How Do Companies That Buy Houses for Cash Work?
Understanding Companies That Pay Cash for Houses
Companies that buy homes for cash allow you to sell it “as is” — without having to list it on the market. This is an ideal option for people who need to sell their home fast. When you go the traditional route of listing your home, it may spend anywhere from 65 to 93 days on the market, reported Zillow.
That’s up to one-quarter of a year spent not only waiting to sell your house but on the hook for paying your mortgage, as well as utilities, insurance, and taxes. Companies that buy houses make the entire home sale experience faster, while making sure the price is fair for the sellers and not just the buyer. If you’ve been Googling “companies that buy houses near me,” you may already know about the advantages home buying companies and their processes provide.
Looking for a faster option? Talk to companies that buy houses!
The Buy Guys’ process takes 10-15 days from signed contract to payment. We’ve perfected our process over nearly 15 years of working in the industry — and buying more than 10,000 homes. The idea of selling your property to home buying companies is similar to selling your car to a dealership or used-car retailer. You can certainly go through the hassle of listing your car online, fielding phone calls from strangers, scheduling times for potential buyers to come by for a test drive, haggling prices, and dealing with the paperwork all by yourself. Or you can sell it to the dealership or used-car retailer and be done. The same concept applies to companies that buy houses for cash. You sell your house to us, and your job is done, freeing up your time and funds to cover something else, whether it’s bills or another property you truly want.
To decide whether companies that buy houses are right for you, it’s important to understand their process. At The Buy Guys, we strive to be the best company to buy your home, so we’re very transparent our process and the way we work with investors.
Here’s how it works, from calling us to getting your cash offer:
1. Call us or fill out a form online.
We typically send letters to homeowners to inquire about their property and if they’re interested in selling it (you may have even received one of these types of letters before). However, we don’t like to hassle people, so we prefer they call us (888) 204-7603 or fill out a form online if they’re interested in selling their houses. After you call, you’ll speak with a certified real estate expert, who will ask a few questions to learn about the value of your house and reviews your situation. What types of houses do we buy? Single- and multi-family houses, townhouses, or apartment properties — “as is” — in Florida, Georgia, and Alabama. We do not buy mobile homes, manufactured homes, or vacant land.
2. We discuss your property and needs.
There are a number of reasons you may want to sell to companies that will buy your house for cash. Maybe you’re facing foreclosure. Unfortunately, that situation becomes increasingly common during periods of economic recession. For example, in 2008 (during the Great Recession), the market saw an 81 percent increase in U.S. foreclosure filings. Some of the other reasons people may want to sell quickly include job transfers, undesirable neighborhoods, divorce, need for cosmetic fix-up, retirement, costly maintenance and repairs, or an inherited home.
Depending on your situation, you may need additional assistance that we can help provide. For example, if a loved one passed away and there are multiple people on the title or no will, we have a lawyer in-house who can help with these issues and others — at no cost to you.
3. Get a cash offer over the phone.
Wondering how much do house buying companies pay? In as little as 5 minutes, we can put together a cash offer for you, thanks to our advanced buying tools. We strive to give you the best cash offer possible. Additionally, there are no hidden fees or deductions upon closing.
Next, we arrange for one of our reps to come out to your property and take pictures. We strictly adhere to COVID-19 protocols, and our rep will be wearing a mask and gloves when they arrive on the scheduled date. It is up to the homeowner whether they would like to be present. Our rep will take photos of the interior and exterior of your home. They’re typically in and out within 30 minutes.
Best of all, you get to skip the full home inspection and showings that come with selling your home using a realtor. If you put that in perspective, one representative from The Buy Guys comes to your house to take pictures, with the intention of buying it. Selling a home through a realtor involves dozens of showings and cancelations, over a span of up to three months. When you work with us, you get to skip the staging, continuous clean up and a cycle of strangers coming in and out of your house. You just get to sell your home and get paid.
4. Receive your contract.
Some companies require you to sign your contract in person. We know that your time is valuable and strive to take up as little of it as possible. As a result, The Buy Guys will send your contract to you via email, fax, or overnight mail. Upon receipt, just review and accept it. The closing date is chosen between the seller and the acquisition agent and is usually listed in the contract. We understand that finding a new place takes time — whether you live in the property you’re selling or have tenants. We’ll work with you to schedule a closing timeline that coincides with the purchase of your next residence or to give your tenants ample time to find a new place and move. We believe that part of running a great business is doing right by other people.
5. Close and get your cash.
Once you return the signed contract, you’ll sign the title paperwork. The Buy Guys actually has a title agency in-house, which makes our closing process seamless and quick. In some cases, we’ve closed in as few as five days from receiving a signed contract. The final step of the process is everyone’s favorite — you get paid. Once the contract and title paperwork are complete, you’ll receive your payment in the form of a money wire. Then, you can do a celebratory dance and cheers the nearest person with your beverage of choice.
Part of that celebration is in the fact that you chose a company that listened to your needs, guided you through the process, and made it easy to sell your home and get paid quickly — The Buy Guys.
To find out how much your property is worth, give us a call at (888) 204-7603 or fill out this form on our website, and we’ll reach out to you.
