We’ve been trying to sell our house for 7 months now. We’ve lowered the price 4 times. We’ve had several people look but as soon as they hear that we need flood insurance … they’re gone! (There’s a creek right alongside our house that comes in from the ocean, but it hasn’t flooded here in over 100 years)
Anyway, we really want to get out of here and we’re considering one of those “We pay cash for your home” companies. The one I spoke with offered us $12,000 less than the price we’re at now.
Just wondering if anyone has had any experience with these types of companies? Thanks!
Thanks folks. About the flood insurance, the mortgage company requires it. But we had a new flood elevation map done in August 2005 and they said we could fight it and would probably win. But knowing my luck, I’d cancel the policy and the next day we’d have the flood of the century!
November 26th, 2009 at 2:27 pm
All I can tell you is try harder or find different companies with different offers in writing. Make sure you have it in writing and the amount is not negotiable. Make sure you don’t show them how desperate you are, they aren’t your therapist and there is no need for them to hear your problems. Try to get references through family and friends or even neighbors. Also I don’t know if the 12,000.00 dollar amount is allot or little compared to the total amount your selling your home for. If you are selling it for 120,000.00 dollars then it is a large amount. But if you are selling your home for 500,000.00, then it doesn’t seem like a large amount. Hey long as you are not upside your mortgage (assuming if you have one), then go right ahead.
P.S. Also check with the Better Business Bureau for the company offering to purchase your home.
November 26th, 2009 at 3:10 pm
They invest in homes and sometimes remodel and then resale them for a good profit. They will pay you a lot less than it is worth. If you don’t mind the price then there shouldn’t be a problem.
November 26th, 2009 at 3:46 pm
You will not get a high price from those companies. They buy houses from distressed sellers who have to sell quickly. The seller is sacrificing a higher price to unload the property quickly. They are more of a last resort for the seller. Why do you need flood insurance? Why can’t you just take the risk and self insure in case of flood?
November 26th, 2009 at 4:23 pm
How about trying to remove your flood plain status? Work with FEMA and your local planning department. You may have to get your property surveyed to show the elevation changes between your home site and your creek.
It is very possible that whatever governmental body designated your area as a flood plain won’t be very helpful. But if you are persistent, and it is indeed not in a flood plain, you may be able to get that status removed, which also removes the need for flood insurance.