If you are thinking about selling your home fast, the option of a ‘We Buy Houses’ site might be on your mind. While this could seem appealing, there are some important factors to consider to go into this type of transaction with the full picture of what to expect, with some tips from top agents and the experts at HomeLight. Starting the process with facts can help you stay on track and get the best outcome possible.
Work with an expert
With so many options for selling your home for cash online, you might be overwhelmed at first and that’s why you’ll want to consult an expert to guide you to the best path. Remember that the best strategy is to do your homework and consult a real estate expert, before you make any final decisions.
Watch for scams
Being aware of common real estate scams is necessary when selling a home for cash. Bait and switch is one to watch for, where you may have a verbal agreement with a buyer, which is later presented to you as an altered written agreement. You’ll want to read any contract carefully, noting sale price, ownership, and mortgage terms. Another one is ‘equity skimming’ where a person or investor gains the title to another person’s home, then refinances it and takes out all the equity on the property. An investor might come in and offer to help buy a home before it gets foreclosed, taking over the title and promising that they will return the property after everything has cleared — but instead, the investor could disappear. Doing your research about the latest scams can help you avoid one.
Consider your options
There are many options for a quick home sale in cash, and different investors can provide different types of cash offer packages. A tool like HomeLight’s Simple Sale Network can help you consider different ways to sell your house for cash and make an informed decision before moving forward.
Know your potential buyers
Cash buyers can have different goals and approaches, and knowing about them is key before attempting to sell. Among different types of “direct” buyers are buy-and-hold investors that purchase rental properties; fix-and-flippers that renovate tear-downs; and high-tech venture capital backed companies called iBuyers. Packages can differ depending on which type of cash buyer you go with, so again, be sure to do your homework before making any final decisions.
If something seems too good to be true, it probably is, but staying informed can ensure that you can sell your home for cash, and get a fair price for it. If going the route of selling a home for cash to a ‘We Buy Houses’ site, know what to expect for fair market value, understand the most common scams and work with a professional before making any final decisions as a strategy to stay on track.