We buy houses companies are one option for selling your house in Cleveland Ohio (or any city). But when are they the right solution? Read on to find out. We will help you determine if selling to a cash buyer is right for you.
As stated in our Ultimate Guide to Selling a House article, selling to a We Buy Houses company for cash is by far the easiest and fastest method to sell a house in Cleveland.
At a high-level anyone who needs to sell their house as fast as possible would be a good fit.
Anyone who wants to sell as conveniently as possible for a fair, current condition offer would also be a good fit.
Lastly, anyone whose house will not qualify for traditional mortgage lending (too many repairs) is also a good fit.
This brief article discusses what we buy houses firm are, and some situations where it might make sense for you to sell your property to a we buy houses company in Cleveland.
What is a We Buy Houses Company and What Do They Do?
A We Buy Houses company buys houses for cash. They typically buy houses that are not suited for the traditional market. These buyers can be individuals as well as companies.
In a nutshell they buy houses for cash. They buy houses as-is, which means you make no repairs. They buy them directly from you (outside of the traditional real estate market with no real estate agents involved). They also typically pay traditional closing costs and fees associated with the sale.
These are all benefits for a buyer as it reduces their costs at and before closing, makes the process easy and speeds it up significantly.
You need to consider the cost reductions when deciding between a cash offer and the net profit you get (not what they get as an agreed upon sales price) from a sale on the market with a realtor (or a for sale by owner sale).
If you aren’t aware of the costs that go into a traditional realtor or for sale by owner sale read our article Costs Associated With Selling Your House With a Realtor.
You also should consider the considerably lower levels of hassle and inconvenience when selling to a cash house buying company. Unfortunately, a dollar amount can’t be put on this. But do know that eliminating the headaches and stress of a traditional home sale are a major benefit.
Because the transaction is a cash transaction these companies have the ability to close a lot quicker than a traditional buyer. The drawn out mortgage lender’s application and approval process is eliminated. We buy houses firms buy strictly for investment purposes and have cash which allows them to close quickly and easily without any of the lender’s requirements. This allows you to sell your house quickly without even putting it on the market.
The mortgage and appraisal contingencies of a traditional mortgage buyer are also eliminated.
When To Sell Your House to A We Buy Houses Company in Cleveland
So when should you consider a we buy houses company vs. listing your house on the market? In no particular order, the reasons why you might sell to a we buy houses firm include (but are not limited to):
Your house needs significant repairs, deferred maintenance or it is in disrepair (vacant or neglected houses). Your house would not meet the lender’s standards/requirements for the buyer to secure a traditional mortgage
You requires a quick sale (need to close within 7-30 days). This need eliminates your ability to list with a realtor or as a for sale by owner. In some situations selling a house to a we buy houses firm for cash might be the only way to sell a house if you need to sell very fast. You might be facing a situation where you are at risk of losing your house by a fast approaching deadline
You might be facing a tax lien related foreclosure and will lose your house by a specific date if you cannot sell it
You might be facing mortgage related foreclosure and will lose your house by a specific date if you cannot sell it
You might be relocating and/or carrying two mortgages, which you can’t afford
You or a family member might have become ill and/or moved into an assisted living and you can’t keep the house
You might not want to deal with the inconveniences of a conventional sale (constant cleaning, open houses, inspections, showings, etc.)
Your property is a rental property with tenants in it. Selling for cash is a good solution if you don’t want to deal with showing the occupied units (and the scheduling nightmare that goes along with it), making any repairs, problem tenants driving away potential buyers, honoring the tenant’s current lease, holding onto the property and selling in the future.
In sum, if you sell to a reputable we buy houses company in Cleveland you can achieve maximum convenience and be able to close quickly.
My name is Dan Sarao. I am the Co-Owner and Managing Partner of Sesa Properties, a cash home buying and real estate investment company operating in Cleveland, OH. In my former life I was a marketing and product executive at a US based coatings company. I left that role to pursue my passion for real estate. I am motivated everyday to find and help homeowners who are in stressful situations and need to sell their houses quickly outside of the traditional sales process.
I love meeting and talking to new people and finding solutions, no matter what the situation. If you are a homeowner, investor, etc. and would like to work together or even just talk feel free to contact me personally at Dan@webuyhomescle.com.