You may have heard of the "We Buy Houses For Cash" people and wonder what it's all about. You may be wondering who they are and just exactly how does it work. In this short article we will give you the answers to these questions.
Who Are The We Buy Houses People?
Just who are these companies? Typically they are local companies that want to buy houses that are in need of repairs or updates, or more familiarly know as "ugly houses". They want to purchase your property, make the needed repairs and updates, then turn around and sell it to another buyer at full retail price. Sometimes they purchase properties where there is a landlord that is tired of renting out a property, nicer homes where couples are getting divorced or even have to sell because of a new job in another city.
Typically these companies do pay with cash. As we covered in our previous article "Who Will Buy My House For Cash?" we explained that no matter how you sell your property, rather it be to an investor or conventional buyer, whatever equity you have in the house you will walk away with cash. Whatever loans, mortgages or liens you have against the property will be paid out first. Whatever is left, you get, usually in the form of a wire transfer to your bank. The nice thing about these companies is that by paying with cash there is no waiting on mortgage approvals, so they have the ability to close in a fraction of the time that it takes with a conventional buyer.
You may have seen their signs on the side of the road "we buy houses" or "we buy houses any condition". Before you choose one to do business with we highly suggest that you research them online first and make sure they are a legitimate company.
How Does We Buy Houses For Cash Work?
Down to the nitty gritty :) Just how does it work? Instead of making you take our word for it we found a good article from The Truth About Realty that explains it very well, and then some:
A lot of good information there.
Pros And Cons Of Using We Buy Houses Companies
It's important to note that there are some real pros and cons to selling your property this way. As we stated earlier you have to do your homework and make sure you are dealing with a reputable company.
Some real pros and cons were covered in a good article from The Money Advice Service:
Again, it's really important to do your homework and make sure you know who you are dealing with and they have simple to understand contracts.
Summing It Up
Selling your house to one of these companies may be of interest to you, especially if you haven't kept up with repairs and maintenance. Most "we buy houses for cash" companies are legit. However there are a few out there that give the industry a bad rap. Just make sure you know who you are dealing with. Research them on the web and make sure they have an established presence and no bad reviews.
via Blogger How We Buy Houses For Cash Works