When you hear about a cash home buying company, you might be doubtful about how legitimate they are. That’s a good instinct. Before doing business with a home buying company, you should check out whether they are legitimate. There are some easy ways to learn about them.
What Cash Buying Companies Do
Cash home buying companies are relatively new in the home buying and selling industry, but many people are not familiar with the process. Unlike traditional real estate sales, a cash home sale doesn’t involve any sales agents, brokers, inspections, or appraisals.
Instead, the cash buying company will make you an offer on your home directly within a day or two of contacting them. They buy homes in their present condition, with no repairs required, and they will pay the full amount of the offer at closing, with no commission deducted.
How to Research Cash Buying Companies
Before dealing with a cash home buying company, you should do your research. A legitimate company will have a website that gives information about their process and their business. They may also have testimonials or reviews.
But, in addition to the company’s website, you should also look for reviews in other places online. One good source of information is the Better Business Bureau’s website. The BBB will list basic ownership information about the company and tell if there have been any complaints.
What Questions to Ask Before You Sell
Once you’ve ascertained that the company is legit, you should talk to a representative and be prepared to ask questions. Ask them to explain the process, how they calculate their cash offer, and how soon you can expect to close. Keep in mind you should never have to pay closing costs with a legit company.
You should also ask to see proof of funds. This is a letter or document from a bank or financial institution that confirms the company has sufficient funds to pay you for the offer they made on your house.
Cash home buying companies play an important role in the home sales industry. The vast majority of these companies are legitimate and will gladly answer any questions you have. If you’re interested in a fast cash sale, do your homework, get informed, and be prepared.
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