Homeowners may choose to sell their homes for a multitude of reasons, and they have several options for achieving these aspirations. The property owners could set up services with a real estate agent and wait until buyers make offers for the home. They could also sell the property to a home buying company.
With a home buying company, investors are purchasing the home from the homeowner outright. The process is not the same as a traditional real estate transaction, and the process is completed within a few days. The homeowner can get the money direct deposited into their account quickly.
A Fast Cash Offer
Homeowners will receive a cash offer from the investors according to the market value of the property and its current condition. The process is similar to a quick sale, and when reviewing the cash offer, the homeowner will want to get enough to pay off their mortgage and get a profit from the sale. It is recommended for them to have a price in mind that is acceptable to the homeowner. PlacePitch.com can help property owners who need to sell their homes quickly.
The Homeowner Doesn’t Have to Negotiate with A Buyer
The traditional process of buying a home requires the seller to let an agent negotiate with buyers to arrive at a fair and reasonable price. However, with a home buying company, they negotiate with the investor themselves, and the homeowner won’t have to wait for an agent to contact them with a new offer.
The homeowner speaks to the investor directly on their own accord, and the property owner makes all decisions about the sale. There isn’t an agent that is pressuring them to settle for less than they want just so the agent can close on the property and get a commission. If the property owner doesn’t like the offer, they can decline it.
They Won’t Have to Pay Any Additional Fees
The property owner won’t have to pay fees such as paying for title insurance or earnest money, and they will not have to worry about down payments made by a buyer. The property owner doesn’t pay any fees for selling their home to an investor. The investor puts up all the money for the transaction.
They Won’t Have to Pay an Agent A Commission
In a traditional real estate transaction, the seller will lose some of the total price paid for their home because they have to pay a commission to the real estate agent. Typically, the commission is around 6% of the total selling price. If the seller is depending on all that money to pay off their mortgage, this could create a financial hardship for them. The only resolution would be to increase the total price of the home, and the selling price must include the commission just for them to break even.
Homeowners Do Not Have to Complete Repairs
Typically, when selling a home, the buyer must set up a home inspection to find out if there are any issues that require repairs. After the inspection is completed, the seller and buyer receive the report. The seller must complete all repairs, and the buyer will need to set up an inspection to ensure that the repairs were completed properly. When selling a home to an investor, there isn’t a property inspection, and the property owner doesn’t have to perform any repairs before the closing.
The Home Buying Company Visits the Home
The investors visit the home and review it just as it is. They will not point out any problem areas, and the homeowner doesn’t have to remove their belongings from the home or stage it for the buyer. The homeowner can carry on their normal everyday life and avoid any disruptions. The investors review the living spaces, the square footage of the property, and they will examine the property’s exterior. They conduct a market analysis to arrive at an offer for the property owner. The price is based on the resale value of the property.
Direct Deposit for the Homeowner’s Payment
After the homeowner accepts the investors, the home buying company sets up a direct deposit for the homeowner. It could take a few days for the transfer to their account, and the homeowner is notified when the funds are transferred. They must sign a contract with the home buying company to accept the offer. The contract is legally binding, and the home buying company must set up a date for taking possession of the property after the payment is transferred. Typically, the homeowner will have up to 30 days to vacate the property and surrender it to the buyer.
The Deed is Transferred for Them
The investor will pay the full cost of transferring the deed into their name. The property owner doesn’t have to pay any of the fees. They are not responsible for the closing costs or any additional costs related to the transaction. The home buying company will manage all the costs for the property owner. They will not see any deductions from the price offered to them by the investor.
The transaction will eliminate additional fees that many homeowners face when selling their homes such as paying an agent to promote their home. They could save time and money by selling the property to the investors through the home buying company.
Homeowners who are facing foreclosure and are considering a quick sale have the option to sell the property to a home buying company. However, they must pay off the mortgage to get the deed to the property from their lender. They must notify the lender that they intend to sell the home to an investor. When reviewing an offer from an investor, they must ensure that they have enough to settle the debt.
They will want to turn a profit from the sale if possible, and the remaining money could give the homeowner a new opportunity to buy another home. Homeowners may also choose to sell their home to move to a new area and get a fresh start on the next chapter of their lives.