There are many benefits for you as a homeowner to sell your home for a fast cash deal. But there can be some downsides, as well. A company that buys homes for cash might seem like the way to go, but you still need to be cautious.
You should start with a few recommendations from people who you know and trust who have used this type of company or service before. They can help you narrow your list to a workable number of companies to check out.
5 Questions to Ask Your Fast Cash Home Buyer
Any deal that sounds too good to be true will often be just that. Even if you have engaged with home buyers for cash before, you need to be smart.
1. How Long Have You Been in Business?
There is a good chance you already know this, but they may be new to your area, so ask anyhow. Just because a company is new doesn’t mean you should avoid using them.
But ask about their history. These are things you can find out easily online. They may have a sketchy past and are trying again in your city. Also ask specifically for their experience in your area.
If they are new they may be unfamiliar with locations, prices, amenities, and how many homes have they bought. You want to know if they are interested in buying a home or selling leads.
2. Ask To See Proof of Funds
This is the best way to weed out the scammers. If they are legit, they can show you a certified letter from their bank with all the pertinent information. If they refuse, move on. It is perfectly acceptable to ask.
If they won’t show you proof of funds, they likely are trying to get you to sign a contract passing the deed of your home over to them. They will then turn around and sell it right from under you.
3. Do You Provide an Earnest Deposit?
Any reputable homes for cash companies will be happy to not only show you that they have the money on offer, but that they are willing to make a deposit to you to secure the deal.
4. Do I Need a Home Inspection?
Selling your home through a traditional real estate agent would definitely require an inspection. But the method of fast cash should not. These can be expensive, long, and if your home is in need of a lot of repairs, not passed at all.
The whole point of selling your home for cash is that they will take it as it is. Their main goal is to fix it up and resell it for a profit, or improve it and the neighborhood for future sales.
5. Are There Other Fees?
The last thing you want to hear when the deal is closing is that you are not receiving what you were expecting because of a bunch of other fees. There should be no fees.
There will be with a realtor, but part of the benefits of going through the fast cash company is the house comes as it and the price is settled, as is. This includes processing, admin, late fees, or sell dates.
Cash For Houses
For so many people selling their homes, the fast cash for homes is a great way to go. Far less hassle, it’s faster, it gets you the money you want without waiting, long negotiations, and hidden fees.
But always be cautious with these kinds of companies, as not all are not as they seem.
Are you ready to sell your home for fast cash? Contact Black Door Homes today!