Companies that buy your house are an expanding sector of the real estate industry. They typically buy homes “as-is,” eliminating costly repairs for sellers while eliminating the need for realtors and closing quickly.
HomeVestors (with franchises nationwide) and We Buy Ugly Houses, as well as local “we buy houses” companies are two national firms offering to buy houses fast for cash in most housing markets. Investor firms who buy this way usually hope to repair houses before selling or leasing them out; such buyers often promise quick sales at less than market value and may offer quick closing times as a result.
At times, these companies may advertise both in newspapers and on the Internet, purchasing lists from Realtors and data providers who provide recent sold listings of homes within six months. When they visit and assess a property they typically make a cash offer – sometimes right away and sometimes within 24 hours; the seller can accept or decline this offer and the company will arrange to set a closing date within approximately 30 days.
When assessing a house-buying company, look out for red flags that could signal fraud or scam. For instance, if they ask you to pay upfront or sign over title without providing clear reasons why this fee should be collected is another red flag; similarly if they claim they’ll close so fast that an earnest money deposit is no longer necessary or provide low amounts as an earnest money deposit is yet another red flag.
A good real estate agent will know all of the laws pertaining to property sales in your state, protecting you from fraud or scams and helping negotiate an acceptable price for your home purchase. They should also guide you through the process and guide negotiations in your favor for optimal home ownership outcomes.
If you need to sell quickly, relocate out of state, or take an enormous financial hit, selling to a real estate company that buys houses may be your best bet. Listing it yourself could yield higher prices; just be sure to read over any sales contracts carefully and consult a legal or CPA if anything seems unclear; select only reliable companies with proven customer satisfaction ratings when choosing among your options.