The companies are out there, you’ve heard about them, and you know some people take a dim view of what they do. But suppose you need to sell your home fast, for whatever reason, and you don’t have the time or resources to go the traditional route.
If that’s the case, you’ve probably been asking yourself this question: “Can I really get a fair deal if I sell my house fast for cash in the Chicago Area?”
You most certainly can. You just need to exercise some due diligence.
Over the past decade or so, professional house buyers have become a fairly common phenomenon, and there are plenty of reputable ones. It’s just that you need to do a little research first. And if you do decide to “sell my house for cash”, there are several benefits.
How it Works and the Benefits
Here’s how it works with reputable, established companies, the ones that fall on the “real” side of this question: “Can I sell my house fast for cash in the Chicago Area?” After the initial contact, a representative of the company will view your home. Then the company will put pencil to paper and figure out a fair cash price. The company will, of course, have to take into account repair costs and time invested making the repairs. Then when you and the professional home-buying company come to an agreement, you can have cash in your hand in as little as one week. Pretty simple and easy, really.
The benefits are numerous, but here are some of the most important ones. You won’t have to get an appraisal and then wait the standard three months. Your house won’t have to be shown multiple times, and you won’t have to wait for a prospective buyer to secure financing. You also won’t have to wait two to three months for closing. Basically, the whole process is streamlined and headache free, and you can be assured of getting a fair offer from a reputable company.
If you sell your house to a cash buyer, you’ll avoid more than a few hassle sand delays.
What to Avoid and What to Look For
Just as in any other industry, there are a few shady operators in the arena of professional house buyers. So just beware of the following two common scams (besides, of course, high-pressure tactics and bizarre phone calls)
Contract Bait and Switch – The crux of this scam is a changing contract. You start with just a verbal agreement between you and the buyer. Then they offer a contract that purports to be just a formal version of your verbal agreement, a contract which you barely read and just signed. In the end, the final contract that you sign – which you’ve been assured has only minor changes – is nothing like your initial agreement. So you wind up with a bad deal and lose money and/or become entangled in legal battles.
Equity skimming – In this scenario, after you transfer your deed to the so-called buyer, they make off with a large chunk of your equity.They do this by having you make payments to them instead of the mortgage company or by renting out the house after you vacate. So they get a monthly payment and can also use your equity to get other financings. And if they stop making payments – because although they hold the deed, they never assumed the mortgage liability – you wind up with a foreclosed home on your hands.
Now, if you want to sell your house fast for cash and avoid such issues, make sure you deal only with professionals who have an established reputation in the industry. You can check out the prospective company with the state Attorney General’s Office, your state’s Real Estate Commission, and, of course, the Better Business Bureau.
Always understand what you sign, and it’s a good idea to get advice from a trusted third party. Also, get all agreements in writing – a professional will want the same anyway. And remember: if a deal sounds too good to be true, it probably is.
If you’ve done just a little research, then, “Can I sell my house fast for cash in the Chicago Area?” is a question you won’t have to ask. You’ll know it’s the real deal and that maybe it’s right for your particular circumstances.