You might have come across ‘we buy houses for cash’ billboards in your city or town and wondered what it’s all about. Well, cash buyers are ...
You might have come across ‘we buy houses for cash’ billboards in your city or town and wondered what it’s all about. Well, cash buyers are the new players in the real estate business. They look for property owners who want an expedited sale process, which isn’t available in conventional real estate sales.
But not everyone who promises to pay cash and close the sale quickly is to be trusted. Like in every other business, scammers and shoddy business people are waiting to prey on innocent customers.
So, how can you tell whether the buyer is legit or not? Here are top tips to help you find good house cash buyers like Home Flippers.
Find Local Buyers
Avoid working with companies that don’t have an office or agent within your city. Instead, seek local real estate firms or buyers within your city or town. The reason is because they have a better understanding of the local market.
It will be easier to find information about the buyer, including reviews from past customers. Also, working with a local buyer streamlines communication. They can easily visit and review the property before deciding whether to close the deal or not.
Seek Help From an Expert
Selling a property can be challenging, especially if it is your first time. The allure of quick cash can make you prone to scams. Getting a professional realtor or property attorney can help you evaluate good buyers.
The first thing the agent will do is an appraisal to estimate your property’s value. They will review the contracts, helping you pick the best. They also might link you up with potential buyers within their circle.
Read Reviews
Reviews and customer testimonials will let you in on a lot of information about the cash buyer. You can go a step further and contact past clients and inquire about their experience. Ask about the buyer’s professionalism and reputation before engaging them to buy your property.
Reviews on the buyer's website can be misleading. Why not check their Better Business Bureau rating? Cash home buyers with good ratings will offer great deals, and there is zero chance of getting scammed.
Be Ready to Walk Away
Be patient when you start receiving offers from potential cash house buyers. Sometimes it is wise to play the waiting game. Receive several offers and compare them before deciding. This will give you more negotiating power.
Offers from cash buyers will be low, but don't feel pressured to accept the first offer you receive, especially if it feels significantly lower. Ensure that each offer or contract is transparent, highlighting the fees, timelines, and other crucial details.
Factor all the expenses involved in the sale from escrow and origination fees to title insurance.
Summing Up
Promises from cash buyers can be tempting. However, no matter how badly you need the cash or to get rid of the property, do your due diligence. Beware of scammers who may pose as potential buyers. Use the tips in this guide to source for ethical buyers who will not frustrate you during the sale process.
