Table of Contents:
- How do we buy houses companies work?
- Can I trust a company who buys houses for cash?
- Top 5 reasons to sell your house fast for a cash offer
- Pros & cons of selling to a we buy houses company
- How to sell your home fast for cash
During these uncertain times, with the COVID-19 pandemic still raging and the economy making wild, unpredictable swings, many homeowners have found themselves in difficult situations when it comes to paying their bills, including house payments. If you have lost your job or been furloughed, or already unemployed or struggling before the pandemic, keeping your home might be stretching your resources to the breaking point. Like many homeowners, you may have begun thinking to yourself, “Is there anyone who buys houses fast for cash?”
The short answer is yes. All you have to do is look out your window to see billboards or flyers on telephone poles offering to “buy distressed houses” or “sell your house fast for cash.” However, all cash home buyers are not created equal. There are many amateur real estate investors or fly-by-night “buy houses for cash” companies who will indeed buy homes fast, within weeks or even days. But with such a large and important sale, it’s important to work with a trusted professional who will give you the best sale price if you need to sell your house fast.
How do we buy houses companies work?
Most homes for cash companies are operated by real estate investors who specialize in buying so-called “distressed” homes, then turning around and re-selling (or “flipping”) the property for a higher price. Distressed can mean a number of things, including physical dilapidation, or just the owner’s inability or lack of desire to continue paying for or maintaining the house. A common scenario is someone inheriting an old or run-down house after the death of a family member and not wanting to keep the property, but also not wanting to deal with lengthy and expensive renovations and a long sale process with a traditional real estate agent.
In this and other cases, real estate investors who make cash offers and flip houses provide a valuable service to homeowners who want to sell their home fast. Astute property owners who have done their research know that they will get a lower sales price than if they waited and sold through a traditional broker. But an investor who buys houses for cash can help you sell your house fast, write you a check, then take care of all the repairs, renovations, showing and paperwork themselves. All you have to worry about is how to spend or invest the money.
Can I trust a company who buys houses for cash?
The answer to that question depends on a few factors. Are the people making you a cash offer licensed real estate agents? There is a difference between a real estate investor and a broker licensed by the state to conduct home sales. Often an investor who buys houses for cash will turn around and re-sell the house to a licensed broker, both of whom will take additional real estate commissions of the final sale price, reducing the initial offer that the investor makes to you, the homeowner.
Do your research. Whether the cash home buyer is a licensed real estate agent or not, find out how they have done business in the past. Read homeowner reviews on their website, but also check reviews on third-party platforms like Yelp, and speak with previous customers before committing to selling your home with the individual or company in question.
Top 5 reasons to sell your house fast for a cash offer
While it might seem like waiting and selling through a traditional real estate agent would always be the right move for a large and important transaction like a home sale, there are some good reasons why selling to a company who buys houses for cash might be a good idea. Here are the top five reasons to sell to cash home buyers:
- You need the money now
In a challenging situation like having to pay large medical bills, finance your business, or help care for a loved one, a home sale might be the best option in a tough spot. A house is many people’s most valuable asset, and a fast cash sale might help cover a critical expense in a time of need.
- You don’t have time to wait
People often find themselves in a situation where they are moving to take a new job, live with family elsewhere, or any of a number of reasons for fast relocation. If you don’t have time to wait for a long, drawn-out real estate sale and just want to sell your house now, an investor who buys houses might be just the ticket.
- The house needs too much work
Some old houses, especially those that have been in the family a long time or inhabited by people without the ability to care for them, can deteriorate greatly. Homeowners facing extensive repairs or renovation before a property can be occupied or sold might want to just throw up their hands and walk away, and companies who buy distressed houses can help. They will write you a check and take the problem off your hands for good.
- The price is right
Just because someone who buys houses makes you a cash offer doesn’t mean it will be a bad one. Average rates for a fast cash offer run from 65% to 95% of the assessed property value. If you are looking at a sales price that is relatively close to the full value, and other factors like renovation or a long sales process are weighing on you, selling your home for cash might make a lot more sense.
- You don’t want the hassle
Last, but not least, there is the convenience factor of selling your house to a we buy houses company. The simple fact that they can make you a cash offer and write you a check at lightning speed compared to a traditional real estate broker might hold a lot of appeal. If the potential reduction in price doesn’t bother you, and you just don’t want to wait, this might be the right choice for you.
Pros and cons of selling to cash home buyers
There are as many reasons to sell your house fast to a cash buyer as there are not, so we’ve outlined some of the more common situations to help with your decision:
Advantages of selling your house for cash:
- Fast home sale, often within 7 days!
- Get cash right away, no escrow, no hassle
- No dealing with assessments, repairs, renovations, or lengthy sales
- Get a large percentage of the full value, sometimes over 90%
Disadvantages of selling your home for cash:
- Get less for your property than with a traditional broker
- No control over who ends up buying your house
- Potential for unscrupulous investors to take advantage (do your research!)
How to sell your home fast for cash
KM Home Buyers can evaluate your property and provide you with a free, no-obligation cash offer for your house within 24 hours of the appointment. If you accept the offer, you decide when to close. We buy houses within as few as 7 days!
Call or text us at 813-213-4884, or fill out our contact form, and get started selling your house or distressed property for cash today!