What is a We Buy Houses For Cash Company
As we reviewed in our Ultimate Guide to Selling a House In Cleveland article a We Buy Houses company is a company, typically a real estate investment company (think house flippers and those that buy and hold rental properties for income) that markets for and buys houses directly from sellers. You may get a postcard in the mail from them, get a call from them, or visit their website, such as ours, online.
A We Buy Houses company will make you an offer to buy your house for cash, will pay all the associated closing costs and fees that are associated with a traditional home sale and will usually close much quicker than a traditional sale. These firms buy strictly for investment purposes and have cash which allows them to close quickly and easily. This allows an owner to sell his house without even putting it on the market.
Before reading this article you may not have been aware that these firms even exist in Cleveland, Ohio, but they do. These are real estate investors, both individuals and companies who are looking to buy houses for cash off of the traditional real estate market and directly from the seller.
Benefits of Selling Your House to a We Buy Houses For Cash Company in Cleveland, Ohio
Selling to a we buy houses for cash company in Cleveland, Ohio has multiple benefits that should be considered against a lower selling price. These benefits can be grouped into three groups: 1. cost savings, 2. convenience, and 3. speed.
As mentioned earlier these buyers will pay all closing costs and fees, which in Cleveland will typically range from $1,500-4,000 depending on if you are covering a portion of the buyer’s closing costs or all of them even.
Also, because there are no realtors or brokers involved the seller will not have to pay any realtor commissions or fees, which are typically 6.5-7% of the sales price (ie. For a $100,000 house this equals $6,500 – $7,000).
Last on the cost side is that these we buy houses for cash companies buy the properties as-is, which means that there are no out of pocket repair costs either before listing the property, after the inspection or as a credit at closing to the buyer. This also includes cleaning and clean out of junk, if applicable.
The other major benefit of selling a house to a we buy houses for cash company in Cleveland, Ohio is that it is much more convenient. There are no meeting with realtors, no open houses, no keeping your house immaculate for a showing that can happen at any point, no coordinating showings with your tenants if its a rental, no back and forth, no inspections or mortgage or appraisal contingencies. It simplifies the process greatly.
Lastly, because these companies buy in cash the process is much faster. From the time of an accepted offer to close it could be sold and title transferred in about 30 days, if not quicker. There is no mortgage application process and approval to slow it down.
As stated in an article written by Kent Clothier in Forbes, “It’s true that real estate transactions just go more smoothly when homebuyers are paying with all cash.”
Situations Where It Makes Sense to Sell to a We Buy Houses Company in Cleveland
Selling to a We Buy Houses company is by far the easiest and fastest method to sell a house. At a high level anyone who needs to sell their house as fast as possible and conveniently as possible for a fair, current condition offer would be a good fit to sell to a we buy houses for cash company in Cleveland, Ohio.
In some situations selling a house to a we buy houses firm for cash might be the only way to sell a house if they need to sell very fast. This situation could arise when a seller is at risk of losing their house by a fast approaching deadline (think mortgage foreclosure or tax foreclosure) that don’t have time to sell on the MLS with a realtor to a conventional buyer. It could also be when they need to relocate and don’t have the money to pay for two mortgages and don’t have the funds or ability to rent the house.
Selling a house to an experienced we buy houses for cash company in Cleveland, Ohio also is probably the best solution for landlords with tenant-occupied properties. If you sell to an experienced cash buyer you don’t have to worry about showing your home (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.
Lastly, selling a house to a we buy houses company in Cleveland, Ohio may be the best option when a seller needs to sell a house that has a lot of required repairs or deferred maintenance that they cannot afford to pay for. This is true even if the house is in disrepair.
If a seller sells to a we buy houses in Cleveland firm they will most likely achieve maximum convenience and the fastest speed to close. However, they will sacrifice some on price (though not as much as you would think considering the earlier examples above).
We buy houses firms in Cleveland can’t pay top dollar for a property. This is because they pay all of the seller’s costs that a seller would have to pay in a realtor or for sale by owner sale, they pay for all the repairs to the house, and because they are a business and have to make a profit to support their investors.
How the We Buy Houses For Cash Buying Process Works
Now that you know that this option exists, what the benefits are, and what situations you may decide to sell to a we buy houses for cash company, it is helpful to know how the process works.
Although every one of these firms is different the process is usually the same for the most part. First, a seller will either call one of the firms (or be called by them) or fill out a form on the cash buyer’s website and answer some basic information about the house. Next, the cash buying company will set up an appointment to either visit the house or talk in more detail with a team member over the phone (especially if the homeowner is not able to be present at the house). Last, the cash buying company makes an offer and the seller agrees to it or does not agree to it. If the two parties come to an agreement then the contract is signed and the closing process is started until the title transfers.
Who is Sesa Properties?
As a company, our number one goal is to help people get back to what is important to them in life. In order to achieve that goal we are dedicated to making the selling process as expedient and painless as possible for those who need to sell a house in Cleveland.
About the Author:
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.