A lot of people often wonder how we buy houses works and the Pros and Cons of selling your home to a we buy houses company. In this short article we will cover a little of both the Pros and the Cons.
But first, if you have a property anywhere in the Metro Atlanta area that you would like to sell we would like the opportunity to make you a fair, no hassle, fast cash offer for your home in its present condition. No need to make any repairs, clean or worry about staging, we buy “as-is”. You can reach us at (770) 756-8680 or visit our main website to fill out a short questionnaire and we will get back in touch with you shortly. Now – on with the article 🙂
The real estate market, especially selling and buying residential property, has changed dramatically over the past few years. There’s no doubt you have seen signs on the side of the road or stapled to a telephone pole “We Buy Houses”. It’s actually becoming much more common for homeowners to sell their property without the aide of an agent and selling to some sort of investor.
If you are like a lot of homeowners you may have never dealt with this type of buyer before. So lets get into some of the Pros and Cons.
We Buy Houses Companies Pros
No Realtors And Lengthy Contracts
There are quite a few pros to selling your home to an investor. First you don’t have to go through the hassle of finding a good, reputable agent that can get your home sold in a reasonable amount of time. Without a listing that means no showings, which means no having to make your house spic and span and keeping it that way for potential buyers dropping by spur of the moment. In short, cutting out using an agent can cut down on your possible headaches considerably.
Selling As Is For Cash
An article from Forbes goes on to explain a few other benefits that a homeowner might enjoy when it comes to selling:
Selling “As Is” – Typically, investors offer to purchase a property “as is,” many times sight unseen. As a seller, that allows you to avoid any costly repairs that would normally be considered your financial responsibility.
Fast Closings – There are investors who can close within 7 days. How is that possible? Because the sale of the property is not reliant on approved financing, appraised values, home inspections, or the like; bypassing all of these steps expedites the process considerably.
One word of caution from the Forbes article is an investor that will purchase the property sight unseen. We find it very hard for any investor, whether local or IBuyer (learn more about IBuyers here) to purchase a property without inspecting it. We have seen that when they buy sight unseen their offers tend to be extremely low.
Probably the best benefit is being able to sell a property without having to worry about making any repairs or updates. Any one that has sold a property before knows what we are talking about. Not only do you have to be concerned with the repairs that you see need to be done, but a picky buyer and their inspector pick your house apart wanting all kinds of little things fixed or some sort of contingency.
Here is a quick video that explains in a little more depth the advantages of selling to an investor:
There are a couple of cons when it comes to selling your house to an investor or we buy houses company. It is not for every homeowner! If your house is in good to excellent condition and you have time to wait on a buyer, then most likely listing your home and selling with an agent is probably going to be best for you. Why? Because of price.
An investor or company buys houses to make money. So you are not going to get top dollar for your home. Here’s a snippet of another article that backs that up:
Selling to a cash homebuying company is unlikely to get you the full market value of your home. Investors are taking a chance by buying your home as is, and the lack of costs to you (such as commissions and fees) will be factored into their offer.
Remember, too, that you’re being handed cash, often days or weeks after your initial contact. That convenience and speed will cost you.
It’s true that investors are taking on the risk. Anything could happen in the time from when they purchase the property to when its ready to sell and closed.
There are a lot of honest, reputable companies all across the lower 48 that want to buy your house. But yes, there are people out there waiting and wanting to take advantage of you. Here’s a snippet from WHNT that explains more:
- Pay attention to suspicious advertising. Be wary of signs and solicitations that only include a phone number and no other details. If a business is legitimate, it will not try to hide information from you.
- Do your research. Search for legitimate businesses that pay cash for homes using org as well as other review sites. Always read complaints and reviews on the business before you sign on the dotted line.
- Never pay an upfront fee. A legitimate quick-sell business will not ask for you to pay any upfront fees.
You have got to make sure you are dealing with a reputable home buying company!
Summing It Up
There are some great benefits for a home owner to sell their property to a we buy houses company. Fast closings, no repairs and no agents or showings. The biggest con – you are not going to get full market value. As to how much of a percentage of full market value you will get will vary from company to company. Go ahead and contact several to get the best price as well as ensure that you are dealing with a reputable company and you should come out fine in the end.
Again, if you are anywhere in the Metro Atlanta area and want to sell, reach out to us at (770) 756-8680 anytime. If you are wondering more about how our process works, check out this article.