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What about all those unsolicited offers asking to buy my home?
Ever wonder what those marketing letters you get in the mail offering to buy your home are all about? They’re likely coming from direct home-buying companies that are eyeing your home because of its desirable location or property details. Such companies or individuals may also take bolder moves like sending text messages, cold calling, or even showing up on your doorstep and pressuring you to sell.
From the direct home-buying companies’ perspective, there are reasons why people sell certain homes and hold onto others. While some of those reasons may be personal, homes in desirable neighborhoods with strong curb appeal and other selling points can turn a hefty profit when it’s time to resell. It’s a tactic especially employed when inventory is scarce. The fact that your home is off-market doesn’t deter them, and may even entice them because there’s a chance you may take their offer.
While it doesn’t hurt to find out about the company that’s contacting you, it’s probably unwise to proceed just because they reached out to you. If you do decide you want to sell and want to use a direct home buyer, there are scores of them operating, so do your research and find out which is right for you.
How can I get a cash offer from a reputable direct home buyer?
Now that you’ve decided that you want to explore selling to a direct home buyer, here are some pointers to guide you:
Check out Simple Sale: Start your research by learning more about HomeLight’s Simple Sale platform for an easy and safe way to get a competitive offer on your home. After filling out a brief questionnaire about the property and your selling plans, you’ll get a no-obligation, all-cash offer in as little as 24 hours and be able to close on your home in as few as 7 days, skipping the months it can take to sell the traditional way.
Research online: Any established direct home buyer should have a professional website, and the larger iBuying companies should offer in-depth information and tech tools related to their platform. Although there are too many companies out there to fully vet them all, internet searches are the first and most important step to narrow down your list. Look at company reviews on sites like Trustpilot, Yelp, and Google reviews. See what kind of rating the company has on the Better Business Bureau. Visit the company’s website and the FAQ page for details about things like fees, flexible closing or moving dates, etc.
Another tip is to search to see if a direct home buyer has listed an initial offer on a property tech website. For example, Opendoor advertises preliminary offers for select properties on Realtor.com. This can help you get a sense of your proceeds without inquiring.
Talk to a peer: This step can be a bit more challenging, but if you want more certainty that a company is legitimate, try to connect with someone else who has worked with them. When you’re doing online research, keep a lookout for opportunities to message any reviewers. You can also ask the company itself to put you in touch with someone, but keep in mind that they’ll only choose someone who’s likely to say positive things.
Talk to a company representative: Sometimes, getting someone on the phone can be a helpful way to gauge whether a company is legit. Ask questions. If the answers are evasive or the person is pushy, you may want to steer clear.
Consult with a top real estate agent: Remember that you still have the option to get representation from an experienced real estate agent while working with a direct home buyer. Some agents even routinely connect with direct home buyers if their sellers are interested in getting some cash offers in the mix. Going this route will help you be armed with the best information and advice throughout the process.
Conclusion: Weigh your options before contacting a direct home buyer
If you’re in a situation where selling a home quickly and easily is more important than getting the highest sale price, then consider selling to a direct home buyer. These companies can buy your home as-is for cash and close in a matter of days or weeks, saving you time and the hassle of marketing and making repairs to your home. Selling to a direct home buyer also means maintaining privacy versus selling on the open market.
The important points to remember are to do your research to avoid scams and hidden fees, and consider working with a real estate agent to guide you.
It’s also highly likely that you’ll leave money on the table compared to selling to a traditional buyer, so weigh costs and benefits.
Working with an experienced, top-rated real estate agent can also provide a smooth home sale process and help maximize your return. When you’re ready, HomeLight can connect you to a great agent in your market who is best suited for your selling needs.
Header Image Source: (Shahrukh AQIQ (Oliver / Unsplash)
