The “we buy houses for cash” companies buy properties with cash. So, how do “we buy houses for cash” companies operate? These businesses are usually formed by franchisees or investors who like to work individually and independently. As the name suggests, these companies can buy any house for cash, irrespective of its condition. If you need to sell a property immediately, these companies are the best bet for you.
How fast do Cash Buyers finalize a deal?
The work of these companies is speedy. If you contact such a company, you will usually hear from them within 24 hours, and the house in question will get checked. Once the company is done with their supervision and formalities, they will generally offer you a cash price then and there. Supposedly, if you are satisfied with the offer, the deal can be complete within a week, or two weeks, at most.
What are the downsides of dealing with Cash Buyers?
On the bright side, you can get rid of your property in a quick and hassle-free manner. However, on the downside, cash buyers will offer you a price that is way below the market price. Most of the time, it is barely significant enough for you to make any profit.
According to statistics, the average price offered by these cash buyers is around 65% of the property’s actual value. Depending upon the property’s condition, it can even go less.
Despite this fact, many people prefer to sell their houses to these cash buyers. The sole reason for this is with these companies; the sale can be completed very early. You will be saving a few weeks compared to the sale time if you would have opted for the conventional listed property selling option. In most cases, the sellers are fed up with the particular house. At that point, they do not care whether they are getting a fair market value or not. They want to get rid of the property as fast as possible. In such cases, these “we buy houses for cash” companies can be a great option.
Cash Buyers Working Details
Usually, the operations of the cash buyers are as follows-
- First, the seller makes contact with the cash buyer and provides the necessary information about the house, including property papers, photos, and other relevant information.
- Once the contact is made, a representative from the cash buyer company appears to inspect the property. This usually happens within 24 hours after contacting them. In most cases, after this assessment is complete, a cash offer is made directly on the spot. If not then, a request is made within 48 hours of the inspection. This offer is non-negotiable in most cases.
- If you accept the offered price, you can choose the day of closing. Since the cash buyers need not get a lender’s approval, the deal can close within a week or two.
Cash buyers are an excellent option to sell the property at a quick rate. However, you also end up losing a lot of money in the process. However, suppose you are under some time pressures externally. In that case, the house’s condition is poor, you face foreclosure, or want to get rid of unwanted property, cash buyers are a viable option.