When you drive down a residential street, chances are you’ll see “we buy houses com” signs posted on lawns and sidewalks. These companies are flipping homes for profit, and they’re targeting homeowners who may be desperate to sell. While it’s legal for these firms to offer to purchase your home for cash, they often make offers far below your home’s actual value, hoping you won’t take the time to find a better deal elsewhere.
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Local ‘We Buy Houses’ Companies
Many of the we buy houses com companies are a combination of regional and small ventures that operate independently of each other. While most regional we buy houses com businesses are legitimate, local ventures may not always be. Some are real estate wholesalers who act as middlemen between a homeowner and an investor, while others are iBuyers such as Opendoor and Offerpad. These iBuyers use algorithms to speed up the sale process, and they’re not looking out for your best interests.
We Buy Houses Companies
Most we buy houses com companies are after making profits, so they will not pay you any close to the actual home value. Rather, they will provide offers in the range of 50% to 70% of your home’s expected after-repair value. You can avoid being ripped off by these firms if you don’t sign any contract that includes contingencies that allow you to back out of the sale in case an inspection reveals serious issues or if you aren’t able to qualify for a mortgage loan.