Companies that buy houses: alternative to listing guide, Home Advice, Property Tips
Companies That Buy Houses: Are They A Great Alternative To Listing?
21 Jan 2021
If you have a property for sale and want to sell it real fast, some companies buy houses for cash. You probably have heard about this and want confirmation if they’re a great alternative to the listing. There are always two sides to a coin, the good one and the unlucky one, which also applies to selling properties. So, it’s important to weigh things out and think many times before landing on a final decision.
This article will cover the essential things you need to know about selling homes for quick cash to companies that buy houses so you can determine if this is an excellent alternative for you instead of listing your property.
Sell A House Fast
Sell a house fast is a convenient way to get quick cash for a property. As you type this keyword on search engines, like Google, you’ll get plenty of results. Similar to ‘sell a house fast,’ you’ll also get similar results if you type in ’home cash buyers’ or ‘quick cash for a home.’ And, you might be wondering why there are so many willing buyers out there.
As you probably might have suspected, these companies that buy houses would likely offer a low price for your property. Who would present themselves to buy any property without even seeing the actual look in the first place for a reasonable price?
Check the following quick good-to-know facts about cash buyers:
- Definition: Cash buyers are individuals, a group of buyers, or a house buying company that buys houses outright without requiring lender financing.
- Advantages: Selling a home to a cash buyer saves you time and effort. Skip the home preparation, staging, and showing. Also, you can set a flexible closing timeline, coordinating with your next home’s purchase.
- Disadvantages: Many home cash buyers would offer a very low price for your property, mostly 60% to 70% of its market value. But, you’ll also find companies that offer a higher price.
Types Of Cash Buyer Investors
Not all cash buyers are the same. They come in different types, so you need to know whom you’re dealing with to get the best price for your home if you decide to take this route.
- Buy-And-Hold Investors: They buy houses and turn them into rental properties. They rent out these properties and earn passive income. If you sell your property to a buy-and-hold investor, you’ll likely be quoted better pricing over selling your house to a flipper. Also, you have a more flexible closing date to move into your new house.
- House Flippers: They are real estate investors who purchase houses and then sell them for a profit. House flippers choose properties that have the potential to rise in value after updates and repairs. They make money selling houses for a much higher price than they bought them. Many busy people who inherited old houses and got no time to list or find buy-and-hold investors choose to sell their properties to house flippers.
- iBuyers: These are companies with the financial means to purchase homes in cash. They use technology to send home sellers offers instantly. iBuyers typically formulate an offer by relying on similar properties available in your local real estate market. iBuyers have dramatically shifted the way people buy and sell properties. These investors offer a more convenient and more straightforward alternative to a listing or a traditional home sale.
General Tips When Selling Your House For Cash
Selling your house to a company that buys houses, such as Mill City Home Buyers, is worth it. Just imagine not going through all the stress and hassle of listing a house or traditional home sale. As long as you apply the following tips below to keep you guided, you’ll get a fair price for your property and sell your home for cash with peace of mind.
- Know Your Property’s Value
One critical thing you have to do before selling your home to a fast cash buyer is to know your property’s real value. Ask your family and friends or trusted neighbors who sold houses in the same area recently about the quoted prices they received from real estate agents, flippers, and other types of real estate investors. If you want to keep the sale private, you can also check online sources or websites showing similar properties in your area to determine the current running value for your home.
- Compare Price And Time Duration For Payment
It wouldn’t hurt asking several cash buyers how much they can offer your property so that you can get the best deal. Aside from this, it’s also important to find out how long a cash buyer will pay for your home. Don’t forget to compare the quoted prices against the estimated price you’ll likely get when listing your property on the open market.
- Request Cash Offer
The safest route to sell a property to maximize its value is a traditional home sale. Selling a house for cash means not taking the conventional listing process in exchange for a cash sale’s certainty and convenience. If you want to get a fair price for your home, don’t let the cash buyer feel that you’re desperate to sell your house fast, even if you do.
Instead of calling the first cash buyer you saw online, request a cash offer from several cash buyers to avoid making a wrong decision. You don’t want to end selling your home for USD$75,000 and learn later that it’s listed on the market for USD$120,000.
- Beware Of Cash Buyers Who Ask For Money
Some cash buyers tend to ask for money from sellers. Most likely, these are unscrupulous people or scammers who pretend to be cash buyers. Never fall into this trap. Legitimate cash buyers won’t ask sellers to pay anything. They’ll usually deduct any fees to the total selling price that the seller would get for the property.
Companies that buy houses Conclusion
As you can see, you can rely on companies that buy houses for cash, provided that you’re dealing with trusted companies. You can sell your house bypassing the traditional home sale, which means you don’t have to deal with listing your property, entertaining prospects, and waiting for too long to close the sale. By following the tips shared above, you’ll get a fair price for your home, set a flexible closing time, and sell the house fast and easy.
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