The Truth About We Buy Houses
And 7 Important Questions To Ask Them
So, maybe you inherited some real estate, or your tenant is give you trouble, or your property is in bad condition, or maybe you just want to get rid of a headache property. You may decided to call one of these “We Buy Houses” companies and see what they have to offer. Maybe you even think it’s a scam.
Well, here is likely what these companies are going to do once they give you an offer. Be sure to read this before calling these “We Buy Houses” businesses!
Many of these companies don’t actually buy your house, as you probably have guessed. What they actually do is get you to sign an agreement to sell your house at a discounted price, then sell that contract to another investor for thousands of dollars over what they offered you. (If they can actually perform) Likely 7 to 8 out of 10 companies will do this. This is what’s known as “wholesaling” in industry jargon. 9 out of 10 don’t even have the money to close.
- Here are the questions to ask:
- Ask them to provide Proof Of Funds. This is an important one to ask because this shows that the “I Buy Houses” company you are calling actually has the money available to purchase. This is a common practice in the real estate industry.
- Ask if they are going to “Wholesale” your house. If you’re ok with it fine, but many believe in full disclosure so it’s better to know upfront.
- Ask what their intention is with the property. (Rent, buy and resell, personal residence, wholesale)
- Ask about their last deal or customer they helped, or ask for testimonials. You can even go so far to ask for the client’s phone number. (We’ve been asked this by some of our sharper clients!)
- Ask how long have they been in business for.
- Make sure you know who is actually purchasing your house or property.
- Never accept the first offer. Always get at least 2 to 3 offers.
So, I bet you think all of the “We Buy Houses” companies are scams. Don’t be so hasty!
There are a few legitimate “We Buy Houses” companies out there. Just do your research and ask these seven questions.
There you have it… The Truth About We Buy Houses…
If you’re in a bind and legitimately need or want to sell your property quickly, investors, for the most part, are a great place to start. Just make sure you are clear on exactly what’s going on!
For an offer, you can reach here:
Adam – Client Relations