No matter how much we think things are perfect and we can kick back and relax, life has a way of throwing a stick in the cogs. If COVID-19 has taught us anything, it’s that you always need to have a backup plan because you never know what’s going to happen. In light of the pandemic, some homeowners all over the nation find themselves in that tough situation where they need to sell their home for cash due to financial hardship or they need to move to take care of family.
It doesn’t matter what the reason is, if you find yourself in need of selling your home in a hurry, you have options. However, before contacting one of those “We buy homes for cash” companies, you’ll want to read this.
1. Selling as-is
It’s true that when you are using a home buying company that you can sell your home in its current condition. Your home may need some work and these companies will buy it without requiring you to make repairs first. Just be aware that if this is the case, the house buying company will adjust their offer so they can make repairs themselves.
If you were to use a realtor, the agent may advise you to make the repairs prior to listing. This may or may not be in your best interest because you could get more money this way. If you don’t have to move right away, you could use a net proceeds calculator to see how much more money you could get with and without the repairs being done.
2. No contingencies
Usually, when you’re using a realtor to sell your house, the buyer can submit offers with contingencies. These contingencies can allow the buyer to back out of the transaction if something comes up. For example, the home inspection may show that there are too many repairs that need to be made, or the buyer may state they can only go through with the sale if their current home is sold first.
With a home buying company, you don’t have to worry about the sale being terminated and the buyer (the company) backing out. These transactions rarely ever get terminated, therefore ensuring that your house is sold quickly and painlessly.
3. Quick and easy sales
The typical real estate transaction can take between 40 to 60+ days from the moment you list your house on the market and get to the closing table. If you need to sell quickly, this simply isn’t going to work! Yet, if you’re selling to a home buying company, it can be wrapped up in as little as 7 days!
4. Beware of scams
Having your house sold within a week and for cash sounds like a godsend, right? It can be, but you still have to do your due diligence and make sure you’re using a reputable company. As with anything in life, there will be people who will want to take advantage of people who are in a tough spot.
When you’re looking for a reputable home buying company, you’ll want to do a lot of research and look into the company’s reputation on the BBB. You’ll want to look for positive reviews online and beware of any companies that require that you pay a fee upfront. That’s a huge red flag that indicates that a particular company is up to no good.
Home buying companies cannot compare to realtors
Homeowners that are facing the tough situation of needing to sell their homes quickly can feel a lot of pressure. Of course, they’ll want to have the whole ordeal wrapped up and put behind them as quickly as possible. However, home buying companies aren’t the only option – especially if it’s a competitive seller’s market like it is now around the majority of the country.
When you work with a realtor, you could see a quick sale and even get more money than you could with a home buying company. Yes, you will have to pay the realtor a commission, but their hard work is well worth the money. Of course, you should always trust your instincts and do what’s best for your situation.