Have you seen those signs posted around town that say “We Buy Houses, Fast Cash” and then a phone number? Or maybe you’ve received a letter or postcard in the mail asking if your house is available to buy. Each of those advertising methods is from a home buyer looking for a house to purchase.
Truthfully, those marketing techniques are usually newbie home buyers that you should be a bit cautious of, only because when you’re selling your biggest asset, you probably shouldn’t call a random number on a sign. That being said, if you’re interested in selling your house for cash, there are seasoned home buying companies in Manchester that have been buying and selling houses for years.
Selling a house for cash has several advantages, and if you need to sell your Manchester home quickly, then it’s definitely worth looking into. Below we’ll cover who buys houses for cash in CT, what is a cash home buyer, how the selling process works, and how to get a fair cash deal, that way, you can decide if selling to a “we buy houses Manchester CT” company is right for you.
Who Buys Houses for Cash in Connecticut?
There are several home buying companies in the Manchester area. Each may have a different approach to buying your house and offer additional benefits too. However, while you’re doing your research, these are the three types of home buying companies in CT that you’ll come across:
- Local Home Buyer– This can be a single investor or a small group of investors that purchase houses in your area. They buy properties in any condition and usually fix them up, resell them, or hold on to them and rent them out. An example of a cash home buyer in Manchester would be Ocean City Development. They are a house flipping company that purchases homes as-is in the Manchester area. Their goal is to create a wonderful property for a family to live in and help improve their community.
- Investor Networks– Are companies that buy homes in multiple city markets and create marketing campaigns on behalf of local franchisees. They also acquire properties to fix and flip or to redevelop. An example of an investor network would be HomeVestors®
- iBuyers– Are large companies supported by venture capitalists, and they buy and sell houses online. Usually, the properties they purchase are in pretty good condition. They determine property values by using computer algorithms and typically buy the house sight unseen. An example of an iBuyer would be Opendoor.
However, something to keep in mind that is different than the other two home buyers mentioned above is that iBuyer’s have been known to charge service fees. These fees can cost between 5-14% of the sale price. Just for reference, the average agent commission in Manchester is between 5.3% to 6.0%.
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What is a Cash Home Buyer?
A cash home buyer is an investor that uses cash to purchase houses. They get the money either from a private lender, backed by venture capitalists or from their own personal funds. But this allows them to avoid getting appraisals and waiting on a mortgage approval.
By using cash instead of bank financing, they can close within days instead of months as a traditional buyer would.
On average, it takes 7-14 days for a home buyer like Ocean City Development to close on a house. Currently, it is taking homeowners looking to sell on the MLS in Manchester 45-days to receive an offer. That doesn’t include the average 60-day closing period (escrow). And if you were to try to sell during the winter months, you’re looking at potentially being on the market for 100-days before receiving an offer.
Selling your house fast for cash can be extremely helpful if you’re:
- Facing foreclosure
- About to file bankruptcy
- Going through a divorce
- Needing to move quickly for a job
- Or just need money fast
Cash home buyers also don’t require repairs, they will purchase your property in as-is condition. So if you were worried about how you would sell your house with a foundation problem, termite damage, water damage, a leaky roof, or any other major repairs, you don’t have to be stressed. You can sell your house as-is to a cash home buyer and avoid the hassle of hiring a contractor and paying expensive repair costs.
Homebuyers have also been known to purchase houses with:
Selling to a cash home buyer can be extremely helpful no matter what unique selling situation you’re going through. However, even if your house is brand new or in good condition, they’ll look at making you an offer for that as well.
How Does Selling a House for Cash Work?
If you’re interested in selling a house for cash, the process to do so is really simple. The first thing you need to do is a quick search online for companies that buy houses in Connecticut. Take a look at a few of their websites and see what they are offering. Ideally, you want to find one that is a BBB accredited business, has a professional-looking website, good reviews, some information about the home buyer, and can make you a free no-obligation cash offer.
If the homebuyer checks all those boxes, the next thing you’ll want to do is fill out a form on their website or give them a call. Make sure whatever they offer on their website is what they provide over the phone, and whatever they verbally offer you over the phone, they put in writing.
From there, they will usually schedule a time to either see your property in person or request a virtual walkthrough. That will help them better understand your home’s features and condition and give them a good idea of what they can offer you for the property. Within 24-hours, you’ll receive a cash offer for your house, and once you choose to accept, you can schedule a closing date that works best for you.
The closing is usually held at a local title company, and the home buyer handles the paperwork so that it’s stress-free for you. And remember, you don’t need to make any repairs before you move out, the only thing you’ll have to worry about is, packing up your belongings and relocating to your new home.
How to Get a Fair Cash Deal in CT
To get a fast cash offer for your house is easy, once you find a home buying company that you like, just request an offer on their website or give them a call. That will get the process started and you one step closer to an offer on your house.
But how do you know if the cash offer on your house is fair?
The cash home buyer will go over how they came up with their fair cash offer, but since they are buying your house as-is, it won’t be for top dollar. The offer they make takes into consideration the home buyer’s costs to repair the property but what the proposal doesn’t include are realtor commissions. So you will be able to avoid paying out of pocket for expensive repairs and realtor fees.
Something else to keep in mind when selling a house is closing costs, which sometimes get overlooked but can cost as much as 2%to 5% of the purchase price. When you work with a cash home buyer, closing costs are negotiable.
Because their process is simple and avoids all the hassle that comes with listing a house with an agent or trying to sell by owner, most buyers are pleased with their fair cash offer.
If you’re saying, “I need to sell my house fast,” then working with a cash home buyer would be a great way to sell your Manchester property quickly. Avoiding months of uncertainty waiting for your house to sell and expensive realtor commissions when it does sell- really sound fantastic.
To find the best home buyers shouldn’t be too challenging, but to make it easy for you, one that comes highly recommended would be Ocean City Development.
They are BBB accredited and have been in business since 2011, helping thousands of homeowners all across the Northeastern United States. Their website contains helpful information about how it works and more about their company. And if you have further questions, they’d be happy to answer them via phone.