You need to sell your home and you want to sell it for cash. What are your options? While ‘We Buy Houses’ sites might be appealing, if you don’t do your homework ahead of time, you might end up with more of a headache than you anticipated. The real estate experts at HomeLight offer some tips, with insights from top agents, to help you be aware of some of the possible scenarios so you can make this type of home sale happen.
Hire an expert
You may be tempted to forge ahead on your own, but hiring an expert is the way to go, even if selling your home for cash. An expert can help you navigate through the many sites out there, to guide you to the best one for your situation. They can help you to devise a strategy to meet your goals within your desired timeline, and you definitely want to talk to them before you think twice about “We Buy Houses for Cash” sites.
Understand potential buyer profiles
Knowing who buys homes for cash, and what their goals are, can help you target the right audience for your particular home. You have “direct” buyers such as buy-and-hold investors that purchase rental properties; fix-and-flippers that renovate tear-downs; and high-tech venture capital backed companies called iBuyers. The package you get can differ depending on who buys your home and looking at cash sales for homes similar to yours can help you understand which direction to head in.
Be aware of scams
Scams abound with ‘We Buy Houses’ sites, and being aware of them and knowing the characteristics to watch out for can save you time and money. Here are some of the most common ones when buying a home for cash, or selling one: Bait and switch is where you may have a verbal agreement with a buyer, which is later presented as an altered written agreement. To avoid this scam, read contracts carefully, noting sale price, ownership, and mortgage terms, before signing. You also want to watch out for ‘equity skimming’ where someone gains the title to another person’s home, then refinances it and takes out equity on the property. In this scenario, an investor might offer to buy a home before it gets foreclosed, taking over the title, on ‘good faith’ that it will be returned — but we can guess what happens next. Doing your homework can save you from being a scam victim.
Weigh your options
A ‘We Buy Houses’ site may not be the way to go, but again, working with an expert can help you consider all the options. There are many ways for a quick home sale in cash, and different investors can provide varied results. HomeLight’s Simple Sale Network can be a tool to consider as part of your research.
As with anything in life, if a deal seems too good to be true, it probably is. Doing your research ahead of time, working with an expert, and staying informed of scams that are on trend can help you sell your home for cash and a fair price. Knowing your goal and sticking with it, even if it takes longer than you anticipated can help you stay on track.