Are "We Buy Any House" companies legit?
You might be selling a house right now and the market is either saturated or you're getting no interest at all. Sound familiar? Well, in your search for ways to sell your house, you may have come across a We Buy Any House-type company. They're popping up everywhere at the moment and they come laden with promises of achieving the value of your home in a super quick sale. This is something that interests the desperate sellers - but are they legit? Will you really be able to sell your house for the price you want?
What Is A "We Buy Any House" Business?
It's important to note that not every brand interlinks with the next one before we go forward. The term "We Buy Any House'' is used to describe any business that provides promises for a quick sale for cash. There are a lot of these companies to choose from, and doing your research into them is just good sense before you decide to commit to selling your house. Among all of the names you might come across, there are actually two different types of "We
Buy Any House'' company. These include:
- Those who buy properties themselves
- Those who aim to source a 3rd-party buyer
- No matter which way you choose, you will be getting a cash buyer for your home.
Why You Should Use One
Most of these We Buy Any House companies are a last resort to homeowners. They appeal to those who are not able to sell a house or those who have had their home on the market for quite some time. They want to access cash for their home fast, either due to tight deadlines or due to a lack of interest and money. A We Buy Any House company can buy your home for cash money and push that sale through faster than any other business. Almost all We Buy Any House companies will pay a range between 75-90% of the value of the home, and if there are any that offer you the full market value, your spider-senses should be tingling! Cash buyers never offer the full market value of the home. You need to be willing to sell below the market value if you want to use a We Buy Any House company.
Is It Safe?
Ah, the biggest question! Currently, the market for We Buy Any House companies is not regulated in the same way the usual routes are. This means that consumers are not protected during the sales process when selling to one of these businesses. The National Association of Property Buyers asks members to register with the Ombudsman and adhere to the code of practice. If you use a member of the NAPB to sell your property, you can gain money back in the event of a dispute. You won't have this same service with a We Buy Any House company, and that's where the risk comes in. You should always choose a registered buyer with the NAPP before you sell a home. Property Buyer Ask Susan highlights some of the scams to look out for.
Of course, there are plenty of people who have sold a home using a We Buy Any House company, and they've been happy with the experience overall. However, there are good and bad options out there and it's on you to get your research done thoroughly - including client reviews. Extensive due diligence on a We Buy Any House company is vital for your peace of mind.
A We Buy Any House company is not inherently bad. However, if you can take the usual routes for selling a house, such as via a real estate agency or with private advertising, it's always going to be a better idea to go there first before you turn to a quick cash buyer. The regular ways to sell a house will generally get you the market value for your property or above, and that's often the first thing that people want when they are selling their home.
A quick cash sale gets you a fast result for less money and less protection. Ask yourself what you need and want from your house sale and you'll be better equipped to decide whether a We Buy Any House property is for you. You can find legit companies out there, so as long as you are aware of the terms of the purchase, happy with the below market value you achieve and you are comfortable with all of that, you can get your home off the market and cash in your hands in no time at all.