Chances are you have come across ”We Buy Houses in DC Metro” or ”We’ll Buy Your House As-Is” signs in your neighborhood. If you are looking to sell your property fast and for cash, then dealing with a ‘we buy houses’ company might be the best option. In this article, we will dig deeper into this kind of transaction and help you make an informed decision when it comes to selling your house.
So, How Does it Work?
Well, it starts by knowing how to find we buy houses companies. Other than looking for signs in your neighborhood, you can ideally check websites like Craiglist and newspapers for cash buyer ads. Next, you’ll have to contact the seller and give them details about your house and what it offers. The company will research your neighborhood, both the value of your house and comparable properties in the region. The potential buyers might also pat a visit to assess the home, and give you an offer within 1-2 days or even on the spot. If you agree to the price, the sale can be closed within a few days or weeks, depending on your needs.
We Buy Houses In DC Metro- Types of Cash House Buyers
We buy houses companies usually fall into 3 categories:
1. House Flippers
These are real estate investors who purchase houses for sale in poor condition for a low price and then repair them and sell it to gain a higher ROI.
2. Real estate investors
These are individuals or firms that purchase properties, spruce them up and rent them out. Their goal is to generate income while waiting for the property to appreciate in value. When you deal with these investors, you’re likely to get a better offer than selling to a house flipper.
These are firms that buy houses outright, directly from the owner. They purchase a large number of houses and then resell them for a small profit. Examples include OpenDoor, Zillow Offers, and OfferPad. They determine the value of your house using automated valuation models. They tend to make the best offer, up to 98% of fair market value. The downside, however, is that they charge you a 6 to 15 percent fee which covers things like utilities, taxes, repairs and HOA fees.
Should You Sell Your DC Metro Home For Cash?
There are several situations where selling your DC Metro home fast for cash makes sense. Some benefits include:
1. Sell Fast
The primary advantage of selling your property fast for cash is that the sale occurs quickly. There are many reasons you may want to sell your home fast. Perhaps you are dealing with a divorce, unforeseen medical or legal bills, job loss, job relocation, avoiding foreclosure, etc. In such situations, there’s no waiting selling to us is a good idea as we buy houses in DC Metro for cash. You do not have to host open houses that don’t seem to end to wait for a house inspection. Additionally, you don’t have to wait for lenders to approve the potential buyers’ mortgages. Once you contact us, you can expect your money within a few weeks.
2. No Repairs Required
When you sell to real estate investors, you do not have to fret about major or minor repairs or deep cleaning. We buy houses companies will buy your home as-is and do all the repairs themselves. So, if you do not have the time or money to fix up your house before the sale, then dealing with cash buyers is the best option.
3. Keep All the Proceeds From the Sale
Doing a cash sale means that you do not have to deal with real estate agents. Additionally, there are no closing costs involved like in conventional house selling. Selling directly to a we buy houses company helps you avoid all these fees and thus, keep all the proceeds.
Are We Buy Houses Companies Legit?
While most of the iBuyers and We Buy Homes for Cash companies are legit, there are various scams out there and this calls for due diligence.
When you come across a ”we buy homes for cash” sign, ensure you check whether the sign has the company’s name. If only has a phone number, chances are it’s a scam. If it has a company name, then look it up online and check for testimonials and reviews. Also, you may want to look into complaints or lawsuits associated with the company.
If you choose to do business with a we buy houses company and agree to their offer, ask for proof of funds statement. This can be in the form of an online bank statement, original bank statement, or an open line of credit.
Selling to we buy houses DC Metro for cash companies can be a good idea. However, it is important to do your due diligence and comprehend all the implications.