Real estate has truly diversified in the past few years. There is no longer only one way to sell a house – sellers have many options to ease the process.
One such option, which has quietly risen to prominence recently, is the house buying company. You’ll frequently see these companies advertising ‘we buy houses in Loveland‘ or ‘we buy houses in Denver‘. The question is, should you even consider using a ‘we buy houses’ company?
As with most loaded questions, the answer is ‘it depends’. Depending on your specific situation and circumstances, you may or may not benefit from using a house buying company.
You should consider using a house buying company when:
A) You need to sell fast
Sometimes you simply have to move. And sometimes, you have to move now. Maybe you want to downsize and need to move into your forever home in two days. Maybe you got an offer for your dream job but it’s in another city and you have to start by the end of the week.
If time is of the essence, start searching for a company advertising ‘sell your house fast in Denver’. House buying companies rarely need to go through the entire traditional process of selling a home by virtue of being cash buyers. House buying companies aren’t going to list your home – they’re going to buy it.
If you’re working with a particularly efficient company, you could get a check by the end of the day. But since it’s not easy to find such companies, you should expect to get your money in a week’s time.
So, when you need to sell your house fast, a house buying company is your best bet.
B) You can’t put in the effort
Staging a house for sale is a tiring and time-consuming activity. You may spend weeks preparing your house, but not even get one interested buyer. Also, you don’t always have time to stage a house.
If you’ve recently inherited a property on the other side of the country, you can’t be expected to travel back and forth to prepare your property, show it to sellers, and be there for the final sale! Especially if you’re working, you’ll never find the time. In such a case, you can contact a house buying company for a quick and hassle-free sale.
Many companies also buy houses ‘as is’. If you’re selling your house to a house-buying company, you won’t have to worry about making any repairs. Whether your roof is leaking or your windows are cracked, you’ll find a company willing to buy your house.
A number of companies take this a step forward by offering to dispose of any items you leave in your house. Instead of worrying about what you’ll do with your stuff, just pack what you think is valuable and leave the rest. The company will take care of whatever you leave behind.
Another reason why people use house buying companies is to avoid the emotionally-draining traditional route. It’s not uncommon for a buyer to show interest in a house, start negotiating on it, tying up the selling process for weeks, then pulling out at the last second. It’s a truly frustrating experience for the seller whose hopes are dashed after being raised so high.
C) You find the fees too high
Getting an agent may not be the cheapest route you can take when selling a house. You’ll have to shell out agent fees, lawyer fees, staging costs, repairing costs, and other costs that may crop up unexpectedly.
You may also end up suffering legal consequences if you don’t follow legal stipulations to the letter.
The best way to sell your house fast and avoid any costs is to use a house buying company. They won’t charge you anything extra, and they’ll also help you in case you run into any legal issues.
That’s why you should use a house buying company. But there are situations where it may not be in your best interests to use a house buying company. You shouldn’t be thinking of a house buying company if:
A) You want to make maximum profit
If you want to sell your house and make the most money out of it, you’ll need to sell it yourself. You’ll have to stage it, market it, and show it to potential buyers. You’ll have to look for any problems in your house and fix them. You’ll have to wait through grueling sessions where buyers will poke their noses into every nook and cranny and point out infinitesimal problems that you’ve never even noticed.
Unfortunately, there’s no guaranteed payoff after all this hard work and emotional investment. However, if you think you can make it work and want to give it a shot, go right ahead!
Also, if you’re flipping a house, you shouldn’t even think of a house buying company unless you’ve got a white elephant that you want to get rid of.
B) You don’t mind waiting
Preparing a house is not quickly accomplished. Add this to showing the house and waiting for a buyer, and you have a truly humongous process that may take months or even a year to accomplish.
However, if you don’t mind waiting for the right buyer, selling a house through the traditional method is still a viable option for you. It may take some time, but you’ll probably end up getting a good buyer for your property.
C) You don’t mind taking the risk
Selling a house is a huge risk. You may prepare it for months and end up not getting even one buyer. The real estate market is in a constant state of flux, and this means that you’ll not necessarily get a buyer. However, if you don’t mind taking the risk, this may be the best option for you.
Now that you know your options, you can assess your current circumstances and make a decision accordingly. Just remember to do your research before you select a facilitator for your sale, whether that’s a real estate agent or a house buying company. In general, house buying companies will allow you to sell your home more quickly and with less hassle, so they’re the ideal choice if you want to see your house sold with minimum trouble.