Things You Should Know About Companies That Buy Houses
In the days before technology was introduced, selling a home was a simple process. You asked a state agency to help you sell your house or put an "On-Sale" sign on your front door and waited for buyers to notice it.
However, times have changed now. It may be new for some of you, but companies that buy houses have increased in numbers with time. Different online sites have changed the way of buying or selling properties. While real estate processes and individual buyers are still common, companies that buy houses are the new norm for property selling. These companies have made the house selling fast and hassle-free.
With the help of real estate agents or by the owner, the selling process can take months. You will have to move your extra stuff into a storage room and make repairs to show your house for sale. This will require leg-work and loads of your time and effort. This is where the companies that buy houses come to rescue! These companies make it the fastest way to sell your houses.
Types of Companies that buy houses:
As its name says, these companies buy houses from the house owners directly. Below are different types of companies that buy houses.
Buy-and-hold Companies:
These companies buy houses to rent them to the tenants for a considerable amount of profit. These investors can be found in any city and anywhere because they focus on buildings that offer the multi-family facility.
Trade-in Companies:
These companies make the process of selling your house easier for you. They offer you to buy a new home, reducing your burden of finding a new one for yourself. They keep the current house of the homeowner as collateral. Sometimes, they let the homeowner rent a new house until the old one is sold.
iBuyers:
These businesses or companies use the market data and technology of the real estate to easily make offers on houses when contacted by the owner. They are mostly focused on the houses that are in good condition.
House Flippers:
These companies purchase the houses, remodel or renovate them, add value to its pricing, and sell them at higher prices. They choose the properties where a little bit of renovation will add value to it and give them profit.
How It Works:
This is how the whole process of companies that buy houses work:
· You will reach out to the companies for your house to be sold. The company will ask questions regarding your house. They will inspect your house's condition and its value in the market and then make further decisions.
· If your house has higher value in the market and can be resold by them at high prices, the companies that buy houses will give you an offer within a few days. If it is in rural areas and has low than market value, they will look into ways to add value to it.
· Once you have a detailed discussion over the pricing and both the parties mutually agree on a specific price. Then you will be asked to sign a legal document as a contract between you and the company buying your house.
· After the contract is signed by both parties, the legal practitioner should give further instructions over the closing date of the payments, etc. In most cases, buyers pay the practitioner fees.
· Then you have to fill the documents and send them back as soon as possible. Once the documents are signed by the lawyer, expect the searches and surveys to be paid.
· Once all of this work is done, you will be given an exchange date. The buyer will send you money, and you have to send the keys to your property.
Pros of Companies that Buy Houses:
Selling a house requires a lot of effort to be put in. Remodeling, decluttering, and searching the market for buyers require loads of time and effort. Here are the pros to help you in making the decision to either contact these companies or not!
Ø First and foremost, the companies that buy houses pay you in cash. These buyers have the cash to provide you the moment they buy your house.
Ø Asking real estate agents to sell your house will make you pay a high amount of fees. However, companies that buy houses don't require high commissions. They will buy your house in the amount affordable and profitable for them and resell it at better prices to gain profit.
Ø The best part is, companies that buy houses will buy your house in the condition as it is. You will not need to spend so much on the renovation or remodeling of your house.
Ø House sales require a lot of paperwork. Also, when you think the deal is finally done, the buyers may pull out. Companies that buy houses take away this struggle. They take care of all the paperwork and payments.
Cons of Companies that Buy Houses:
Not everything that glitters is gold. We all know everything comes with its disadvantages. Companies that buy houses do also come with such disadvantages. Let me line them up for you!
Ø As a seller, you will never have the true knowledge of the real market value of your house. You will be made to believe that your house's worth is what the company tells you.
Ø Buying companies will never provide you the assistance as a real estate agent would. They will just make an offer and possibly look for selling your house asap!
Ø No one can advocate for you because you are working without a realtor. There's very much that you will need to know yourself and work on.
Ø Your house may not be sold at a fair price without you even knowing it. They will make you believe this is the best price you will get for your property.
Conclusion:
Selling houses involves loads of work and documentation. However, all of this can be skipped by contacting companies that buy houses. The companies that buy houses may save your time and efforts but can play with your mind too. Before contacting such companies, we suggest asking a realtor for your house's value.
Also, to make it easier for you to consult such companies, look at some important aspects. How quickly you have to sell your house, your home's condition and the risks you can take are some major aspects you should look upon.