UPDATED 2/23/21
There are many reasons to choose a cash home buyer over a traditional realtor. These services provide sellers with the money they need on short notice. When I need to sell my home fast, I want cash for my house today. With this mindset, I will research cash buyers in my area. However, it’s important to make smart decisions about whom I sell my home to.
When choosing a service that will buy my property for cash, I want to find an agency that is credible. The simplest way to do this is to search for a service accredited by the Better Business Bureau. There are scammers out there attempting to buy property for far less than it’s worth. Accreditation is one way to make sure the organization I’m dealing with is legitimate. Another step is searching online reviews. This will give me an idea about what other sellers have experienced.
I will also want to take the time to verify that my buyer is an expert and will give me a fair deal. However, it’s also my responsibility to be honest about the property. A deal we’ll go smoother if I’m upfront about any issues. Factors such as repairs and faults in the structure may be mitigating on the traditional market, but companies interested in quickly buying a house cash offer especially, will work with most conditions.
There are a variety of reasons you might consider finding companies that buy houses in any condition, one of those “we buy houses for cash” sales that are advertised with increasing frequency lately. Along with the need to relocate quickly or turn over an investment, other reasons for seeking creative homebuying solutions may include bankruptcy or foreclosure.
Although it may carry with it some negative feelings, there is no reason to be ashamed if you find yourself in either of these two situations. You’re not alone. In 2014, there were over 300,000 home repossessions, with over more than 6 million homes in the U.S. lost to foreclosure since 2007. Loss of employment and death in the family are two life events that may lead to financial hardship, with 13 percent of foreclosures nationwide stemming from medical causes. So don’t feel bad about the situation; try avoiding foreclosure by finding companies that buy houses in any condition or foreclosures, and see what you can work out.
There are some benefits to a cash sale, even though it may mean you get less money.
- Fewer sales fall through. No worries about losing the buyers at the last minute because they didn’t get the loan.
- Cash sales happen faster. Averaging two weeks, rather than the 4-8 weeks needed for conventional sales, cash transactions put money in your hands now, when you need it most.
- No repairs. Most cash real estate sales are as-is, with no hefty repairs or lists of buyer demands, so, while you may get less for the house, you also have to invest less.
Still, you can sell a house for cash on your own. So why research companies that buy houses in any condition, physical or financial? These “we buy houses for cash investment” companies provide a resource and service for sellers who want to sell quickly, with no hassle, and don’t mind getting a little less for the property in return for fast cash. If you’re wondering how to sell a house fast in a slow market, how to get out from under the burden of a home you can no longer afford, this might be the right option. A reputable investment company will offer a reasonable settlement price for your home, allowing you to stop the foreclosure, save your credit, and pay off whatever you can.
Before choosing one of the companies that buy houses in any condition, take some time to do research, get professional advice if at all possible, and consider all legalities of the situation. While you may be willing to take less, you don’t want to be undersold or taken advantage of either. Get an appraisal. Spend some time looking at comparable listings and price adjustment records. And don’t be afraid to emphasize the positive features of the home, either.
Another aspect to consider is the company itself. There are plenty of companies that buy houses that provide assistance with paperwork, that offer excellent customer service and efficient organization, and that don’t charge exorbitant fees. This is especially good for those who are selling their home due to financial distress. Many times, opportunity investors, also known as cash purchase specialists or equity purchasers, will offer exactly what you owe, although it’s possible to negotiate more depending on the situation. All in all, that might be better than foreclosure, and it’s the beginning of a new start for those who, unfortunately, find themselves in foreclosure situations.