How Property Buying Companies Work

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Property Buying
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If you need to make a quick sale of your home, loan-funded buyers might not be your ideal option. However, a property buying company in your area can buy your house in a week and solve your cash crisis. Before engaging in business transactions, you need to do due diligence and get the most appropriate company. 

A simple banner saying “We buy California houses for cash” is not enough proof of a good property buying company. However, you can scout the market for as many similar service providers, check out their reviews, and go with the best-ranked company. After settling for the company to sell your home to, you must understand how such companies work. 

Here’s a brief overview of how property buying companies work. 

Send Your Initial Request

After you spot a good property buying company, you need to send them a request to buy your house. You’ll tell them briefly about your home and why you want to sell it. Make your request as attractive as possible to get the company’s attention. 

However, this can work either way. If you’d placed an advertisement for your home and the company likes what you’re offering, they’d be the ones to contact you. This option gives you the upper hand on the negotiating table because the buyer has come to you and is already interested in your home. 

Get the Indicative Offer

After receiving your initial request, the property buying company will contact you so you can give them details about your property. They’ll ask basic questions about your home, why you want to sell it and its location. 

The company asks these questions to determine if your home is a good investment and if it’s worth the asking price. 

They will then do basic desk-based research on your property so they can decide how much they’re willing to pay for it. Once the company decides how much your home is worth, they’ll contact you with their indicative offer

The indicative offer usually comes a few hours after your initial request. You can either accept or reject the offer depending on how close or far it is from your asking price.  

Recieve a Formal Letter

The property buying company will give you time to assess their offer. You can compare offers from different companies and decide which one is best for you. If you accept the indicative offer, you’ll tell the property buying company that you’re happy with what they’re offering for your home and are willing to continue with the sale of the house.  

The company will then hire a local independent estate agent to evaluate your home formally. The valuation will give the exact value of your home. You will start negotiating with this figure, and it can only change if your home has expensive repair needs that would reduce its value. 

The offer you get is cost and obligation-free. This means that you can walk away if you’re unwilling to engage in business with the company. 

Choose a Completion Date and Complete the Sale

A legitimate property buying company will ask you to choose a completion date immediately after you accept their offer. The date could be as close as one week or a few months. Beware of companies that can’t commit to your completion date. This would mean that they don’t have the money to pay for your property, and it could take longer to get paid. On the completion date, you’ll sign all the necessary paperwork, complete the sale and get paid. 

Do Business with A Property Buying Company

If you want to sell your home and be paid in cash in a week, you should contact a legitimate house-buying company. The company will take you through short processes and have your money ready as soon as you need it.

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