If you need to sell a house in a hurry, it is very tempting to use a “we buy houses for cash” company. But before you do, you may want to learn more about companies that buy houses. Below is what you need to know about selling your Fort Worth home to a cash buyer when it’s a good idea, some pros, and cons and the best companies that buy houses for cash.
Not everyone can wait for their house to sell on the real estate market. On average, it takes 3 months from when you list a house to closing. And that isn’t counting the weeks of costly renovations and repairs you may need to make to sell your home for the best price.
If you need to sell a property fast, you might want to consider using a company that buys houses for cash. When using a real estate agent, you may not make as much money as you thought you would by listing your home with them. Still, with a “we buy houses for cash” company, you can quickly and conveniently sell an unwanted property without the need to schedule repairs, host open houses, or pay closing costs and realtor commissions.
In this guide, we will share how to find the best Fort Worth companies that buy houses for cash. We will break down how the process works and the benefits of selling to companies that buy houses.
Companies That Buy Houses
Types Of Companies That Buy Houses And How They Work
In general, companies that buy your house for cash are real estate investing businesses that purchase properties for a fair market price, fix them up if necessary, and keep them or resell them. Typically, they buy properties in as-is condition; that way, the seller doesn’t need to put any time or money into selling their home. Since these companies pay in cash, they can close within a few days, rather than months, because they don’t have contingencies as traditional buyers have.
Here are three types of real estate companies that will buy your home for cash:
- Local Cash Buyers: Tend to be small companies or even individual real estate investors that pay cash for houses in your area like Fort Worth. Often, their goal is to help the community by renovating houses for resale or renting out the property instead.
- Investor Networks: These are big companies that buy-in several markets. A lot of them have been around for several years. They usually conduct marketing campaigns on behalf of local franchisees, who buy houses as-is for cash and then redevelop or flip them.
- iBuyers: Usually are venture capital-backed companies that buy and sell houses on the internet. They tend to use computer algorithms to determine your property’s value and may even purchase it sight unseen.
Each type of company that buys your house works a bit differently, but the process of selling your home to one is typically the same.
How Typical Transaction Works With Companies That Buy Houses:
- You contact a real estate company that will buy your home by phone or via the internet. The company will ask you some general questions about your home, its specifications, and its condition.
- A local rep from the home buying company will do an onsite inspection and then give you an offer.
- Once you accept the offer, you will sign a purchase agreement and schedule the closing date. However, since the buyer is using cash, there’s no need to wait for a bank to underwrite a mortgage. Plus, homebuyers usually have a local title company they work with. Which generally means a much faster closing timeline.
When selling traditionally, the seller usually pays the closing costs, ranging from 8-10% of the sale price (including realtor fees). However, many companies that buy your house for cash cover the closing costs for you.
The biggest advantage of selling to companies that buy houses is the speed in the selling process from start to finish. iBuyers tend to close on a sale in 10-14 days. If you use an Investor Network, you can expect to wait for a little longer, usually from two to five weeks. But local cash buyers can close in as little as 7 days!
Depending on the Fort Worth market, and if your house is distressed or in a bad location, it could sit on the real estate market for months or even years. When using one of these home buying companies, they could help you get an unwanted property off your hands in a much shorter time frame.
The only tradeoff, though, comes with the price you’ll receive for your house. When working with companies that buy houses, you shouldn’t expect top dollar for your property. Cash buyers and investing companies usually pay below market value for your home -because they would be the ones investing their time and money into the property. If your goal is to sell your house fast and not deal with the stress of homeownership anymore, you found the right buyer!
Pros and Cons of Selling To Companies That Buy Houses
Of course, there are some upsides to selling to real estate companies that will buy your home, and there are some downsides too. Let’s compare the two.
Pros of Selling to Companies that Buy Homes for Cash
- Payment in Cash– Companies that buy houses for cash can ensure a fast closing. Selling your home this way means that you won’t have to deal with traditional financing concerns, inspections, or any other factors that can cause delays in the sale of your home.
- Expediency– A quick closing process can be helpful when dealing with different circumstances:
- Health Issues
They can also save you the trouble of hiring a real estate agent, home staging, open houses, and other aspects of selling a home that can take weeks or months.
- No Repairs– When working with companies that buy houses in any condition, costly repairs are not required, helping you to avoid these common requirements when selling a home on the market.
- Repairs or renovations will be required to sell a home. Typical buyers are not looking for a fixer-upper that requires repairs as soon as they move in.
- A home inspection may reveal issues- upon the sale of your home, an inspection can reveal repairs that a buyer and the buyer’s lender will likely require to be completed before closing.
When working with companies that buy houses in any condition, costly repairs are not required.
- No Costs, Fees, or Commissions– now this depends on the company you end up working with, but with a local cash buyer like Four 19 Properties in Fort Worth, there are never any costs, fees, or commissions to worry about. They don’t charge a dime and will handle all of the standard costs related to the home sale.
Cons of Selling to Companies that Buy Houses for Cash
- Lower Sale Price– Many of the houses real estate companies buy are below market value with the intention of reselling it at a profit to another homeowner. Usually, the way they come up with their cash offer is by looking at the property’s location, what repairs are needed, the current condition of the property, and the values of comparable houses sold in the area recently.
- Big Company– Investor networks and iBuyers are big companies where you may feel like a number. At least working with a local cash buyer, you know you would be working with someone in your community. Investor networks and iBuyers tend to purchase homes to resell or redevelop them. Local cash buyers repair the house and resell it to another homeowner or keep it as a rental property. You will definitely feel more of a personal connection with a local cash buyer than a big real estate company.
How To Choose A Local Cash Buyer
Not all homebuyers are the same, so when choosing a cash buyer, here are a few things to look for to determine if you found a reputable one.
- Ensure they have an online presence and look at their website; usually, a local cash buyer will have a personal photo on their website verifying that they are a real person you will be working with.
- Check their reviews, make sure their reviews are positive.
- Check their social media pages and make sure they are somewhat current.
- Find out how long their company has been in business.
- Make sure they use a Texas licensed title company to close.
- Find out if the seller decides when the closing will be.
- See if they will work with you on your move out date, letting you pick it.
- Most importantly, make sure they are a local company willing to work with you, answer any questions, and put everything in writing.
If you can answer yes to all of the questions, you have found a ligament cash homebuyer.
If you have decided to work with a local cash buyer in the Fort Worth area, Four 19 Properties would be a great choice. They meet all the requirements of a reputable local cash buyer listed above. Besides that, they are a husband-wife team and have been buying real estate locally in the Fort Worth area since 2006.
We have bought inherited properties, pre-foreclosure properties, foreclosed properties, tax-delinquent properties, major rehab properties, and everything in between. Your situation may be unique, but we at Four 19 Properties are ready for any challenge. If we do a deal with you, it must be a win-win situation! Here at Four 19 Properties, we are passionate about real estate and helping sellers.
If you’re ready to sell your home in the Fort Worth area and decided against selling to big companies that buy your house, Four 19 Properties would be happy to work with you!! And we can get started today with either sharing more information about our process or by giving you a fair cash offer. Feel free to give us a call or visit our website.
We look forward to working with you!