Is We Buy Houses for Cash Legit?

Real Estate, Search, House, Multi-Family Home, Invest


IS WE BUY HOUSES FOR CASH LEGITIMATE?

 

At a certain point in your life, you get lost in overwhelming thoughts about your never-ending responsibilities at home. The depressing reality of drowning in bills and debt is eating you off. Suddenly, you realize how quickly your available cash is declining when a sign that reads “We Buy Houses for Cash” catches your attention. This piques your curiosity and asks yourself, “Could I really sell my house for immediate cash? And at an easy process at that?”  You’ve thought about how to sell your house in the past, but the process seems so stressful, long, and costly. You think about inquiring, but it seems almost too good to be true. But what really is the catch?

This is common in every seller. You may hesitate for a while, but these companies understand that. Why? Because what you are going to sell is, for you, something as big as a house which is your only hope, the only asset that can help you meet your obligations. But believe-it-or-not these companies are a legitimate part of the real estate market. The reality is, We Buy Houses companies are investors and serve as a middleman on you and your property. This may not be for everyone, but it can be extremely useful for those who are stuck in desperate situations and need cash immediately.

These investors buy houses at any state, make necessary repairs, and sell the property for a profit. If selling the home on the market isn’t an option, this can be a great way for distressed sellers to relieve themselves from the burden of having to sell it.  Trustworthy companies use cash that they already have in their accounts to buy a seller’s home. This cash is often the proceeds and/or the equity from previous properties they’ve bought and sold.

Even smart people get tricked into We Buy Houses scams sometimes. Which is why it’s extremely important to conduct background research on these.  When you first see a “We Buy Houses” sign, you should look to see if there is a company name on the sign. If the sign only has a phone number, chances are it’s a shady practice. Many of these numbers are routed through Google Voice or other services that make them untraceable.

If they do have a company name, you should be able to easily access client reviews and testimonials when you look them up online.  If a business has nothing to hide, you should be able to find information about the business owner and their business with previous clients. The company’s website should have client reviews and testimonials on their websites, although you must remember that these reviews are sometimes biased as they are chosen by the company.

Are you still not sure if you’ll be able to tell a legitimate business from a sketchy one? In real estate, the social proof goes a long way. If a company has been doing deals for a long period of time, you’ll be able to find reviews online. Most reputable We Buy Houses companies will have been featured in various media outlets.

If the business pops up on Google search with a valid address, there should also be numerous reviews of the company through Google. Looking at a company’s Facebook page is a great way to measure how faithful they are to clients and look for positive and even negative reviews. Social media sites like Facebook, Twitter, and LinkedIn are great for getting honest reactions and reviews from customers.

If you’re unable to find any information about a company online, it’s possible that they’re running a scam that is illegal and untraceable. It’s simple to check through the Better Business Bureau and see if the company is an accredited business. The Better Business Bureau also features reviews and feedback. If you can’t easily access a website to learn about the company and the company is not a Better Business Bureau accredited business, it’s best to steer clear.

Not all We Buy Houses companies are the same, many will operate in a very different way than others, and, unfortunately, some will try to take advantage of sellers. Make sure to do the necessary research beforehand and trust your gut! If anything, ever feels off, make sure to get clarification.

Contracts should never be signed if you’re unclear on what they mean or if ever the provisions are ambiguous. Unfortunately, many of these companies have sneaky ways of getting out of a contract. These contingencies include needing approval from a lender, a specified number of days for a buyer to get financing, an appraisal for a certain value, a cost of repair contingency, and requiring a home inspection.

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