It is within history of the housing and real estate market to be competitive – not just when it comes to sales but also in property purchase. Out of all important factors in the real estate industry, relationship between the buyer and the seller remains the topmost priority. The clearer the intention of having the best of both worlds, the better the transaction.
As a seller, the multimillion dollar question that often gets exposed sooner or later is, Who buys houses fast? Although, it does not apply to all sellers, it is no secret that this is one of the frequently asked questions. For those who walks on a tight rope of deadlines, this question can hold their entire lifeline. While some buyers can be individual professionals, or a newly wed couple wanting to buy a home ASAP, most of the buyers in the market are companies. To know more about the people behind the snap house buying, here are some details that you should be aware of.
- House Flippers
Flippers are the types of buyers who purchase any house in any condition. This is exactly what makes them buy a house that fast. The intention of the buyers, who belong in this category,is to purchase a property and renovate it, and then resell it quickly to earn profit. House flippers often buy ugly houses in a lower price and upgrade it into something with a little bit more value.
In the United States, all centralized and urban cities have various house flipping businesses, and there are also some in rural areas and small towns. One of the best-known U.S. house flipping company is HomeVestors, or you might be more familiar with the name of popular house buying businesses like that.
- Trade-in Companies
A home trade-in process can be explained just by the method it’s called. The method goes with a trade-in company offering to purchase the house on behalf of a home owner while using the owner’s present house as collateral. Often times, these companies let the home owners rent the new house until their old property gets sold. To put it simply,the trade-in method holds higher possibilities for families or individuals who wants to sell their houses, fails to meet the deadline, and is in need for a new relocation.
One of the many companies who offer this process is HomeLight; in this program, the seller can have his or her listing agent make an offer on their current home and guarantee its price. The company then buys the home at the guaranteed price (the price the real estate agent appealed) and close on the deal quick. Afterwards, HomeLight works with the corresponding agent to list the old home. If it sells more than the price the company paid for, they give the seller the additional cash (costs and program fees subtracted.)
Some mayconfuse iBuyers from Flippers but in the real world, they are far too different. iBuyers actually are more interested with moderately better houses compared to those who are already in the market. These set of buyers are typically fee-based wherein they make offers that are within the price range of the market value of houses (within the seller’s location and perimeter), and will charge an extra percentile (also location-based) in handling the property purchase, marketing, and sale.
If an offer is accepted, the iBuyer usually sends out a legitimate representative to inspect the house condition. If there are still existing fixtures and repairs prior to making the house on sale, they will most likely request a credit at closing for the needed expenditures.
Overall, these types of buyers have one thing in common: fast closing deals. However, given the common ground, each of them varies in terms of terms and conditions, processing, requirements, and who fits you the best. At the end of the day, selling your home is your ultimate self-decision, that’s why it’s never a bad idea to choose wisely.