In our last post we covered a little about these “we buy houses companies”, but how do they operate? Home owners may be in a situation where they are wondering how the process works with these “we buy houses” companies. Perhaps you received something in the mail and they want to buy your house. Maybe you have received a phone call with a promising offer to buy your home. So what now?
What Is The Process?
It’s usually pretty simple. You usually call them or fill out a questionnaire online and they will come out to your house that you want to sell and they will make you an offer. Word Of Caution – beware of anyone that makes you an offer for your property sight unseen. Think about it, would you buy anything, especially such a large purchase without even seeing what you are buying?
There are a couple of benefits to selling to these types of buyers –
- They make offers fast: many — particularly the larger companies, like We Buy Ugly Houses — will make an all-cash offer quickly, often in a matter of days
- They’ll buy your house “as is”: most will purchase your home regardless of its condition, size, location, or age
For some people those two points are all that matters. However, these types of sales aren’t for everyone!
Why Sellers Are Enticed By These Companies
Usually the types of home owners that are wanting to use these types of companies are in a bind. They really need to sell. There is no way that one of these companies are going to pay top dollar for a property.
Here are the types of sellers that can be helped by these types of “we buy houses companies” –
- Sellers whose homes are stagnant on the market
- Couples who have filed a divorce and would be separating
- Homeowners facing bankruptcy
- Sellers with homes in probate or foreclosure
- Homeowners who are relocating for jobs
- Homeowners who are evicting tenants
- Unoccupied homes
Those are just a few of the reasons why someone might consider selling to this type of buyer. There are also inherited properties, properties that are in disrepair or fire and water damaged properties.
The Break Down
Here is a great explanation on how the entire process will play out –
Fill out the Appropriate Forms
As with most processes in life, your first step when selling a house for cash is to fill out the appropriate forms. The forms will ask you for information that is pertinent to the sale of the house, including the location of the property. You will also have to provide some personal information as well. You can fill this form out at the office of the company with which you are working. You can also save yourself a trip and visit the company’s website to fill out the form.
Schedule a Meeting With a Houses for Cash Company
A representative from the house buying company will contact you to schedule a meeting after the office receives your paperwork. This meeting will take place in your home so the representative can take a look at the property. This meeting and viewing will help the company determine an estimated value of the house.
The company will then present you with a no-obligation offer for the house. The offer will be based on the overall condition of the house. Although “we buy houses for cash” companies are known for buying houses that are in poor condition, or that are damaged in some ways, the final monetary offer will be lower for houses that are not in reasonably good condition.
It’s usually just that simple. The process may vary depending on the company you are contacting. They all have their little “quirks”.
The important thing to remember is that it is totally up to you if you decide to take their offer or not. We have heard of crazy low ball offers from some of these companies.
All in all, if you are thinking of using a company like this be sure and do your home work and ensure they are a legit company.