Updated: Feb 1
In today’s economy, many are seeking ways to so that they can retire or upgrade to a newer home. There are many great options for selling a home quickly and many people are confused on how best to proceed to sell their house quickly. One of the tricks out there for selling a home for cash quickly is to use a house buying company. These companies have been around for years and specialize in taking homes off of other people’s hands quickly and efficiently for a cash sale.
You see ads everywhere touting the benefits of selling your house quickly to a house buying company for cash. You’ll hear them on the radio, see them on television, and read about them online and in magazines. Before you embark on your journey, you’ll want to know these tips so that you can avoid losing money and regretting your decision to sell your house to a house-buying company.
Tip 1 – Know The Value Of Your Home
If you don’t know what your home is worth, you’re likely to take any amount that sounds “reasonable” however, this could be a regret later if you don’t know what the value of your home is at present. More than one seller has sold their home “As Is” only to find out later that they could have made thousands more on their deal. There are several ways that you can find out the current value of your Spokane home.
Check out real estate sites that are online for starters. While you’re at it, don’t just check out your own home, check out similar homes in the neighborhood and get a ballpark figure on the true value of your home. You can also check the county tax assessors’ office for your home’s “taxable” value as well. Combine the numbers that you find and determine a reasonable value of your home before you accept a cash offer.
Tip 2 – Understand “As Is”
Understand that the term “As Is” means just that. You won’t have to do anything to the home to sell it to a house buying company. However, if you want what’s in the home (grandma’s buffet table, grandma’s personal belongings, etc.) you’ll want to remove these before you list the house on the market. The less a house buying company has to do to the house to ready it for the next sale, the more money you’re going to be offered for the house.
House buying companies expect some repairs to be required so don’t worry about repairs, painting, re-carpeting, etc. If you’re trying to get rid of a house quickly, selling it “As Is” is always a great option as long as you have what is of value to you personally out of the home.
Tip 3 – Timing Is Everything
If you’re in a hurry to get rid of a house for any reason, a house buying company will be the quickest route to go. If you list your home on the real estate market, it may take weeks or months, or even years to sell. So whether you’re about to be divorced and need to sell the house quickly, inherited grandma’s old home and don’t need it, or have some other reason for a quick sale, a house buying company is the route to go. Realtors will try to talk you out of using a house buying company. However, a real estate agent may require specific repairs or cleaning before they’ll showcase the house. If time is of the essence, you’ll want to go with a house buying company.
Tip 4 – Do Your Research
Not all house buying companies are equal. Before you sign the dotted line, make sure that you’re dealing with a reputable company. Read independent reviews on the company you’re considering. Check with the Better Business Bureau about the company you’re considering. If you know anyone who has used them before, ask them about their experience with the company.
If you’re reading a bad review, does the company respond in the comment section and attempt to “make it right”? If not, you’ll likely want to pass on that company and find another one to deal with. The more you know the better educated you’ll be in how to go about selecting a company.
Tip 5 – What’s The Timeframe?
With a real estate agent, it can take six weeks or longer to close on your house deal once it’s sold. House buying companies work somewhat differently so find out what the anticipated time frame is. Once you’ve received an offer and agreed to it, how long until you receive the money? If you’re living in the house can you be out of the house in the required timeframe?
Again, not all companies work the same so you’ll want to know the guidelines for this before you sign and agree to anything. Also, if you’re in a hurry, it’s nice to know when to anticipate the money hitting your bank account. The more informed you are the better off you’re going to be when it comes to money.
Tip 6 – Never Pay Upfront
A few (scam companies) will “require” that you pay them a monetary amount upfront. Never fall for this scam, it’s an excellent way to part you from your hard-earned money. After all, the idea here is that you’re selling your house, not paying them to take it from you!
If they are claiming that there are “application fees” or other fees, run, quickly! While some real estate agencies may require an application fee, a house buying company has no need for such things so if you’re being asked to pay them money, you can just about count on it being a scam. Worse, if you do pay them money upfront, you’ll likely never hear from them again, and if you gave them a check you’ve just given them some personal information that may cost you your identity and thousands of dollars!
Tip 7 – Don’t Appear Rushed
Even if you’re in a hurry, don’t give this to the house buying company. If you let on to this tidbit of information, you may be offered a lower dollar value on your home because they know you’re desperate. Take a deep breath and start with a simple inquiry. The less urgent it appears the more likely you are to receive a reasonable or higher amount for the home you’re selling.
Call around and ask a few different companies and see which one offers you the most money for the house. A phone call is an excellent research tool. You can call several companies and not have to set a foot outside of your home to do so. Once you get a few ballpark figures and compare those to the true value of your home, you’ll be more prepared to accept a reasonable offer on the home.
There are many great options for selling your house to a cash buyer house buying company. Read up on the way that house buying companies work. Understand the options and arm yourself with as much knowledge of the process as you possibly can before you embark on your journey.
The more information you have in regards to how these companies work, the better you’ll be able to protect yourself from scams and other issues that may arise during the process.
These tips will help ensure that your house will sell for as much money as possible. You’ll also understand better how to spot a scam and avoid being taken advantage of. There are many great reputable house buying companies out there if you do the right research.