It seems like everywhere you go these days, you see signs proclaiming, “ We buy houses for cash.” You, like some folks, may be somewhat wary of these offers. How do you know if they are legitimate?
While you may understandably have some questions about house cash sales, the fact is that all-cash housing purchases have been on the rise for the past few years. In many markets, they can provide some fast relief for owners of distressed properties. Selling a house fast in Portland, Oregon or Phoenix, AZ, for example, has enabled many owners to get out from under burdensome debt. But there are some questionable companies out there. In this post, we’ll list some parameters to guide your choice of a house cash sale company, so that you can find a reputable company and protect yourself.
Experience. There’s little doubt that the increase in the “We buy houses for cash” ads are proportional to the number of companies created overnight following the housing crash. One way to separate the wheat from the chaff is to evaluate companies based on their experience and history in the market. Some companies have been involved in house cash sales for many years, even during good real estate markets. Others have just jumped in to take advantage of the current housing crisis. Look for a company that has demonstrated longevity as an indicator that they will still be around tomorrow and have a track record of fair business practices.
Expertise. Not everyone is skilled at the nuances of house cash sales. Many involve properties facing foreclosure or owners facing bankruptcy. Such conditions can complicate deals and require the expertise necessary to cut through a lot of red tape in order to deal with lending organizations in a timely and efficient manner. Look for a track record in handling specific details related to your personal situation.
Fees/Commissions/Payment. Selling a house for cash is often motivated by the desire to get the most money for the property in the shortest amount of time. Fees and commissions imposed by some companies only eat into cash assets. While many firms will require some fees or commissions, others do not. Look for low or no fee propositions. Also, look for a true cash deal, one that pays you the cash upon signing. You shouldn’t be required to wait for the eventual resale of the house, terms that some cash buyers impose.
Service. Just because cash house deals can be fast doesn’t mean they are without due diligence requirements. Contracts, title companies and paper work are still part of the process. To make your cash transaction smooth and hassle free, look for a company that provides a straightforward, easily understandable contract and one that provides services such as managing paperwork and dealing with a local title company.
A house cash sale can be a good alternative for a lot of folks if you do your homework to find a reputable company and protect your financial interests. Look for a company that is experienced, has the necessary expertise, doesn’t nickel and dime you with fees and provides services to conduct a fair, hassle free transaction.
Is a house cash sale right for you?
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