I wanted to share a true story that illustrates that sometimes, even though we have the best of intentions and well laid out plans, life can get in the way. We sometimes need to step back and look at the big picture and be strong enough to cut our losses. This story happens to be a real estate investment story.
Several years ago, I purchased a Long Island property that I thought was going to be a fantastic project (Why would I buy it if I didn’t?). As usual, things started off a little slower than I hoped for. The house was a long distance from me (first mistake) and my usual contractors didn’t want to go there. While interviewing new local contractors was a pain, things were starting to come together.
The neighborhood was well established, and while this house was old and original, there were many high-end homes in the general vicinity. That usually gives an investor a bit of a cushion. Not in this case. Just as the architect and engineer were completing the plan, we were hit with Hurricane Sandy.
Every house in the neighborhood was damaged and every road into and out of the area was closed for over two weeks (and of course there was a gas shortage). What was once considered a nice project was now my worst nightmare.
When I was finally able reach the house, I found substantial exterior damage to the property. Trees were down everywhere and the driveway had been lifted by a mess of roots. These were not small trees either. Some of them were 50-60 feet high before coming down. When I pulled up in front, I could barely see the house.
This obviously changed the whole nature of the project. My new contractors were in super high demand, as they now had work everywhere and had to prioritize. I went to the back of the line to get any work done. Additionally, everything being done required permits from the town, and it was going to be months before they got caught up.
My insurance adjuster didn’t get to even look at the property for another two weeks after I finally got there. Once he did, he told me that, in a sense, I was “luckier” than most in the neighborhood. None of the trees had actually hit and/or damaged the house. They were all over the property but not on the house.
While this was good for the house, it wasn’t not good for my insurance claim. They eventually told me (3-4 weeks after that) that my policy only covered damage to the house and not to the property surrounding the house. Lovely.
So, now I had the additional cost of tree removal and resurfacing the large driveway. And, this extra cost now fell on me alone. Mind you, none of this was in the budget. The thousands of dollars required to do this work pretty much blew out the possibility of securing a profitable return on my investment.
This confluence of events changed things as follows. If I could find contractors to do the renovation on the property in a reasonable amount of time was now unknown. The time frame required to get permits had quadrupled. I had to spend thousands of dollars in unanticipated, unbudgeted landscaping work. The overall market conditions had become uncertain (due to the storm and anticipated higher insurance premiums). Who knew how this event would affect the real estate market in the near term.
So, I did the only thing that made any sense. I cleaned up the property, replaced the driveway and put the house up for sale in as-is condition. It took over a month to find a buyer, even at the aggressive price I was asking. After all was said and done, I ended losing less than ten thousand dollars.
Even though I wound up owning the house for six months, and I lost money, I consider this to be a real lucky ending. It could have been much worse.
It always pays to know when to cut your losses and move on.
If you are interested in learning more about the cash home buying process or are ready to talk to Mr. Witt today about selling your home for cash, please give Long Island Cash Home Buyer a call today at (516) 330-6940 or fill out the quick property evaluation form below. We look forward to working with you to sell your Long Island Home quicker than any other alternative!
Related articles for Long Island Sellers:
- Frequently asked questions when you want to sell your house FAST for cash
- Can I sell my Long Island home “As is?”
- Do I need a real estate agent to sell my house?
- I inherited a house, What to do? Should I rent it or sell it?
- How do I sell a house I inherited – the reality behind probate on Long Island
- Learn about how our process works
Are you in a difficult Real Estate situation?
Do you need to sell your Long Island house quickly?
Since 1998, we have been a trusted source for the latest information in regards to selling your home fast for cash on Long Island. We will have an honest conversation with you about the benefits and disadvantages of a quick cash sale of your property. If it is not right for you then it will not be right for us. It must be a win-win situation.
- We have purchased hundreds of homes with cash since 1998
- We have over $5,000,000.00 in funding available to purchase Long Island homes.
- You will always get cash at the closing.
- We always keep our word and will always tell you the truth.
- We will purchase your home as-is, in its present condition, no matter how much work is required.
- You can avoid all the costs and frustrations of fixing your property for sale.
We are the buyers. We are interested in buying your home- not in listing it as a Real Estate Broker.
Our Home Buying Timeline is typically 2-4 weeks from initial contact to closing of the property. If you need to close faster, it is certainly possible. If you need more time than that to close, that is available as well. We are the go-to if you want to sell your home quickly!
If necessary, we will cover normal closing costs. You will not have to pay anything or bring any money to the closing. All you have to bring to the closing are the keys!
Our process is substantially faster and much less stressful than listing with a real estate broker. When you list the home with a broker you can count on 6-12 months and possibly longer before you get to the closing table. While it is likely you will end up with more money with a traditional real estate listing, our process is completely hassle free and fast!
Benefits of Selling Your Long Island Home For Cash
We are not moving into the house. Therefore there is no need to coordinate closings or lease expiration’s. There are no buyer showings or Open Houses ever. There is no renegotiating after a Home Inspector goes through your property. There is no waiting for a mortgage approval that may or may not materialize. You can even leave the contents of the house if that suits you best.
If you want a fast, trouble-free sale, contact us and we will make every effort to make it a win-win situation for both parties.
Who should consider selling their house this way?
- Need to sell the house quickly without issues.
- Inherited a property and want to meet your obligations as soon as possible.
- In the process of Foreclosure.
- Have an Unpaid Tax Lien.
- Out-of Town homeowner that wants to liquidate the property.
- Need to sell your house before you can buy another property
- Relocating either for work or lifestyle reasons and will not be here to sell your house in the traditional manner.
While these are the major reasons that people choose us to do business with, every circumstance is unique and we are open and innovative in our approach to solving any and all Real Estate problems.
Let us help you.
Contact us Today!