Today we share Pete’s story. His circumstances may even carry a resemblance to yours. Our experience with Pete will shed some light on why selling a house as is might be the best solution for you. We will show you how easy it can be to sell your house as is and reveal all added benefits you may be surprised to learn. Pete’s story is not uncommon and is very fascinating, so let’s dive right in.
A Prime Example of Why Selling A House As Is Can Be A Perfect Option
Last May, (before officially starting HappyHome) we received a message from someone named Pete (we’ve changed his name for privacy reasons) who came to our website indicating that he was interested in getting a cash offer for his home.
We did not have a lot of detail beyond that, so we called back and set up a time to check out the property’s condition and meet him and headed out the following Monday to check it out.
Pete’s Property Exterior
The property was in a desirable county in Virginia but was not in a “cookie-cutter” neighborhood. It was slightly out in the country. I drove up the gravel driveway, passing a colossal horse stable that must have been twice the size of the weathered-looking 1800 sf Log Cabin.
I parked my car and put on my mask (apparently there was a pandemic) to meet Pete and view the home. He came out to meet me and was incredibly nice. I introduced myself, engaged in some small talk, and began the property tour.
Our first stop was the horse stable, inside and out, while Pete revealed every detail about the barn.
The 10-stable horse barn was previously used for horses he owned, but it had been 15 years since he had a horse. The barn was in excellent condition, and I knew it would appeal to someone looking to purchase the property.
Why he was Looking to Sell his House as is
As we walked back to the main house from the horse barn, Pete began to fill me in on his situation and why he was looking to sell the property quickly without using a realtor. He was in his 60’s or 70’s and was preparing to retire to a house he bought in Washington state. His wife was already living there, and he was finishing up his last few months of work here before he was set to join her out there.
The original plan was to finish his work commitment and move to Washington. Once he no longer lived in the property, he would get the property renovated and fixed up to list it the conventional way with a realtor.
His wife ended up getting sick (I didn’t ask for details), however, and the timeline he was on had to be sped up so that he could get out to be with her as soon as possible. Couple that with the fact that the property was in disrepair, and you get to why he decided that selling the property directly to an investor would be the best option for him. Once we walked into the house, I saw this firsthand.
Pete’s Property Interior
The house was built in the late 1970s, and by all available evidence was not updated at all since then except for some minor repairs. It was also cluttered and had a lot of deferred maintenance that accumulated over the years.
I believe the property got to the point where it was just too much to handle, and they had priorities above it. Selling a house as is can be the preferred route for many when this occurs over time. Here are some pictures for illustrative purposes:
Pete was highly forthcoming with every issue the property had, which was refreshing because many people will not mention or even attempt to cover up things like this.
He pointed out all the leaks, cracks, breaks, and everything else that went wrong with the property over the years. This was a long conversation!
Our Offer to Pete
Once we finished up the house tour, I thanked him for his time and left to discuss it with my partner. When someone is selling a house as is there tends to be a fair amount of “heavy lifting” needing to get it back to normal.
This property made most “as is” houses look like they were in mint condition! But even so we decided it was something we wanted to purchase, so my partner went out the next day to check out the property for himself and to present an offer to Pete.
He gave Pete the offer, explained how we could close in 10 days, how we would come up with the funds for closing, and structured it based on his needs. Pete wanted to do a quick settlement but then wanted to live in the property a bit longer while he got ready to move across the country to Washington.
So, the offer was set up this way, giving Pete the ability to live in the property for a few weeks after the settlement and leave any junk he didn’t want. Here is the actual signed contract with personal info blurred out:
The offer was signed on the 16th and was closed on the 27th. Closing in 11 days was exactly what Pete needed!
Pete’s (House) Problems were now Officially Solved
After mulling it over for a few days, Pete decided to accept our offer and move forward with it. We found out that we were competing with a wholesaler, and I’ll get into that shortly. We closed on the property exactly when we said we would, and Pete was thrilled.
He was now able to head out to Washington to be with his wife. He headed out that way, and we helped him coordinate the movers picking up the items that he wanted to keep.
