Quick House Sale Companies: 8 Tips You Must Know
Updated: May 18, 2023
Selling your home can be a stressful and time-consuming process, but what if you need to sell your house quickly? This is where quick house sale companies come into play.
These companies specialize in purchasing homes for cash and can close on the property in as little as 7 days.
However, not all quick house sale companies are created equal. In this blog post, we will discuss 8 tips you must know before choosing a quick house sale company.
Cash Buyer vs. Wholesaler
When researching quick house sale companies, it's essential to understand the difference between a cash house buyer and a wholesaler.
A cash buyer is a company or individual that purchases your home directly for cash. They typically have their funds readily available and can close on the property quickly.
A wholesaler, on the other hand, is a middleman who contracts with you to purchase your home but then assigns that contract to another cash buyer.
While wholesalers can still provide a quick sale, they often require more time to complete the process, and their fee can be higher than a direct cash buyer.
Only a cash buyer can offer you a guaranteed closing. Since a wholesaler does not actually have the money available to purchase your house, they have to hope they can find a cash buyer.
Always Ask for Proof of Funds
Before signing any agreement with a quick house sale company, it's essential to ask for proof of funds. You want to ensure that the company has the funds available to purchase your home.
Always ask for a bank statement for proof of funds. Quick house sale companies carry a large cash balance at their bank to buy houses for cash.
If they can't provide proof of funds, it's a red flag, and you should proceed with caution.
Never Allow for an Inspection or Option Period
Quick house sale companies are known for purchasing homes as-is, meaning they don't require inspections or option periods.
An inspection period allows the buyer to have the property inspected and to renegotiate or back out of the contract if they find issues with the home.
Option periods allow the buyer to back out of the contract for any reason.
It's essential to understand that quick house sale companies (also known as we buy houses companies) do not need option or inspection periods, and if they do, it can delay the sale or even worse lead to them backing out or renegotiating right before closing.
Earnest Money Deposit $5000 or More
An earnest money deposit is a sum of money that the buyer puts down as a show of good faith.
It's essential to ask for a substantial earnest money deposit from the quick house sale company to ensure they are committed to the purchase.
A deposit of $5k or more is a reasonable amount to ask for and offers you assurance they are serious about buying your house.
BBB Accredited
When choosing a quick house sale company, it's essential to check their accreditation with the Better Business Bureau (BBB). The BBB rates companies based on their level of trustworthiness and reliability.
You can also read reviews from other homeowners who have sold their homes to the company.
Ability to Close in 10 Days or Less
Quick house sale companies specialize in purchasing homes quickly, but not all companies can close in 10 days or less.
It's essential to ask the company upfront about their ability to close within your desired time-frame.
If they can't meet your needs, it's best to move on to another company if you want to sell house fast in Dallas - Fort Worth.
Seller Should Never Pay Any Fees or Closing Costs
Quick house sale companies should never charge you any fees or closing costs.
They make their money by purchasing the property at a discounted price, fixing it up and then reselling it.
Fees and other charges will dramatically reduce the amount of money you actually get at closing. If a company tries to charge you any fees, it's a red flag, and you should proceed with caution.
Texas Real Estate Commission Contract
If you're selling your home in Texas, it's essential to use the Texas Real Estate Commission (TREC) contract.
TREC contract provides a standardized agreement for the sale of real estate in Texas. It protects both the buyer and seller and ensures that all terms of the sale are clearly defined.
Conclusion
In conclusion, when choosing a quick house sale company, it's essential to do your research and ask the right questions to ensure a smooth and stress-free transaction.
Always look for a company that is a direct cash buyer, can provide proof of funds, and has a good reputation with the BBB.
Avoid companies that charge fees or closing costs and never allow for inspection or option periods.
Additionally, make sure the company can close within your desired time frame and is willing to provide a substantial earnest money deposit.
Finally, if you're selling your home in Texas, it's crucial to use the TREC contract to ensure that all terms of the sale are clearly defined and protect both parties.
By following these tips, you can have confidence in choosing a quick house sale company that will provide a fast and hassle-free sale of your home.
Remember, when it comes to selling your home, it's always better to be safe than sorry, so do your research and choose the right quick house sale company for your needs.
