If you need to sell your house fast for cash in Orlando, how do you do it? You can start by perusing sites or calling around to get home investors to buy your property. But this is easier said than done. Many homeowners aren’t aware of what to expect from such companies and are often wary of dealing with them. But here are some key pointers about these businesses to help you understand the nature of their business and to choose much more reputable options if you need to decide not to work with an Orlando real estate agent.
Is This a Legit Business?
One of the first questions that may come to mind when you think about these cash for homes companies is, “are they legit?” You can rest assured that this is a legitimate business, and it’s been booming for several decades. One of the first cash home buying companies, HomeVestors of America, started in 1989. But many people probably didn’t begin to notice them until they adopted the franchise model “We Buy Ugly Houses.” Although they started out buying some of the ugliest, dilapidated homes in town, they have since expanded to help all types of homeowners. This business has also expanded and includes many types of home cash buyers. While this and many other companies like this are legit, it is advisable that you do your research and choose a cash home buying company that can help you meet your goals and provide you with the best offer for your home.
Who Do They Help?
So do you only have to have an ugly house to get help from such companies? Many of the homes these companies originally purchased were in severe disrepair. A segment of home sellers couldn’t get banks to finance their homes for potential buyers because their homes were in severe disrepair. Sellers who needed to sell but didn’t have the means to fix these homes were stuck with them. Fortunately, this company provided a way out, offering cash on these homes as-is, meaning homeowners didn’t have to fix up homes. Instead, the company would offer the market value on their home and pay them in cash for it. This allowed many homeowners with less than stellar properties to relinquish them so that they could get a new property or at least not have to keep paying for “ugly” homes. These companies then fixed the houses and resold them.
Although this is how their business model started, it has expanded substantially over the years. Distressed properties are still a considerable part of their business. But they have also begun helping homeowners who have inherited properties but can’t manage them, people who need to relocate to another city or state, those facing foreclosure, and people dealing with loads of financial problems stemming from divorce, high medical bills, and more. They have also started helping those who don’t want their current property but don’t want to sell it the traditional way because they don’t want to fix it. Their definition of “ugly” has grown from physical to include any ugly situation for the buyer.
How Does Cash Home Buying Work?
Selling a home for cash is a viable option for most home sellers because the process is usually quick and easy. A homeowner starts by finding a cash buying company with whom they want to work. Every process may be different, but generally, after the homeowner makes contact, the company will send a property agent out to their house to inspect it. A homeowner doesn’t need to renovate because they will make an offer based on the property as-is. So, the agent will factor in any roof issues, foundation issues, and other home improvement needs into the cash offer.
Upon considering all the things wrong with the house, they will then offer a no-obligation cash offer that a customer can choose to accept or reject. If the customer agrees with the offer, the agent will work with others within their office to secure cash funds to offer the homeowner. The homeowner usually receives cash within a week or two. However, it could be longer depending on the company they use. After the homeowner gets money, they can do whatever they want with the funds, including buying a new house, paying off debt, or taking care of other financial obligations. The most important thing is that the homeowner no longer has a burdensome home. The cash home buying company takes on responsibility for the previous property owner.
Cash For Keys Programs
In some instances, homeowners may lose their homes to foreclosure. While the property may turn over to the financial institution after the foreclosure, the homeowner may still occupy the property. Unfortunately, foreclosure can arouse emotions in property owners that could lead them to destroy the property, making matters difficult for the lending institution to find a new buyer.
Homeowners can work with some of these cash home buyers to alleviate such problems. While they may not get their home back, they may be able to retrieve some cash for the property so that they start life anew. In these instances, the cash home buyer intercedes and agrees with the previous homeowner to receive the keys and get money for the gesture. But they must return the keys and turn over the home in pristine condition without damages or vandalism.
The cash for keys program can be a win-win for property owners and banks. This is because homeowners have an incentive to keep the house in good condition, and banks receive a property that outraged tenants don’t damage.
An Excellent Benefit of Acquiring Cash to Buy Property in Orlando
Orlando’s housing market is one of the top markets in the U.S. Lack of homes is creating a high demand. As a result, sellers can make loads of money on their homes. Unfortunately, since there are many home buyers and few houses, this could create bidding wars and delays in sales. However, one thing that trumps many buyers who are likely backing the home with a mortgage is those who come to the table with a cash offer. Cash is still king, which is very evident in the current real estate market.
So, if you have recently sold your home for cash and have plenty of money to purchase a new home, this may give you a better advantage than those seeking help from lenders. It also speeds up the process because there is no need for underwriters to check for issues with the property or within the buyer’s background. But buyers beware! Just because having cash does give you a cutting edge, this doesn’t mean that you should simply throw some money on the table and buy the house. Instead, it would be a good idea for cash buyers to seek the help of professionals including real estate agents, real estate attorneys, appraisers, title agents, and more, to ensure the property doesn’t have red flags. Failure to do so could cause problems in the future if the buyer wants to sell the property to someone else.
There are numerous opportunities to work with a cash home buyer in Orlando, as these companies are much more commonplace than they were in the past. However, since more options are available, your property may be worth more to some companies than others. To get the best bang for your buck, it would help to research some of the best cash home buyers in Orlando and narrow it down to one that will provide you with the services and the cash offer you need.