What happens after closing with "Buy homes for cash" companies?
You have to think this through, because whether you decide to sell to a “Buy homes for cash” company or to a conventional buyer, you will be getting the cash in the end anyway. The only difference is that the “Buy homes for cash” will probably pay less and the more conventional buyer will probably have to contact a bank or agency to take out financing to pay off your existing mortgage.
What most “Buy homes for cash” companies do after they have bought your house is renovate it (if its necessary) and then resell your house to a conventional buyer for a much higher price. This is how they make the big bucks. They will be able to do this sell because they have enough money and enough time to wait for someone to pay a reasonable price for it.
Please consider all your options first and if you do not absolutely HAVE to sell your house right now, rather consider listing your house with a more reputable full service brokerage firm instead of calling a “Buy homes for cash” company. No matter from which side you look at it, you will be the one losing and they will be the ones winning and making a fast buck. There are also some other ways to preserve your equity without selling your house, speak to your broker about the options.
Still, these “Buy homes for cash” businesses have a widening spectrum of clients in today's market. Sellers include those who are going through a trying divorce, those trying to avoid foreclosure or those caught in an unwanted and less than desirable mortgage structure. Others may not want property that they have inherited, have back taxes to pay or simply be downsizing and or retiring.
Steve Rotter is a co-owner of a “Buy homes for cash” franchise in Chicago. He says: "We'll buy a house in any condition. We have crews of people that fix them up. We'll buy a gutted house and fix it up in a few weeks and it turns out to be a beautiful house. And that helps the neighbourhood. Our goal is to put the house in perfect condition."
The houses don’t necessarily have to be ugly to attract a “Buy homes for cash” company’s interest though. Some people just need a quick sell. Rotter says that his “Buy homes for cash” business usually pay out within a week or two. They are also apparently nice enough to handle the “messy details” to help lighten the seller’s load. "We pay attorney's fees, recording fees, title fees, transfer fees - we make it an easy process for the seller," says Alan Washer of Value Properties Inc. in Des Plaines. If franchisees use a Realtor to sell the newly refurbished house, as many do, they must also pay realty fees. Just remember to be careful and do your homework when dealing with a “Buy homes for cash” business.
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