Buying Ugly Homes?: Understanding our Business Model

At Cornerstone Homebuying, we buy properties as-is for cash in the Springfield area.  We can even close in as little as two weeks — the seller picks the closing date, and we pay all closing costs! And we’ve helped TONS of people in the Springfield area get a fast and fair offer for their homes. 

Primarily, we buy properties in a condition where it’s difficult to sell them to traditional buyers on the MLS — outdated properties with many repairs, for instance.  But one of the most common questions often asked is… 

“Why do you want to buy a property that’s not in good condition?” 

That’s a fair question.  

And to answer it, you have to understand our business model.  

Homes with great floor plans and awesome curb appeal generate loads of interest from buyers, making these properties easy sellers. By contrast, the ugly house on the block all too often gets ignored by shoppers. But there are many reasons why we are seriously considering buying an ugly home. 

We Could Get a Great Deal

Sellers, in most cases, know what they’ve got. So if they have the ugliest house on the block, they’ll likely set a lower asking price, with the knowledge that fewer people will have the imagination to see its potential. If an out-of-date or neglected house has great bones, we could scoop up a diamond in the rough for the price of cubic zirconia.

Quicker Negotiations

The seller of an ugly house knows they’re lucky to get a few bites, let alone a serious buyer. Once we make an offer, they’ll most likely speed through negotiations to lock in a contract. That’s good news for us.

Potential for Seller Financing

Banks could be less willing to approve a loan if a home is in bad condition. If a smart seller wants to unload their property—and fast—they might be amenable to holding the note and collecting the interest from us. Not a bad deal for us; dealing with the seller is a lot easier than initiating a mortgage application.

Seller Credits

In order to make a sale on an undesirable property, a seller might be more willing to agree to our offer. If we make a good deal, that could include accepting credits that would reduce closing costs or result in a lump sum of cash to the buyer at closing.

Location

Location trumps pretty much everything in real estate. If we’ve found an ugly house in a great location (say, close to the beach or within walking distance to town), we’ve stumbled into a great investment. We will pretty it up, and we’ve got a house that will be worth a lot more—and give us a quicker seller when we decide to put it on the market.

Lot Size

An ugly house situated on a big lot could have big potential. Many older, decaying homes are outside of subdivisions where larger properties are the norm. That gives us the opportunity to build an extension to the living space and create your dream home.

We at Cornerstone Homebuying

We buy homes that need some work from sellers who don’t want to hassle with fixing them up themselves. We then fix those properties up to current market standards so that we can either sell them for a profit or rent them for some cash flow. 

Of course, there are a lot of risks involved in buying and fixing up properties.  

But we’ve been investing in the Springfield area for quite some time, and we’re confident in our abilities. 🙂 

So.  

That’s how we can give people a fair price for their off-market properties. Hope that gives you a little more clarity about what we do and how we do it! 

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