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7 Important Considerations When Working With ‘We Buy Houses’ Companies
Homeowners looking to sell their properties fast for cash are increasingly turning to real estate investors. The “We Buy Houses” business has enjoyed continuous growth mainly fueled by the uncertainty in the real estate market. The promise of quick cash, within as little as a few business days makes it tempting to consider these offers.
However, before you consider such offers you may want to find reputable real estate investors and avoid scams. Below you will find 7 important things that you should look out for when working with “We Buy Houses” companies.
1. Better Business Bureau (BBB) Accreditation
It is important to ensure that the house buying company you choose to work with has BBB accreditation. The distinction means that you can trust the company to operate with integrity because it needs to do that to maintain its accreditation. The BBB gives companies ratings based on how well they interact with existing customers as well as their reliability. The ratings are based on customer complaints, number of years the business has been operating, government sanctioned actions against the business, and the level of transparency of the business.
2. Member of the Local Chamber of Commerce
A local chamber of commerce has goals similar to those of the BBB, which is protecting consumers from companies with unsavory business practices. Local chambers of commerce typically screen members because they wish to maintain a positive community image. Real estate investment companies are required to provide reputable care to customers before they are accepted into the organization.
3. Locally Owned and Operated Business
It is always advisable to avoid using real estate investment companies either based in other states or even countries. Sellers should have the chance to meet with potential investors face to face. A local real estate investment company is also more likely to have high familiarity with the local real estate market trends and thus able to make a better or more informed offer.
4. References
Always ask the real estate investment company for a list of refences before you start working with them. The references should include the contact details of past customers that are willing to vouch for the agency. It is also important to take into consideration the number of years that the company has been in operation. You can also find a reputable real estate investment company by receiving referrals from family members and friends that have used them in the past.
5. Online Reviews
Online reviews of the real estate investment company can
give you determine whether the company is to be trusted before you hand over
your deed. While a single negative review should not deter you, red flags
should be raised if you find that multiple reviewers have negative things to
say about the company. You should also look at reviews of the company on
multiple websites such as Google, Facebook, and Yelp.
6. Contract Details
Typical negotiations with real estate investment companies are designed to be painless and fast, but the information that sellers receive over the phone after the inspection is not always accurate. You might be surprised to find completely different terms on the contract. It is important to have all aspects of the sale spelled out in detail on paper before you sign on the dotted line.
7. Shop Around
A reputable real estate investor should not pressure you into signing the dotted line. While the company may insist that it is actually offering you the best deal possible, it is impossible to be sure about this unless you compare offers from different companies.
The Bottom Line
You may prefer to use “We Buy Houses” companies for fast closings and fast cash, but you must never skimp on research. Whenever you are dealing with real estate transactions involving cash, there’s always a risk of fraud. Avoid scams by using the tips, advice, and information provided here to find a reputable company in your area to work with.
Check out our We Buy Houses Atlanta page for more information if you live nearby.
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