Mortgage loans are the thing we love doing here, but sometimes it’s not necessary based on the client’s needs. We recently had a client, Juan, call in asking for a loan to buy a new property in downtown Albany, New York. Juan found a nice brownstone building on Western Avenue, not far from Saint Peter’s hospital that he really liked. Juan and his wife, Michelle, already had an outstanding loan with our firm from his first home purchase. With money still due, we spoke with Juan about other options since we weren’t able to accommodate his needs.
The primary option we discussed was calling a local cash home buyer in Albany, NY. Cash home buyers are real estate investment companies that purchase homes to renovate for themselves. These companies often resell the properties a few months down the line, or they find tenants and turn a rental income instead. The main benefit of working with fast cash house purchasers is that they can move quickly. They’re able to meet with you within a couple days, give you a fair estimate based on a discounted market price for your home, and then provide you with cash for your house quickly. The most reliable home buyer in the area is We Buy Homes Albany NY. You contact them through their website www.webuyhomesforcashalbanyny.com for a walkthrough and no-cost estimate. This is the company we referred Juan to because we’ve had positive experiences with them in the past. Juan and Michelle did end up contacting the company and getting about $80,000 for their small, single-family home. That price was about $20,000 under market value, but it saved them from having to wait for months or continue paying the mortgage payments. When a real estate investor pays cash for a home, they inherit all outstanding loans and taxes. So, shortly after the sale went through, we worked out a deal with We Buy Homes Albany NY to settle Juan’s loan. And Juan and Michelle went on to buy the brownstone property on Western Avenue not far from SUNY Albany with our second mortgage loan for their family.
One way or another, we strive to do what’s best for our clients. Sometimes that means that we cannot directly help, but we can refer someone we trust that can. In this case, everything worked out great. It just took a couple phone calls to connect everyone.