Property is always a wise investment, whether it be a condo, a duplex, a single-family home, or even just property for new construction. However, sometimes life happens, putting you in a tight squeeze. Whether it be sending your kids off to college, a doctor bill you weren’t expecting, or moving to accommodate your growing family. Every situation is complex. Your only alternative might be to sell your property to make some quick cash to cover those costs. These situations might seem daunting and overwhelming, don’t worry. We are here to help you with the fear you might be feeling by sharing a similar story with you. So let’s see what Tommy Smith did when he ran into some problems and needed some quick cash.
Tommy Smith’s predicament
Tommy Smith was your average American, worked hard so that he could own property. So when Tommy was able to buy his first duplex in Montgomery County, Maryland, he was ecstatic to move in and rent the other half out for some extra cash flow. Fast forward a little bit and, Tommy got married, now his duplex seems too small for him and his hopefully growing family. Tommy decided to move out of the duplex and get something better for himself and his family. His problem now is that he lives too far away from his duplex and can’t keep up with it, so bills piling up and the duplexes falling into disrepair, Tommy decides it is time to sell the duplex and get cash fast to get himself and his new family out of debt. He and his wife look up a local realtor in Hyattsville, Maryland. The Smiths talk over their options and what their bottom dollar, for the duplex, they can accept to cover the costs they need to get their feet back under them. Tommy promises to call in the morning and get the process started on the duplex, ready to be free of the stress and worry it has brought him.
The process to freedom
When we got the call from Tommy, he seemed like he was at his wit’s end with his situation. Tommy’s tone made it clear he wanted to do what was best for his family. Tommy told of how the duplex sat empty now since it needed more repairs than he could afford to get the rent ready again. Devin Jones knew we needed to help Tommy out and get him the fast cash he needed and free him from the financial costs he was experiencing from his old duplex. So Devin looked up the property, took some notes on it, the surrounding neighborhood, grabbed her keys, and went to look at the property. The CMA said that duplexes in the area were worth around 307k. However, due to repairs needed, Tommy’s duplex was not market-ready. The duplex was in a
great location despite the state of disrepair, so Devin knew she would have no problems reselling the duplex after fixing it up. Flooring would need to be replacing; the walls would need some patching and repaint. The HVAC system was a tad old and needed to replace it, new appliances in the house due to previous tenants not taking care of them. These repairs wouldn’t take long but could be extremely costly.
Devin headed back to the office to get the paperwork and money together. Understanding Tommy needed to sell the house and cash fast. Once everything was in place for the sale, Devin called Tommy back with a cash offer for the duplex of 150k. Tommy was surprised and ecstatic all at once. Tommy had most of the mortgage paid for the duplex back from when he lived there, then renting both sides out. The offer of 150k would efficiently close out the remainder of the mortgage and cover the expenses that occurred since moving out of the duplex. Tommy felt like a huge weight had lifted off his chest. Tommy said he wanted to consult with his wife before deciding but would call back before the workday ended. Tommy’s wife, Sarah, understood how much this had been weighing on her husband. She gave her full support knowing it would help get them out of debt and help her husband sleep better at night.
The day to sign the paperwork donned a gray cloudy day, one of those days where there is a slight chill when you step out of the house. The day still promised to be very warm according to the weather. The Smiths headed out an hour early before the meeting to make sure they had enough time to get there despite GPS saying it would only be a twenty-minute drive. This decision was partly due to nerves and partly due to the cloudy weather probable it would rain. Traffic was a little heavier than usual however the Smiths made it twenty minutes early. Walking in the office was well decorated and gave a comfortable feel. Devin greeted the Smiths with a smile and offered each coffee before getting started. The twenty minutes passed quickly, and it was time to start filling out paperwork. It was surprisingly fast and what surprised the Smiths more was that the money was in their account pending before they made it to the car.
The Final Results
Devin, as soon as the paperwork is complete, gave the go-ahead to have the duplex refurbished. This way Devin, and her realtor company could get the duplex market-ready and make the return on their investment. It would take a few weeks to do, but Devin was confident she could sell it quickly once ready. As for Tommy, he finished paying off the debts he had leftover from the duplex. Just in time for Sarah to give him quite the surprise of a little one on the way to join their growing family.
Knowing is Half the Battle
Hopefully, reading Tommy’s tale will help anyone in a tight spot, whether it be a doctor bill, college, helping family, wanting out of rental properties, or whatever your reason may be. Do as Tommy did call a local realtor company; in Tommy’s case, it was in Maryland. Explain your situation, be clear on the point that you need cash fast, and be courteous to those that are actively wanting to help. Your local realtor company will help you through it step by step to make sure both sides come out mutually benefitted. Just remember, top dollar isn’t the goal; you are looking for a way to get out of debt or whatever situation you found yourself in that caused you to sell your property.