A few large pieces of furniture he wanted the movers to get had mold on them, and they were unable to take them due to company policy regarding health concerns. We ended up having these items moved to a specific area and worked with a mold remediator to fix the issue.
Once this was done, the movers were able to come back and load up the furniture. Pete was so appreciative of how we helped coordinate all of this while he was across the country that he sent us a case of wine for our efforts. That was a first for us and very nice of him to do!
A Deep Dive Into his Experience Trying to Find an Investor
After the dust settled and Pete was moved into his house in Washington, I had a conversation with him to better understand why he decided to sell his house as-is and not with a realtor. When I was developing HappyHome, I wanted to understand the customers’ needs to build something to suit them.
Excerpts from our Phone Conversation
With Pete’s permission, I recorded the call. One of the questions I asked him was how he ended up finding our website online. He said that he did a Google search for something along the lines of “selling a house as is” or “sell my house fast.” He mentioned that this returned about 5-6 websites that all looked very similar.
They said how they would buy your house fast and how selling a house as is was easy with them, but per his research, this did not seem to be the case. Here is an excerpt from him in which I have changed his voice for privacy reasons:
Negative Info He Found By Doing Research on Selling a House As Is
Pete was fortunate enough to realize that he should do more research to make sure these claims were credible from the other companies that said they specialize in helping people who are selling a house as is. He dug in and learned the concept of real estate wholesaling, without even knowing what it was called.
After doing research, Pete ended up contacting our company and another one. On the other company’s BBB (Better Business Bureau) profile, he saw some negative reviews about how they would go under contract and then try to find an actual buyer to close. Take a listen as he describes this:
The Wholesaler We Were Competing With
Pete was not at all in a position where he could risk getting strung along by a wholesaler, and this is why he ultimately decided not to go with the other company and to go with us.
Selling a house as is is what people do to avoid having the process drag out in the first place. Imagine an alternate reality where Pete went with the other company.
Pete Barely Dodged a Bullet
He was planning to leave the home he lived in for 30 years to move to the other end of the country to see his wife, who was sick. That is a considerable endeavor and not one that should be taken lightly by anyone.
If the wholesaler realized the property had way more problems than they initially saw and couldn’t end up finding a buyer to purchase it, they would void the contract and leave Pete in the wrong spot. This would create more expenses and headaches on top of everything he was already going through. Luckily for Pete, he did his research, and this did not end up happening.
Summary of Pete's Experience Trying to Find a Buyer
As you heard in the prior audio clip, we also offered a higher price than this other company. Now, I haven’t touched on it much here because Pete said it himself that price was not the highest priority for him (surety of closing was), but this is also something they should discuss.
Do Your Research to Avoid Disastrous Outcomes Caused by Wholesalers
Working with wholesalers will almost always lead to a lower sale price than working directly with an investor. It is a straightforward concept as to why.
Typically, when a middleman is involved in a transaction, the price gets marked up for the middleman to make money. This is always true with real estate wholesalers.
If a wholesaler were to offer Pete $150k for his home and then sell it to an actual investor for $200k, the wholesaler made $50k that should have gone into Pete’s pocket. This is precisely what Pete avoided by going with us. We paid more than what the wholesaler offered, and we delivered on what we promised.
I didn’t write this article to toot our own horns, but to inform and let people know that they should do their research to find a true investor to buy their house fast. Getting a few capable and experienced investors to look at your property will always lead to the best result if you plan on selling a house as is.
For most people, their home is the biggest financial asset that they own, so conducting diligence on potential buyers should be taken very seriously to get the best outcome.
Pete did this and can confidently say that he got an excellent price for his house and was able to sell it entirely on his terms. We’ve stayed in touch, his wife is much better, and they enjoy life out in Washington. We hope everyone looking to sell their house fast has a similar experience as Pete did.
If you’re thinking about selling a house as is check out our other articles. They are very helpful and can point you in the right direction and help you avoid bad outcomes.
Whether you use HappyHome or go in a different direction, we wish you nothing but success! Feel free as always to reach out with any questions you might have, and God bless!