Home buying companies do exactly what the name implies: businesses specialize in buying homes. These companies will often buy homes, improve them, and then sell them for a profit. And that business model allows them to do things that no average home buyer would ever do, making them an attractive buyer for anyone looking to sell a house. Especially if you want to sell it fast.
Selling to a home buying company may be a good idea
1. It’s the fastest way to sell
Home buying companies can close deals fast. Different companies have different approaches, but you’ll typically get a cash offer for the house when you contact the company. They’ll then send someone over to inspect the house, and if everything is in line with what you told them, they’ll close the deal on the spot. This means the entire sale process can be completed within a month, and some home buying companies even offer cash advance options, which means you can get cash on hand within a week.
This fast turnaround time offers a lot of advantages. For example, this money can pay debts or secure a down payment for a new property. And in situations where the home must be liquidated so the funds can be split between the heirs of the previous owner or two parties in a divorce, this fast turnaround time can be a great asset.
2. Sell the house as-is
One of the selling points of home buying companies is that they are willing to buy homes as-is. There’s no need to fix any issues; you don’t even have to empty the house. You don’t even need to be in the same state as the house. If you live in New York and suddenly find yourself having to sell an inherited house in New Orleans, a home buying company can work with you to close the deal over the phone.
3. The price is better than you think
All of this convenience comes at a cost, of course. Home buying companies will pay you less than the full sale value of the house. Offering convenience in exchange for a lower house price is one of the ways these companies turn a profit. However, if you shop around a bit, you can get surprisingly good offers from home buying companies. These businesses will typically offer between 60 and 85% of the home’s full price when purchasing. Considering you can sell the home as-is and many of these companies will even handle the sale paperwork for you, it is not a bad deal.
4. They can handle edge cases
Many home buying companies are also willing to buy homes that no one else would buy. This includes homes that have been flooded, suffered fire damage, have foundation issues, code violations, and more. They can also buy homes tied up in complicated legal situations, whether bankruptcy proceedings, late mortgage payments, complex divorces, etc.
An average home buyer or investor would want to avoid homes under any of these complicated conditions. However, a seasoned home buying company can properly evaluate and buy these properties. They have enough experience to make the process as painless for the seller as possible. And they’ll often work with sellers to help them navigate complicated legal and fiscal situations.
5. You can skip advertising
One of the challenges of selling a house — whether you go for an agent or try FSBO — is advertising. You or your agent will have to get the word around that the house is for sale to get people interested, and then the process of advertising and showing the home to potential buyers can take months or even years. In addition, the house will likely need some improvements and minor or major touches to make it attractive to buyers and drive up its sale price.
All of that is a hassle, and it takes up valuable time. Time in which you could be productive and the money from the house sale could have been used for different projects or investments. And working with a home buying company allows you to skip all of those steps.
It also means you won’t have to pay agent fees or incur any advertisement costs at all. This is important because depending on how you decide to advertise or sell the house, it can be pretty hard to predict how much the sale process will cost you. While working with a company gives you solid numbers to work with from the start.
We hope you found this blog post 5 Good Reasons to Choose a Home Buying Company When Selling a House useful. Be sure to check out our post What I Wish I Knew When I Moved for more great tips!
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