We Buy Houses, like many others, promises to be able to purchase your house quickly for cash. They claim to be able to provide money for homeowners regardless of the condition of their homes. This can be confusing, especially for homeowners concerned about what might happen to their property if it is sold to an online company. Can companies like these be trusted? It's possible, but sellers need to be careful. This type of company could be problematic for a variety of reasons.
As we have already mentioned, these companies primarily work with distressed sellers and in the foreclosure market. A few of these companies charge very high fees for their services. Sometimes homeowners pay more than twice what they would get if they sold their house through a traditional agent. Lastly, many homeowners don't receive their money back. According to a study, less than one-fifth of homeowners who use these companies end up getting their entire home's value. While these companies might seem like a fast and easy way for you to sell your house, it is vital to understand the potential risks.
Let's look at some of the best reasons to sell to a we buy houses company.
Just like with anything else, there are always some drawbacks.
The following questions will help you decide whether to sell your home or go the traditional route through a real estate agent or We Buy Houses For Cash company.
- In what shape is my property?
- How much money do I need to invest in property repairs and get the house ready to market?
- How much time will it take to get my property ready for the market?
We Buy Houses companies will not pay more than if you were to sell it on the open marketplace. We Buy Houses is basically a house-flipping business. They buy houses for cheap and do basic repairs before reselling them for a profit. We recommend speaking to an experienced local realtor before selling to a We Buy Houses company.
Bottom line: Compare reputable cash buyers before you commit!