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What are typical terms and process for "ugly" home sale in

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What are typical terms and process for "ugly" home sale in TX
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Pro replied 1 year ago.

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What are typical terms and process for "ugly" home sale in TX?

 

"ugly" home sales are usually deemed that they are for sale far below the market value and only need cosmetic "fixes" to be "flipped" to the new buyer/owner.

 

My 33 yr old house hasn't had any updating and has been vacant for 4 years.

 

Can I sell it as is w/o disclosure.

 

Yes, You can sell it "as is" and state that you haven't lived there for 4 years.

 

That usually seller has an affirmative duty to disclose any and all problems.

 

However, since you haven't lived there for 4 years you can state that and that the buyer buys the property "as is" and therefore must perform their due diligence and get the property inspected because you give no warranties or make any representations about it's condition.

 

 

Is Quit Claim w/o title warranty possible.

 

 

It is possible but a quitclaim deed is limited in that is gives no assurances as to title.

 

Most buyers would perform a title search and get title insurance if they had any thoughts there was an issue. That would be at their expense and not yours.

 

If you only want to give them a quitclaim deed - that places a prospective buyer on notice to make sure they get a title search and survey done.

 

 

 

Who handles closing and what is procedure.

 

If the prospective buyer gets a loan and uses the property as collateral - the lender always performs the closing to make sure their documents are properly executed.

 

If the prospective buyer uses cash - then most anyone can do the closing or you just close as between the buyer and yourself - it's simply them handing you a certified check and you signing over the deed to them (which must be notarized).

 

 

 

I am very familiar with normal closing in CA but not TX and not "ugly" sales


The “We Buy Ugly Houses” is a creation of HomeVestors of America Inc., a Dallas-based firm that sells franchises to investors who want to use the company’s formula for making money in real estate.

It works like this: Franchisees pay $46,000 to join the program and for that they get a two week training course, a personal coach, an exclusive territory and the company’s proprietary software program that helps them analyze how much to pay for a home and how much it will cost to renovate. The goal, says company chief executive XXXXX XXXXX, is to buy houses for 65 cents on the dollar, fix them up and either rent them, sell them or flip them to another investor in the company’s network. Is that kind of discount really possible in the kind of hot market we’ve had in recent years? Hayes says yes. Last year, HomeVestors’ 250 franchisees purchased 6,500 ugly houses, a 27% increase from 2004. “There are more distressed properties than meets the eye,” Hayes says. “We’re not talking about million-dollar ocean front condos.” Indeed, the average home his franchisees purchased cost less than $100,000.

[www.businessweek.com]



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