Selling your property can be quite overwhelming, especially if you have never done it before. Usually, selling your home has other factors that add to the stress such as job transfer, divorce, foreclosure, inherited property and much more.
If you are in such a situation, then selling your house fast is certainly what you want. One of the best options to consider is selling the house to a real estate investor as it’s usually the fastest means of selling a property.
But what are the advantages and disadvantages of selling your home to a we buy houses company? Let us take a look.
The Benefits of Selling to a Real Estate Investor
If you are looking to sell your home quickly, then this is the best advantage you can get as investors usually look forward to closing the sale as fast as possible. An investor will usually pay cash thus eliminating the need to wait for a lender approval. This cuts the time involved in the process to as little as one week. If you need to relocate as soon as possible or need urgent cash, this is the way to go.
No repairs and Maintenance
We buy homes companies are renowned for buying houses on an ‘as-is’ basis. That means you will not have to worry about the landscaping, repairs or house maintenance to increase the home value and appeal.
A typical buyer will be required to get a home inspection by their lender, and that means you will have to incur costly repairs, especially if your home is not in good condition.
Real Estate Investors are Problem Solvers
They might be carrying out a business, but they are also problem solvers. They come across various situations, and their experience helps them resolve a certain situation to the benefit of both parties.
Whether you are facing bankruptcy, divorce, title issues or even foreclosures, these investors have the knowledge and expertise to come up with a plan that will help solve such issues quickly.
No Holding Costs and Fees
We buy homes companies do not charge a commission or a fee when purchasing. You will not experience holding costs as the sale is closed pretty fast. When you use a real estate agent, you will have to wait for weeks or months to sell your home.
That means you will have to keep paying your utilities, mortgage and other costs that you wouldn’t incur had you sold to an investor for cash.
Most people usually think that selling a home fast only includes a cash offer. While that is generally the case, there are other options that you may find viable depending on your situation. A real estate investor can ideally buy your home in terms.
These terms can be either lease option purchase or owner financing terms. The best thing about these terms is that you will get more compared to a cash offer.
This can be really beneficial especially when you have little to no equity in your house.
The Disadvantages of Selling to A We Buy Houses Company
An investor doesn’t need a license to carry out this business. This makes the field a hotspot for fraudsters. An excellent way to avoid falling prey to scams is by doing your due diligence.
Research the company or the individual online and ensure that the closing sale takes place through a real estate lawyer. You have the option of using your lawyer, or their closing attorney. Either way, the presence of a lawyer adds a layer of protection to your transaction.
In most cases, unless you want to sell on terms, the investors won’t pay the full value of your home. They have their costs to handle, and they are factored into the price that they offer.
They are conducting business and need returns for their investments. Also, they will be purchasing your house on an ‘as-is’ basis and so, don’t expect a full value offer.
There are numerous things to consider when selling your home to we buy homes firms. It may or may not be your best option. Consider your needs and then look at the pros and cons of taking this route before making your final decision.