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1st March 2021

Think Twice Before Selling Your House for Cash to a ‘We Buy Houses’ Site

You’re looking to sell your home, quickly, and something catches your eye: a “We Buy Houses!” ad on your internet browser. Seems too good to be true, right? Selling your home to these quick, cash buyers has its pros and cons. The pro is that you avoid the hassle of having to go through the traditional home selling process. Having to look into Bridging Finance options in order to secure your new property before selling your old one does seem like hassle, however there seems to be something a little too good about the instant sale of selling for cash. look into The con? Well, there could scammers out there looking to take advantage. What’s also important to note is that not all cash buyers operate the same, and it’s important to understand who these buyers are and how to navigate the playing field if you do decide to go that route. The vast majority of we buy any home companies out there do have your best interest at heart and would like both parties to benefit from the transaction. However, there is always the small minority that is out to take advantage and scam homeowners out of their money. So, here is a small guide to make sure you only go to legitimate buyers.

Get a Feel For Your Motive

Everyone who wants to sell their houses has a different reason for doing so. People who generally choose the quick, cash sale are either doing so because they are in a situation where they need to sell as fast as possible or they are struggling with affording renovations or mortgage payments. Sometimes, because of lack of mortgage payments, the lender may even choose to sell the borrower’s mortgage note (find out more on to another interested party when in need of immediate financial assistance. Unpaid mortgage payments are one of the reasons why anyone would want to sell their home, or in the case of lenders, the mortgage note. However, anyone who has a home that they need to sell could go this route. We understand that the traditional route of selling can be long and sometimes painful. Not only do you need to go through the process of finding an agent, listing the house, and finding a buyer, you also need to wait for their mortgage to be approved, which could take months.

Sometimes, people don’t have the time to wait for someone to close on the house. That’s where those who boast buying a house for cash come in handy. If you do decide to move forward, it’s best to understand what’s available.

Learn the Ins and Outs

Not all quick buyers come equal. Some have the intention of buying your home for a lower price and renovating it themselves. Others intend to use it as an investment property. iBuyers, who have become more frequent in the past few years, use technology and algorithms to purchase a higher quantity of houses and then sell them with a similar platform. All of these companies or individuals have their own pros and cons. Additionally, in the upcoming months, the real estate market is expected to be a busy year according to insights from top agents. This being said, you’ll likely be able to find an eager buyer fast if you go the usual route!

Understand the Risks and Avoid Scammers

Wherever there is an opportunity to make money, there are scammers. Many companies out there are legitimate, but you should also be cautious. Read over every contract top to bottom and make sure that there aren’t any hidden terms that can cause issues in the future. Remember, this process is supposed to be stress-free.

Get Acquainted WIth Your Different Options

Between iBuyers, investment companies, and others, it might seem hard to decide which is going to be the best. We suggest you think twice about “We Buy Houses for Cash” sites and compare a few of them before jumping the gun. All in all, since homes are a significant amount of money, you should be cautious when you decide to sell, especially when taking the quick route!

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