When you sell your home to a buying company instead of as a conventional home sale, you may feel like you’re losing control. But there are many benefits to selling your home this way. This article covers points to consider before selling your home to one of these entities, as we buy houses, and tips for doing so successfully.
Decide Whether to Sell or Keep Your Property
The first thing you should do is decide whether selling your home makes sense for you. If you are just starting out in the home-selling process, you might want to keep your property for a few years and then sell it in a more normal market. Your home may have appreciated above the price you bought it for — if so, you could sell it and enjoy a significant profit.
If you’re in a rush to sell, though, you may have to lower your price to get a quick sale. If you sell your home to a conventional buyer, you’ll get your equity sooner rather than later, but you’ll probably get less for it than if you’d waited a while and sold in a more normal market.
If you decide to sell, go ahead and put your house on the market as soon as you can. Doing so gives you more control over the process and makes it more likely that you’ll get a quick sale.
Be Informed Before Selling
When you decide to sell your home via a real estate investment trust, you’ll be selling it as an investment property. You’ll probably get a lower sales price than if you’d sold as a conventional home sale, but you’ll also get paid much sooner.
While there used to be significant differences between the two types of sales, those have narrowed in recent years. That means you need to be more informed about what’s involved in selling to a buying company.
You can start by reading up on the process and finding out what the average sales price is in your area. You can also consider hiring an agent who specializes in selling to these companies.
Understand Who You’re Dealing With
There are a variety of real estate investment companies out there, so it’s important to understand who you’re dealing with. A reputable company will have a large number of properties, a long track record, and a monthly publication or website where they post information about their current and future projects. Be sure the company you’re dealing with is both licensed and audited. You can usually find this information on the company’s website.
Watch Out For Scams
Unfortunately, the growing popularity of selling to these companies has also attracted scammers. No matter what type of home sale you’re considering, you should be on the lookout for fraud.
If you’re selling your home to a buying company, be especially careful of scammers who pretend to be from your company. They might call or knock on your door and say they’re there to inspect the property. They may even tell you that you need to make repairs and then demand payment.
