Selling a house doesn’t have to be complicated or expensive anymore when you work with a local “we buy houses” company in Massachusetts.
Surprisingly selling a house isn’t cheap; there are repairs to be made, real estate commissions, and closing costs, all affecting the amount you get to walk away with. Not to mention you’ll need to find a reputable agent to sell your home or be prepared to list by owner. Many Massachusetts residents work with “we buy houses” companies instead because of their fast home buying process and ability to buy homes as-is without repairs.
If you need to sell your house fast, working with a local home buying company may be for you! But before you sell your biggest asset (your house), you’ll want to do your research and learn more about these companies that claim to buy your home with cash. Below will cover all you need to know about selling your house fast to a local we buy houses company in Massachusetts so that way you can have a successful home sale.
What Are Home Buying Companies and Why Sell Your House To Them
What is a House Buying Company?
A good place to start is to figure out what is a house buying company? There are various house buying companies in Massachusetts; some are large corporate companies that buy houses in multiple markets, some are owned by local residents who invest in the community. Each has its advantages and disadvantages and may offer different selling solutions.
However, the home buying process is pretty similar with each “we buy houses” company. They usually can make fast cash offers and close within 7 to 14 days. This is one of the many perks of working with the local house buying company compared to selling on the MLS with a realtor.
Why Sell to a House Buying Company?
Selling to a house buying company is ideal if you need to sell your house fast. Currently, the average time it takes to receive an offer on your Massachusetts home is 52 days, which doesn’t include the typical 30-60 day escrow. So that would mean you wouldn’t be able to officially sell your home for at least a few months.
If you’re in a situation where you need to sell your house fast, for example, maybe to avoid bankruptcy or foreclosure, you’ll want to be able to sell your home right away. And if you were to work with a local, “we buy houses” company, you would be able to do that.
Another advantage to working with a local house buying company is that you’ll be able to sell your house as-is. Being able to sell your home as-is is extremely helpful if you’re dealing with a leaky roof, foundation issues, termite damage, or unfinished construction. Sometimes people just can’t afford to make repairs that are necessary to sell their house, so working with a “we buy houses” company is extremely helpful.
What Types of House Buying Companies Are There?
As mentioned above, there are different types of house buying companies in MA. Below are the three different types of home buying companies you may encounter while searching for a buyer for your house.
- Local Cash Home Buyers: Local home buyers are usually small companies, even individually owned by a single investor that pays cash for homes in your area. Typically their goal is to help the community by renovating properties for resale or keeping them as rental properties instead. One example of a local cash home buyer is Ocean City Development.
- Investor Networks: Investor networks are usually big companies that buy and sell in several markets, and have been in business for several years. Their strategy is to conduct market campaigns on behalf of local franchises. Their approach is generally buying and flipping houses.
- iBuyers: iBuyers are usually large companies that purchase and sell homes on the internet. They typically use computer algorithms to figure out your property’s value and even make a purchase sight unseen. However, you want to be careful when working with an iBuyer because they usually charge expensive service fees.
When selling to an investor network or iBuyer, the process tends to be more of a business transaction, usually with a take it or leave it policy. However, if you like a more cut-and-dry approach to selling your house, working with an investor network or iBuyer may be for you.
But since you are selling your home, you may want a warmer approach which working with a local cash home buyer could offer.
Some people don’t have a problem selling to a large company; however, others prefer to sell their home to a local resident.
Sell Your House For Cash to a House Buying Company
Once you narrow down what type of home buying company you’d like to work with, you’ll want to learn more about the advantages of selling for cash, how it works, and who buys houses for cash in your area.
What are the Advantages of Selling a House for Cash?
Have you ever wondered why selling for cash is better than selling to a traditional buyer with a home loan? If you’ve ever heard the saying, “cash is king,” it holds true when it comes to real estate transactions.
Lining up bank financing to purchase a home can take a while. There are several requirements banks request before loaning a buyer money for a house. Usually, banks require clear inspections and want to verify the home is worth the amount they are lending money on. So finding a traditional buyer may be tricky if your home is in need of expensive repairs that you didn’t plan on making before selling.
“We buy houses” companies conduct their business with cash. This helps them to avoid waiting on bank financing and contingencies before finalizing a purchase- giving them the ability to close within as little as seven days.
What are the Advantages of Selling a House As-Is in Massachusetts?
If you own an older home or a place that’s been sitting vacant or abandoned, there is a good chance that you need to make multiple repairs before considering listing your house. A lot of people just don’t have the extra time or money to make repairs before selling. Not to mention it’s hard to justify investing in a home they’re about to turn around and sell.
If your home has several major repairs that need to be made before you’re able to sell, selling to a “we buy houses” company may be the solution. Home buying companies usually buy houses in as-is condition. By selling as-is, you’ll be able to avoid making costly repairs and dealing with weeks or months of construction.
How Does Selling to a “We Buy Houses” Company Work?
Each type of “we buy houses” company works a bit differently; however, the process of selling your house to one is generally the same.
Here is how typical cash for houses transaction tends to work:
- You reach out to real estate investing companies either by phone or the internet. The “we buy houses” company will ask you some questions about your home, specifications, and condition.
- A local representative from the “we buy houses” company will complete an on-site inspection and then present you with an all-cash offer. You may have a little room to negotiate this offer, but don’t expect the amount of back and forth you would find with a traditional home sale.
- After you accept a revised cash offer, you will sign a purchase agreement and schedule the sales closing date. Because the buyer is using cash, you won’t need to wait around for a bank to underwrite a mortgage. Plus, many “we buy houses” companies handle title and escrow clearance in-house or already have a title company they work with- which usually means a much faster closing timeline.
Who Buys Houses for Cash?
Selling your house for cash to a house buying company in Massachusetts should be pretty simple. You will just need to conduct some research to find the best one for you and a
reputable one at that. Below are a few of the companies that buy houses in Boston and other cities in Massachusetts.
|Company:||Type of Buyer:||The time it takes to get an offer.||The time it takes to close.||Commissions or Fees?||Average Rating|
|Ocean City Development||Local cash homebuyer||24-hours||7 days||No commissions or fees||4.9 out of 5|
|Express Homebuyers||Investor Network||7 minutes||7 days||No commissions or agent fees||4.6 out of 5|
|Opendoor||iBuyer||24-hours||14-60 days||Service fee 3.5-5%||4.05 out of 5|
Selling to a “we buy houses for cash” company in Massachusetts is a great way to sell your house fast, without dealing with costly repairs and paying hefty agent commissions. Selling to an iBuyer is an option, too, if your property is in great condition.
However, you’ll want to make sure to do your research and find a home buyer that you feel comfortable working with and one that will help make the selling process run smoothly- so you can get on your way to your new residence quickly.
If working with a local home buyer this the route you’d prefer to take, give Ocean City Development a call today. They would be happy to explain their simple home buying process and more about their company.
Selling a house shouldn’t be stressful and expensive, and it doesn’t have to be when you work with a local “we buy houses for cash” company like Ocean City Development. Give them a call or visit their website to get your no-obligation cash offer today!