You see the signs everywhere, on lawns, utility poles, in local ads—but are the “We Buy Houses for Cash” companies authentic and safe to use?
Yes, and no. Not all companies are reputable.
The home buying process can be a stressful one. There’s a lot to know and understand, from the inspection process to closing costs.
Sometimes, people just want out of their homes—and fast.
For those who want out of their houses quickly enough that using an agent or taking months to sell privately is not practical, a legitimate company with references and other proofs of being legitimate might be the right solution.
What is a “We Buy Houses for Cash” company?
These companies buy houses in their present condition and offer quick cash for the home. They don’t want you to invest money into repairs and won’t pay top dollar. Instead, you’ll receive an offer that is fair for the home’s condition.
What Does “Present Condition” Mean?
When you go to a realtor to sell your home, the first thing they’ll do is evaluate the home and make a list of repairs. The more your house needs, the harder it is to sell, and the lower the sales price.
A “We Buy Houses for Cash” company looks at the home and determines what it will take to replace any worn items or update them.
For example, your roof might need replacing, but the company is okay with it. The same goes for floors, plumbing, paint, and other materials throughout the house.
However, the appraiser will take the cost of all repairs away from the offer, and that’s the maximum amount you’ll be able to get for your house.
How Can You Be Sure the “We Buy Houses for Cash” Company in Your Area is Legitimate?
Don’t trust signs. Trust reputations and references.
Ask neighbors, friends, or family for recommendations for the services they’ve used in the past. Read reviews online. Look for the top local companies with the most positive reviews and references.
Many large businesses that buy properties handle transactions with subcontractors across multiple states. Check out the company’s website. Do they have a local office?
Stay away from companies out of state, out of town, or don’t have any local affiliation.
Ask for references. Any reputable company should be more than happy to provide a list of previous clients that you can contact.
How Does the Process Work?
You contact the local property investment company and set up an appointment. The rep will come out to your house, give you a cash offer, and answer your questions.
If you accept the offer, they’ll go over all the paperwork to ensure no mistakes.
Typically, they’ll want to close within 14 days of the offer date. However, some companies allow more or less time.
You don’t have to do anything with the home after this point. They handle the entire process, even giving you a check at closing.
What Types of Homes Do Cash for Homes Businesses Buy?
A Cash for houses company buys property to fix and flip or turn into a rental. They’re not looking for homes ready to sell or live in. Instead, they purchase homes below market price and make the repairs themselves to earn a profit.
The buyers want homes that need lots of work and aren’t likely to sell quickly, such as:
- Foreclosure homes
- Probate homes
- Vacant homes
However, the company will look at every offer to determine its potential profit. For instance, they might reject a bid on a foreclosure home that needs significant work because it won’t be profitable enough.
A reputable business will explain their offer or why they decided against the sale.
Who can a “We Buy Houses for Cash” Business Help?
A cash for homes company is an excellent solution for homeowners looking to sell quickly. These businesses purchase properties in any condition and close soon. Common reasons people need to make a fast sale include:
- Selling a home to relocate
- Inheriting a house and don’t want it or need it
- Probate sale
Maybe you’re not living in the house but have renters you’re tired of managing, or you have no interest in making a ton of repairs to sell your home. A quick sale means you don’t have to worry about the property and focus on your future.
What Are the Benefits Other Than Cash of Selling My Home For Cash?
The primary benefit of a cash sale is the quick turnaround. Selling a house on the real estate market takes time, sometimes a year or longer. In the worst case, it can sit on the market for years until someone finally makes an offer.
Selling a home for cash takes less than a month. You’ll receive a total cash payment, and the transaction will close within days. What could be easier?
You don’t have to pay all the fees associated with home sales, such as commissions, inspections, and closing costs.
A cash sale also negates the need for a real estate agent or costly home inspections. You skip a lot of additional fees that can total thousands of dollars or more.
With a legit company, your payment’s guaranteed. Most real estate transactions depend on the buyer securing a mortgage, which could fall through at any time. That’s not the case with a cash sale.
Dishonest buyers might make an offer and rescind on it later or reduce how much they’re willing to pay. At We Buy Houses Richmond, VA, we’ll never go back on our word. We understand the value of trust and will be upfront with you from day one.
How to Spot a “We Buy Houses for Cash” Scam?
Cash for houses businesses are not scams. However, some unethical people in the industry will take advantage of homeowners by lowballing them or misleading them.
It’s essential to work with reputable, experienced professionals who understand real estate transactions and offer you a fair price for your property. As mentioned above, always look for reviews, check references, and ask questions. If something doesn’t feel right, trust your instincts.
You should never be forced or pressured into selling your home, especially if they offer a low price. No reputable company will pressure you to accept their offer, and the best businesses work with you on the closing date.
If you’re looking to sell your house fast and for cash, a “We Buy Houses” business may be the perfect solution. With this type of sale, there are no commissions or closing costs, which means you get all the profit from your sale. Use the money to pay off your mortgage or put it towards your next home.
For questions about these services or to schedule an appointment with our appraiser, contact us here at We Sell Homes Richmond VA, and we’ll do our best to answer promptly. Here’s wishing you luck in finding success by selling your property quickly and easily!