To put it simply–not all cash home buyers are created equal. In fact, some are downright dishonest or may not fit your needs.
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The housing market is brutal, and the last thing you need is to be duped by an unreliable cash home buying company. If you’re contemplating working with a cash home buyer to avoid dealing with realtors, open houses, or the listing process, take these six factors into consideration so that you can find a company you can trust:
Credibility
First thing’s first–check out their website. The cash home buying company’s website should provide plenty of information about its services and location. If their website is somewhat vague or uninformative, that is a big red flag! Another way to verify a company’s credibility is by checking its profile on Better Business Bureau for complaints or accreditation. You can also research reviews of the home buying company online through Google or Yelp! These websites will give more accurate results than most other search engines because they rely heavily on user feedback and reviews. You’ll also want to ensure that the reviews you read were verifiably written by actual clients.
Experience
Before selling to a cash home buyer, do your research to ensure they are reliable and experienced. The more experienced and successful the company is, the more likely you are to get a good offer on your home. The best way to find this kind of information is by reading thoroughly-written customer reviews or calling the company itself and asking for references from past clients. You should also double-check that they have been in business for at least five years and are licensed by their local government authority.
Geographical Expanse
Geographical expanse is an important factor to consider when selecting a cash home buyer. Understanding the size and coverage of the company can help you determine its ability to buy your house quickly within the time frame that works best for you. You should also take into account the company’s employee volume. Larger companies typically have better resources than smaller ones, so they may be more qualified to find a buyer for your home and finalize the deal in a short amount of time.
Time Frame
Depending on your situation, you may be working with a very tight time frame. If this is the case, be sure to look into the estimated time frame you can expect from various cash home buying companies. Check the reviews, too, to ensure that the listed time frame is accurate and dependable. The time frame for selling a house to a cash home buyer can vary greatly depending on your location, your home’s condition, and your personal situation, so be sure to take those factors into consideration. You may want to call a few cash home buying companies directly to discuss and negotiate a reasonable time frame that will fit your needs. Plenty of cash home buyers have been known to close on properties within twenty-four hours, but it’s not unheard of for cash buyers to wait weeks or even months before closing on a property. One major factor that will contribute to how long the transaction will take is how quickly you choose to move forward once you’ve received a good offer.
Reputation
One of the best things you can do to research a cash home buyer is to look at their reputation. Check out their reviews, mentions, and authority online. If they have a lot of good reviews, put in the effort to verify their legitimacy. Visit their social media pages and scan for any positive or negative comments on Twitter, Facebook, or Instagram. If you want to be more thorough, ask the company for a list of previous clients and check them out. Were the clients satisfied with their cash offers? Were any of the clients in situations similar to yours? Do any of the clients have advice for you?
Cash Offer
Remember–not all cash offers are created equal. There’s no guarantee that a buyer’s offer is reliable or sufficient for what your home is actually worth. Here are some things you may want to consider before accepting an offer from a buyer: Is the offer high enough? Can you trust their appraisal of your home? Should you get a second opinion? If you’re unsure of the reliability of a cash home buyer’s appraisal, you can ask them to share the appraiser’s report with you so that you can verify the accuracy of their evaluation. If they deny your request, that may be reason enough to think twice about trusting them. If you’re confident that the cash offer is at a fair market value, take the time to ensure that they have proof of funds. The last thing you want is to go through the elaborate selling process only for the offer to fall through at the last second. Before closing the deal, all trustworthy cash homebuyers should provide you with proof of funds and details on where those funds currently reside.
Takeaway: Some Cash Home Buyers Can Be Trusted
Hundreds of companies across the United States may offer to buy your house for cash, but if you do your research, you can find one that will best suit your needs and accommodate your situation.