Different Types of 'We Buy Houses' Companies
There are a couple of options if you are trying to sell your house right now. The first of these is to choose one of the many “We Buy Houses for Cash” companies. Another equally popular option is to use a real estate service to advertise and sell your home. There are pros and cons to “We buy houses” options that are out there, but it is important to know that selling your house to a company doesn’t necessarily sell them the property.
There are different kinds of ‘we buy houses’ companies, and understanding the difference between them can save you a lot of trouble (and money) in the long run.
The first that is on this list is the group of companies that are middlemen to the sale of houses. They are the ones who are just looking to turnover houses quickly and without all the extra bits that make for a long lasting and reputable sale between two parties. Many of the middlemen are not officially licensed, making it difficult to legally act whenever you are not given the kind of outcome you had been promised or ensured. Their general lack of professionalism is a quick giveaway to what kind of situation you are walking into.
Since they haven’t spent years of their lives in the buying and selling of property, most of the middlemen companies or individuals that you encounter really aren’t sure how to successfully sell a house or buy one. You might just see this kind of company as a waste of time, since it is very possible that you will not end up selling your house this way. There is a small chance that you might snag a successful middleman who is courteous and helpful and can actually aid in selling your home.
The Real Estate Investment Trusts (REITs) are the other primary type of ‘we buy houses’ company. These are sometimes also referred to as hedge funds. These are not at all as common as acquiring the service of middlemen companies, so it makes the REITs almost non-existent and impossible to achieve. REITs buy your home and have the connections to see it sold. They are among the best options for decent financial deals to the actual homeowner trying to sell, but they are difficult to locate for the independent seller.
Real estate development companies and construction outfits make up the third primary option for ‘we buy houses’ companies. With a great deal of both skill and experience in the real estate market, they are able to assess current market values and offer you a rate almost immediately. The trouble is, you won’t get the full retail price you want from the house, as this option is more geared to selling your home quickly.
Independent cash buyers round off the options when it comes to ‘we buy houses’ companies. These are among the least reputable of all usually, as they require having to go through a lawyer or an actual real estate agent to mediate the terms of the sale.