You’ve probably seen the signs and websites saying “we buy houses” and “sell your house in 7 days” and wondered if those were legit. Who buys houses for cash? How does it work? Is there a catch? The answer is that these are legitimate opportunities for someone looking to sell their house in a hurry. The buyers are professional real estate investors, who will either flip the house or use it as a rental property. And there are no catches but there are certain differences from the process when you use a realtor to sell your house.
Who are the buyers?
The buyers are real estate investors who are looking to pick up bargains. So they will be looking for discounted prices in exchange for a cash sale without a lot of paperwork and delays. They have certain criteria for the houses they buy, but will respond quickly to your inquiry and let you know if they are interested or not.
As investors, they are looking to make a profit, so they are mostly interested in buying below market value. They may repair the house and sell it at a profit, or keep it and use it as a rental property.
Why sell to professional real estate buyers?
Why should you choose to sell to professional real estate buyers rather than to list your house with a realtor? There are many reasons to choose a quick cash sale over a slow, long-drawn out process of selling your house through a realtor. Professional real estate buyers pay cash and close quickly, so there’s no long wait for financing.
Also, they have no-obligation pricing, so you’re not obliged to move forward with the sale once they give you a price. That way you can choose to go ahead only if the offer seems advantageous to you.
Plus, even though the price they offer will be below market price, you will not be paying a realtor’s fee, so the difference will not be all that much.
What if your house needs repairs?
Do you need to make repairs before contacting professional real estate buyers? The answer is no. The buyers will consider the location, the condition of the house and what repairs are needed, and the value of similar houses in the area, and come up with a price.
If you agree, you can really just walk away with cash in hand. And leave the repairs to the buyers. It really is one of the best ways of selling your house fast.
This way you save yourself all the hassles involved with selling a house through a realtor. As the ads say, “we buy houses for cash”. It really is that straightforward.
How long will the process take?
Unlike real estate agents, “we buy houses” buyers are ready to buy the house themselves. Agents will list the house and then wait for buyers. Even buyers who are interested need to secure financing to close the deal. This can take weeks or months, and in many cases, years.
Professional real estate investors can make an offer within two days, and complete the entire sale in just a week or two.
So the next time you see a “we buy houses” sign, take the plunge and make that call. As with any business transaction, it’s a good idea to check up on the company you’re doing business with. You can look up their Better Business Bureau ratings and get we buy houses reviews and customer references. When they do make an offer, you can decide if it is a good deal for you, or if you want to pass. There is no obligation.