Submitted by imeanwhynotsrsly t3_10iyygn in Connecticut
Does anyone have experience using a "we buy houses" company when selling their home? Without going into details, this seems like the best option at the moment, but I would appreciate a review I might not see on the company's website. Recommendations? Warnings? TIA
Thank you for your feedback. Appreciated!
They pay less than fair market value for homes. If you like the idea of losing $10-20K sure I guess. Better option would be to get a home equity loan (if you need it) and put the house on the market.
10-20%* I would actually say (but obviously know what you are saying) and completely agree with your post in general.
10-20% may even be low, they are typically companies profiting on desperation.
This is going to sound salesy coming from a realtor but in this low inventory market you could sell your house within 30-40 days for actual market value. And even those cash closings are going to take 2-3 weeks because of title work and other excuses. I’ve heard those companies go under contract then try to beat you up again on price a day or 2 before closing because of some “issue” they discovered.
Another fair point. Thank you.
Understood. Thank you.
Thank you for this comment
They give offers low enough to allow them to flip it and make money. But that doesn't mean it's always a bad idea, just depends on your situation. No harm in calling them to see what they'd pay.
And calling a few at that, and letting them know you are talking to others to possibly spur a competition of some kind.
That makes sense. Thank you
We had companies calling us about some vacation houses we own ( not rentals) two springs ago when the market was exploding.
They offered about 70% of reasonable, not inflated, mkt value ( neighbor at one place is a realtor and said they were low-balling everyone in the neighborhood, looking for a taker).
I wouldn't do it unless you are truly desperate for the $$. Otherwise maybe try a heloc, if it's not a home affordability issue.
I dealt with one for haha's a couple years ago. My house is still on the realtor sites as I had it on the market 2 years ago, but cancelled the contract. I answered and asked "how much money are we talking here?" No answer, but can I send pictures? I said there's 39 photos, a complete description and market value on the internet. They knew that, but oh, can I take more pictures? Gtfoh. I'll be using the same realtor who did the work last time, this year, but will buy another house first, and I already let her know that.. An aside, had some dipstick driving a high end suv nearly blow a stop sign coming off rt. 8 the other day. NY plates, Indian woman. I continue on and she flies by me up the hill coming out of Thomaston on rt. 6, then I pass her at the light as she picked the wrong lane. Side of her $80k SUV is a sign "we buy homes for cash." Not mine, sweetheart, not mine.
Oooof, ok. Definitely appreciate this comment. Thank you and good luck with your home buying/selling adventures
It's usually wholesalers or flippers. They'll lowball the daylights out of you most of the time. They usually cold call people with multiple properties, people who have defaulted on their mortgage and homes where someone died (elderly). I know folks that have done it and you usually take a hit on the price but most of these guys can close FAST. For the folks I've known to do it, it was for their late parents homes that had tons of issues and they just wanted it gone.
Thank you for your input. I'm exploring all options. Thanks again
No experience w/ these type of companies, but realtors will conduct a comparative market analysis for you, for free - no commitment (just confirm with the agent you contact)
Doesn’t hurt to contact both types of parties and gather as much information as possible!
They pay fast, will not pay as much as it is actually worth, and is typically financed by conglomerates who intend on turning it into a rental property.
If you want to give it away, give them a call
They lowball you and make you think you don’t have other options. Better to find an agent. You don’t need money to sell a house, even a broken shitty house. Agent gets paid from the sale, so you don’t have to front anything.
tobiasrfunke t1_j5hcq78 wrote
They usually pay less than the home is worth. If you don't need to rush the selling process, I would avoid it.