cause the Seller undue stress. We can offer solutions to this problem.
· Houses with bad memories for the homeowner, such as a death, divorce, or tragedy; sellers often want to sell these properties with as little interaction as possible.
· Houses that no longer serve the Seller’s needs — too big, too small, inconvenient location, and so on.
What Is an Ugly Houses/ Distressed Property?
An ugly house, a distressed property, has some hardship, typically foreclosure, probate, and divorce. These properties often need significant repairs. Many ugly houses result from foreclosures when a homeowner defaults on the monthly mortgage payments.
The bank forecloses on the home and takes ownership.
Lenders prefer to sell these homes quickly, in compliance with state laws. These sales are offered via foreclosure sale or at auction.
REO Properties
Properties that don’t sell at foreclosure auctions are known as fundamental estate-owned properties or REO properties. These homes are considered distressed properties.
Lenders are in the loaning business, not the home repair business.
When a homeowner owes more on the mortgage than the home is currently worth, they may have the option to do short sales are a more attractive option for the owner.
When a buyer purchases the distressed property for less than what the current owner owes on the mortgage, this is known as a short sale, allowing the current owner to avoid foreclosure. Short sales usually result in a good deal for home buyers and investors. Real Estate Agents are an excellent source for finding ugly houses.
The right real estate agent will walk you through finding distressed properties. They may have more information about the home’s condition and any risks that warrant your attention. Unfortunately, it can be challenging to finance a distressed property because the value is difficult for an appraiser to assess. And in many states, all-cash payments are a requirement for distressed properties sold at auction.
If you find yourself with a distressed property close to foreclosure or any other situation, consider approaching EPS Houses LLC for an as-is cash offer. With an offer on your property, many lenders are motivated to move forward with the sale to avoid foreclosure.
What Are the Risks of Buying Ugly Houses?
If you are buying an ugly houses/distressed property, you are buying it as is with no warranty. If the property has unforeseen issues such as bad plumbing, termites, hidden wood Rott, or a lousy septic tank, these problems can come with high financial costs to repair for the new owner. When buying an ugly house, the purchase should consider complete rehab to bring the property up to market-ready condition. Bearing this in mind, all cash offers are usually below market value. But in some situations, EPS Houses LLC still pays market value on your ugly house.
Why Does EPS Houses LLC Buy Ugly Houses if it’s so risky?
EPS Houses LLC always buys investment properties. We have over 30 years of contracting experience, so we often seek these properties. That’s because they can be a good deal for both the seller and EPS Houses LLC at the right price or terms. And EPS Houses LLC are well-equipped to handle any problems they discover on the property.
Many investors buy distressed properties and fix them up, only to flip the house or rent it. Most people don’t purchase distressed properties and plan to live in the home.
