Rhode Island may be the smallest state, but there are plenty of companies to help you make that transition fit your timetable and expectations when it comes to selling your home.
If you’ve ever sold a home before, you know how frustrating it can be to watch your house sit on the market and not sell when you need it the most. Many people take this route, listing their home with a realtor and waiting for an offer because they’re unfamiliar with the alternatives.
For homeowners that don’t want to sell their home on someone else’s timetable and be at the mercy of the home buying market, there are plenty of options for selling your home more realistically and comfortably.
Today, we’ll learn all about the home buying companies in Rhode Island that can help you make the sale of your home fast, fuss-free, and real estate agent-free.
What Is a House Buying Company?
If you’re unfamiliar with the concepts of home-buying companies, let’s start there. These are companies that will purchase your home from you. So instead of selling your house to another family that offers and signs a contract, you can sell to a company.
The main benefits of selling this way are the speed and freedom it gives homeowners who want to sell their homes.
As mentioned, selling your home can often be an uncertain process. You’re never sure how long it will sit before you receive interest. House buying companies can cut down on the waiting time and offer a more certain timetable.
House buying companies are also equipped to pay cash for the homes they buy. Selling with a realtor or trying to sell your house by yourself can come with unforeseen complications and difficulties involving paperwork, fees, and other unwanted frustrations.
House buying companies can cut down on those irritants by offering cash and by-passing hidden or realtor fees.
How Do House Buying Companies Work?
While it may almost seem a little too good to be true, that’s certainly not the case. Many companies purchase homes directly from the owners.
The process is simple. These companies are looking to purchase homes as as-is properties. As such, they can be either local real estate companies or they can be online-based companies known as iBuyers who make unseen offers for homes across the country.
In either case, the company will likely ask you about the condition of your home and then make an offer.
After, an inspection will be completed to determine if any necessary repairs will lower that offer. The current owners have the option of completing repairs themselves instead if desired.
Once the offer is confirmed and accepted and the house inspected and repairs completed, the company will close on its purchase of your home quickly, anywhere between a week and three months. The only selling fees associated will be from the company itself.
Types of Rhode Island Home Buying Companies
For Rhode Island natives, if this process sounds like the right path for you, many home buying companies operate within the state for you to research and consider in your home-selling journey.
There are two types of home buying companies, as mentioned above. These are the best local options for those wondering, “What companies can buy my home in Rhode Island?”
Pro Home Buyers is a great place to start for those selling a home in Providence and the surrounding areas. They are local to Rhode Island and make cash offers in 24 hours of the home walk-through that you schedule with them. This company emphasizes your convenience and prides itself on operating on your timetable.
They are local and trustworthy, and you can discuss your home with them safely over the phone and receive an offer within the same day. The offer is without any obligation, and you can close on your home on your own terms.
This Rhode Island-exclusive company specialized in home purchases in this state. After filling out an online form and discussing your home with an agent over the phone, you can receive an offer in 24 hours and then close on that offer in as little as a week.
As one of the original home buying companies in Rhode Island, JB Jackson Solutions prides itself on making fair offers that put the home sellers first.
On the other hand, there are several iBuyer companies that also operate in Rhode Island.
Both of these online iBuyer companies operate through franchises that are spread throughout the country. Home sellers’ experiences will vary based on the quality of their local franchise, although We Buy Houses thoroughly vets all franchise investors for quality of work.
The closing time with these companies varies from two to three weeks at most, while offer time can vary significantly. It’s important to investigate your local franchise of these companies based on where you are in Rhode Island.
Who Can Buy My House for Cash?
Technically, anyone can become a cash buyer in the process of purchasing a home. Individuals who can show proof of funds, like a bank statement, can be considered cash buyers.
Contrary to the phrasing, purchasing a home with physical cash money is actually illegal! The term cash buyer refers to purchasing a home without the typically associated mortgage or financing.
How Does Selling Houses for Cash Work?
When it comes to selling your home for cash, the process has many pros and cons that you should be aware of when choosing which path you want to take. Home selling can take just about any form that is tailored to fit your needs as the seller.
Selling your house for cash typically looks the same as selling it in more traditional forms until after the offer is made and agreed upon. Whether the buyer making the cash offer is a company or an individual, the process is often the same.
As with many companies already mentioned, an offer will be made either after an inspection or site-unseen. The quality and value of the house will still be verified, though, and the offer could be impacted.
Cash offers for homes are often lower than the asking price or expected value of the home. Although that seems like a disappointment, it’s often worth it in terms of the time and effort cash buying saves during closing. After the offer is accepted, the closing process can be very direct.
Often, closing on homes sold more traditionally can be drawn out by the underwriting of mortgages and the chance that the prospective purchaser’s loan request may be denied or need to be adjusted several times. This is one of the main reasons it can take so long to close on the sale of a home.
Without mortgages or home financing, the closing can move along much faster. Closing sooner, getting paid sooner, and knowing that the deal won’t fall through during closing is a strong motivator to accept even a lower cash offer.
Cash buying is also a plus because buyers can offer on any kind of home. Buyers restricted by mortgages can’t offer on all kinds of homes. However, companies that buy homes for cash can purchase homes in any condition and any location.
Selling your home can be a stressful event that leads to lots of uncertainty, confusion, and worry. You’re never sure which way the market is going to go, and sometimes you are waiting much longer than anticipated.
However, home buying companies can help. They can take the stress and waiting out of the equation and help you start writing the next chapter of your life faster.
Whether you choose to work with Rhode Island-local real estate companies or an iBuyer, you’ll get a fast offer and a quick closing period without the back-and-forth of loan denials and negotiations.
Before choosing to sell your home for cash, make sure to research the company you’re interested in. There are some house-buying scams you should avoid, so make sure to thoroughly research any company you are interested in working with.
To make sure you end up working with a legitimate and reputable company, check to make sure they have a good rating with the Better Business Bureau. Read reviews and see how previous home sellers enjoyed their experience with them.
Although cash offers tend to be lower than traditional home sales, the time and effort you save through the selling and closing process tend to be well worth it.
Visit some of these home buyers’ websites today to decide whether working with a home buying company can be your perfect solution to navigating a tumultuous seller’s market.