08 Jan Are Home Buying Companies Legitimate?
For most people buying a home is a huge undertaking. For this reason, deciding to sell it is no mean feat either.
Aside from actually deciding to sell it, how to sell it is often a nerve-wracking choice. You also want to expedite the process without being scammed.
As you do your pre-sale research, you will note across several home selling platforms, among them home buying companies.
Home Buying Companies – Are Home Buying Companies Legitimate
Home buying companies are enterprises that seek to purchase homes from buyers quickly. This essentially shortens the home selling process for buyers.
Home buying company’s work in two ways:
- Fronting the cash to purchase a home then reselling it
- Sourcing a third party cash buyer
The bottom line is that as a home seller, you end up with a cash buyer for your house.
Are Home Buying Companies Legitimate?
The straight answer to this answer is a cautious yes.
There are numerous legit home buying companies in the country. However, scams are masquerading as home buying companies as well.
How to Identify Legitimate House Buying Companies
The goal when selling a house is to identify a legit home buying company. If this is your first time selling a house, here are some expert tips to help you do just that.
1. Understand a Natural Flow of Cash
It’s essential to be on the lookout for this at all stages of the sale. Simply put, you are selling a house. Naturally, this means cash should be coming to you, not you paying out money.
What scammers do is ask for upfront fees. These are termed as processing fees, registration or administration fees, and so on.
On the other hand, Legit sellers will factor most of their fees in the offer they give you. Once you agree on a sale price, they pay the agreed amount to your account in full.
2. Understand Buyers Protocol
Buyers typically follow the same process. Once you have reached out with your intent to sell, they look at the house first.
This is done to assess the value, neighborhood features, and damage on the home that will require fixing. It’s only after this process that legit buyers front an offer.
A buying company that expresses interest in a house and floats an offer without seeing the home is likely to be a scam.
3. Conduct Thorough Research
When you identify 3-5 home buying companies, carry out more research into each.
The first place to look is online for a company’s reviews. Most reputable companies will have a significant number of reviews, most of which will be positive.
Visit these companies as well and ask for their licensure and so on. This should help direct your search for a legitimate home buyer for your home.
Protect Your Investment
Homebuyers should be able to sell their houses without losing their money in the process.
That is why you should only deal with a reputable, trusted company like Cash Buyers Network. Feel free to contact us here with any questions you might have.