If you are interested in selling your house fast, for cash, you may begin investigating the various buyers available. While some make unrealistic promises and guarantees, it is better to get all the information before making a decision. To avoid we buy houses scams, it’s important to know your options and to ask the right questions.
Here you will find some of the most frequently asked questions, which will help you decide whether or not you should work with a certain fast cash home buyer.
Are you purchasing the home or are you the end buyer?
Residential real estate transactions with fast cash home buyers are very different from commercial real estate loan companies. In many cases, companies are going to purchase a home and then “flip it” or resell it to make a profit. While this isn’t always the case, it is a real possibility. While you can ask the company if they are going to be the end buyer, this should not really matter if you are trying to sell. A problem may arise if you are speaking with a “middleman.” In these situations, it may be best to request to speak with the end buyer so you don’t run into any issues or problems with the sale.
If inherited home from a family member, who handles it and how will the probate be handled?
The majority of companies offering quick cash for properties have dealt with inherited property in the past. As a result, they know what has to be done to get through probate and will have no problem with this situation. However, it is a good idea to make it known in the beginning to prevent any roadblocks once the buying process begins.
If the property is owner-occupied, will you be able to stay there?
The conditions upon whether or not an owner will be permitted to remain in the property after the sale is going to depend on the company. In some cases, this is possible, but in other situations, the buyer may be planning to flip the house and resell it. It is good to find out ahead of time so you can make the necessary plans and arrangements.
Will the property be purchased as is?
The majority or companies offering cash for houses have no problem purchasing a home “as is.” Again, this can vary from one company to another and any issues have to be disclosed before the sale, in most cases. The point of cash for houses buyers is to help individuals who may have a hard time selling get the process handled quickly.
Does the house need to have repairs done?
The Buy Guys purchase properties “as-is” so you don’t have to do anything to the house, no matter the condition.
Significant structural issues such as foundation or roof instability, severe water damage, or plumbing/electrical problems could cut a lot into the profit you’ll get if you’re choosing to sell on your own. If you have the time and the money, investing heavily in major repairs like these could help bring your home back up to snuff and give you a shot at securing a better selling price.
You’ll need to weigh the pros and cons of spending that cash to determine if you can truly make it back through a more robust asking price.
Are there any hidden fees or closing costs?
Most companies are going to pay all the closing costs associated with the sell. In most cases, the only fees that the property owner is going to be responsible for paying is the prorated portion of the property taxes, the state tax and any leftover mortgage payment. There are never any hidden costs when you use the services of a reputable cash for houses company.
Have you purchased many homes in my area?
A reputable cash home buyer will be knowledgable and know your neighborhood. Talk with the company to understand how many homes they’ve purchased and how they evaluate the surrounding area.
Can you provide a same day offer?
Same day offers are available in some cases, but it all depends on the location and condition of the house. Speak with the company you are considering using to determine whether or not this is possible.
Do they have reviews they can share?
Any legit cash home buying company with have dozens, if not hundreds, of reviews from satisfied sellers. When you talk with each company, make sure you ask how long they’ve been in business and if they are accredited by The Better Business Bureau (BBB).
As you can see, there are several factors that may affect your cash for houses buying experience. The key is to find and work with a reputable company to achieve the best results possible.