One of the biggest misconceptions about seeking out companies who buy houses for cash when it’s time to sell your property is that you’re going to get ripped off.
Although fraud is a possibility, it also occurs in traditional real estate. But scams aren’t really a present danger in the real estate investing world, at least not from what we’ve seen.
What you really need to be careful of is the guy who saw a seminar on real estate investing and decided to give it a go – with super-limited know-how. These guys give professional home buyers a bad rap.
Why? It’s because they do things like ask for a reduction in price or leave the seller high and dry in the final days of closing.
They usually aren’t the end buyer and are just wholesaling the property out. So what often happens is they get the house into contract for a higher price, making them unable to wholesale the contract over to a flip investor. This results in possible delays, a greater chance of the deal backing out, and many more inspections needing to be done.
Now, if you’re in a hurry to sell your property, the last thing you need is a headache situation like that. So here are our tips on how to determine whether a company who buys houses for cash is reputable or not.
- Look for Signs of Credibility on Their Website
Do they explain their process and provide helpful information? Can you find their address and phone number easily? Do they have testimonials on their site? If they have all these things, you’re probably good to go. If some of these things are missing, move on.
- Check the Internet for Information on Them
Google them. Are there reviews? Are they listed in multiple places? Check their social media channels. Have they posted anything recently? Do they have any followers? If they have a pervasive presence on the Internet and are active on social media, it’s a good sign they’ve been around for a bit and are here to stay.
- Find Out if They’re Accredited with the Better Business Bureau
The Better Business Bureau is an organization built on the pillars of trust, so if they’re a member, it pretty much guarantees they’re a credible business.
As long as you proceed with caution and look for the clear-cut signs of legitimacy we mentioned – preferably all three – selling your house quickly to a company who buys houses for cash should be a painless process.