Owning
a home is one of the biggest achievements and investments most people will
manage in their lifetimes. However, when it comes to selling a house for
whatever reason, the process often proves time-consuming and stressful. This is
especially the case if you decide to sell your home the traditional way.
As
a homeowner, if you want to liquidate your home quickly, be it due to
relocation, divorce settlement, financial difficulties or any other reason, the
wait to find a buyer can often prove to be quite a burden. Luckily, you can
consider selling to “we buy houses” companies for a fast and hassle-free sale.
In
this piece, we delve into the details of what these companies are, how they
work and the pros and cons of selling to them.
Understanding “we buy houses” companies
Unlike
the traditional buyers who take a long time to close a sale and mostly go
through intermediaries, “we buy houses” companies specialize in buying homes
directly from owners and usually in as-is condition closing the deal fast,
often in under a week.
They
are real estate investors with ready cash and don’t have to wait for loan
approvals, mortgages or to sell other properties to get cash to pay for your
home. While traditional buyers may need inspections, property repairs and loan
approvals, these cash-buying companies offer a streamlined process, closing the
sale in a few days.
These
companies target some sellers especially, those facing urgency due to
situations including:
- Divorce
- Foreclosure
- Financial hardships
- Unwanted /inherited properties
- Job transfers
- Major home repairs
Because
they offer quick closings and pay cash, “we buy houses” companies are an
excellent alternative to standard buyers.
How “we buy houses” buyers work
Selling
your home to these companies is a straightforward process. Below are the key
steps to follow:
Initial contact- as a homeowner, you start by reaching
out to the buyers, be it through their website, phone call or even by visiting
their office. You will need to give them
relevant information about your property, such as its condition, size and location.
Property evaluation
Once
you invite “we buy houses” buyers, they will arrange to carry out a preliminary
evaluation of the property. The buyers may schedule to have a quick walkthrough
to evaluate the condition of your home, but sometimes they will be able to
evaluate it without doing an in-person visit. If you’re looking to sell your
house fast, you can invite the leading cash-buying company and they will view it now and make you a competitive offer.
Cash offer presentation
Depending
on their assessment of your home, and the prevailing market trends, the buyer
will make their offer for you to consider it. Typically, “we buy houses”
companies make lower offers than the market value, but this reflects the
convenience and quick close they offer sellers.
Acceptance and closing
You
need to weigh up the various offers you’ve received assuming you had invited
several “we buy houses” companies and decide which to accept. Once you accept a
cash offer from one of these buyers, they will take up all the document processing
and arrange for a fast closing. In most
cases, these buyers complete transactions within 7 to 14 days.
Advantages of selling to “we buy houses” companies
You
stand to enjoy some benefits when you decide to sell your home to “we buy
houses” companies and these include:
Fast sale
It
can take several weeks or months, and at times can get to a year to sell a
property the conventional way. Fortunately, the cash buying companies can help
to speed up the process significantly. After accepting their offer, the sale
can be completed in as little as one week. The speed of completing the sale is
critical and a lifesaver for homeowners with time-sensitive situations like
urgent relocations or foreclosure.
No repairs or property preparations
Most
homeowners find selling their properties a big hurdle due to the needed repairs
and improvements to make it market-ready. There are costs involved to do
repairs, deep-cleaning and staging a house. However, when dealing with “we buy
houses” companies, you can forget these costs because most buy homes as-is, or
in their current conditions. This eliminates the need for preparatory expenses
saving you a tidy sum of money and headaches.
Certainty of sale
Selling
a home the traditional way comes with some uncertainty because the buyer can
change their mid-way, or some things can make the sale fall through. Sometimes
the buyer’s loan application may be rejected, they may find a better house and
so many other reasons.
The
beauty of selling to “we buy houses” companies is that they have ready cash,
and after they present you with their offer, they close the sale in a few days.
This eliminates the risk of the sale falling through.
Potential drawbacks of selling to “we buy houses”
When
considering selling to these buyers, you need to bear in mind a few possible
drawbacks of this approach:
Lower sale price- these buyers typically give offers
that are lower than the market value of your house because they must foot
repair costs and get some profit. For the speed and cash payment, the price
makes sense, but if you have all the time, weigh other options.
Risk of scams- there are many scammers masquerading
as cash buyers, so do your due diligence before engaging with any buyer.
Conclusion
Selling
homes to “we buy houses” companies is a quick and hassle-free way to get cash
for your home. You just need to contact them, compare the offers, take the best
after doing your background search on the buyer and get the sale closed within
a few days.
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