Are Cash For Houses Companies Legit?
With the meltdown of the real estate market in Phoenix, AZ, many people are seeing signs that advertise Cash For Houses. Are these companies legit? And how does their course of action work? For many homeowners, the temptation of calling one of these companies is enormous. Home buying companies that offer this program have several strong advantages when homeowners need to sell fast. The first is obvious; they pay with cash. Cash For Houses companies can close in as little as 3 days.
Many of these companies do not charge any realtor fees or commissions. additionally, closing costs are usually picked up by the company too. Another huge advantage is their ability to buy your home in as is condition. Many realtors will not list a home if it needs substantial work. Homes that are fixer uppers can be a serious liability for many sellers. This is why many homeowners these days are seeing the advantages of using a Cash For Houses company.
The concept Cash For Houses has been around for quite some time. Homevestors, one of the largest national investor companies was started in the 1980’s in Texas. In the early 2000’s the need for a company that buys houses for cash wasn’t as strong. consequently, there simply wasn’t as many of these companies. But, now with so many homeowners facing foreclosures, or simply don’t have the money to fix up their home, many are employing the sets of a Cash For Houses company.
There are over 50,000 homes actively listed on the MLS. And this number doesn’t already include all of the new homes being produced by builders. After seeing these statistics, it is easy to understand why there has been an increase in the number of companies that advertise We Buy Homes. Cash For Houses companies will likely continue to be needed for several years to come.
But are the Cash For Homes companies legit? Before signing any paperwork with a company that claims Cash For Houses, make sure you do your homework. This includes asking for references, calling the department of Real Estate and calling the Better Business Bureau. There are many honest and ethical companies that will buy houses for cash. Although problems with Cash For Houses companies have been scarce, as with any industry there can be a few dishonest people.