Most people that live in fairly busy cities have seen those signs advertising a person who is willing to pay cash for your home. But the concern is, “are those ads legitimate?”. If you’re already considering selling your home, then these kinds of advertisements may have attracted you to contacting the name and number printed on the sign, or have at least caused you to start researching “we buy houses” companies. That’s probably how you ended up here! As professional home buyers, we hope to give you a few things to consider to help you make the best home selling decision.
As with any major decision, there are plenty of considerations to be made. The best news we have for you is that in most cases, these people are legitimate and are willing to help you sell your home. However, there are definitely things to be wary of as well.
A Few Home Owner Considerations
One of the biggest things that you as a home-seller might run into when researching house buying companies is that you’ll end up getting “less” for your house. Most of the sellers that we work with have homes that need repairs, have to be sold quickly, are heading towards foreclosure, or are in other situations that make selling their homes conventionally MORE costly. Companies, like ours, that buy homes for cash offer fair cash values for homes based on situation and condition. So regardless of the condition of your home, cash buyers provide offers based on what as-is fair market value is. Selling conventionally might mean making repairs, waiting months for the sale to happen, and paying realtor commissions. That all has to be considered when making a proper selling decision.
You also want to be very careful you don’t get cheated. You should avoid anyone that asks for money “up front” because if they’re buying a house from you. You should not be “paying” for anything in this scenario. Additionally, you want to be careful of the fine print before you sign anything. With all of these things to consider we will always advise you to do your own research into someone you intend to do business with, as best as you can.
The Pros of a “Homes for Cash” Company
On another hand, there are a great many positives to working with a cash buyer. One of the first things that is attractive to many sellers, is to sell the home “as-is” without needing to pay for potentially high cost repairs. Another consideration is how fast you can sell the property. Cash buyers typically close in as few as 7 days. Another thing to know, most cash buyers are willing to negotiate. They, generally, work with you to come to the most mutually beneficial transaction possible. They want to make the purchase as much as you want to make the sale. There are a myriad of reasons that may make it necessary for you to sell your home quickly and a cash buyer may help.
Generally, you can define cash buyers as one of three kinds of buyers. Firstly, you have Real Estate Investors. They are looking for properties to buy and then later rent or lease out to a tenant. Next, you have House Flippers who look for properties in rougher shape to buy at a lower price point in order to put money into the property and sell for a profit. Lastly, we have Wholesalers. The majority of cash Buyers represent companies who fit under this category. The person you deal with is the middle-man. Their goal is to purchase the home at a lower price than they plan to sell “wholesale” to an investor who is looking, again, to rent or lease the property.
Red Ladder Property Solutions has worked with tons of homeowners in many different situations to get their homes sold. We have a cash offer solution for everybody. Contact us today to learn more about our business, and to see how we can help you get your home sold!