What Is A “We Buy Houses Company?”
No doubt you have seen the signs all around Knoxville and the surrounding area; “we buy houses”, or “cash for your house.” It may have left you wondering, is this legitimate? Well, the answer to that question is it depends.
Most companies that advertise they purchase houses either “fast” or for “cash” are real estate investment firms. These companies buy homes at a discount in order to either flip them, or to hold them as a rental property. Real estate investing is a real, credible business. In most cases, these companies purchase homes that are in need of repairs. Repairs could be small, or they could be major such as foundation issues or homes with severe termite damage.
Thankfully, there are many companies that are legitimate cash buyers in the Knoxville area. These companies abide by all state and federal regulations, pay their taxes, and operate ethically. Some, however, are imposters.
Like any industry, there are several companies that are not credible and are bound to waste your time. This article will give you helpful tips to make sure you are dealing with a credible business and not someone who will waste your time.
How Do I Find A Legitimate Cash Buyer For My House?
Look At Their Website
Any credible and legitimate company in 2021 should have a website. Not only should they have a website, but they should have photos/videos on their website that shows exactly who they are and what they do. Credible companies typically have an about us section that introduces you to themselves. You should be able to get an idea of who you are dealing with before you ever pick up the phone or fill in one of their forms. Any website that looks “cookie-cutter” or generic is a good indication of a non-credible business.
Look The Company Up In Your State’s Business Database
Reputable companies are registered in their state’s business database. These databases show whether or not the company is currently active, and if they are in good standing (paid their taxes and business fees). In addition, you can see any associations this business is affiliated with; meaning other entities they own.
Social Media Profiles
Social media profiles are a great way to check the reputation of a company as well. Credible companies are usually very engaging in their Facebook, Instagram, and Twitter profiles. Companies that document their projects and engage with the public give off a good indication that they are a business in good standing. Legitimate house buyers love to document their remodels. It also helps them engage with their community to get ideas about what the latest trends are in homes.
Google, Facebook, and BBB reviews are a good way to get an idea of business’s reputation. With that said, reviews can be faked, so it is good to look at reviews across multiple platforms. Just because a company only has reviews on one platform does not necessarily discredit them, it just requires you to dig a little further in your information quest.
Meet Them In Person
There is no better indication of who you are dealing than your “gut” feeling. Unfortunately, this is often difficult to do if you do not meet someone in person. Your home is your most valuable asset, and you should sell it to someone who can produce a real offer for you. If requested, a reputable company would be happy to meet you on site at the property. This is where sticking with a local buyer may be in your best interest. Most national buyers use “specialists” to interact over the phone with you. These companies tend to make higher initial offers, but lower those offers after an inspection period. A local buyer will typically not lock you into a long inspection period.
Final Thoughts About We Buy Houses Companies
Although it can seem to good to be true, there are credible companies out there that do buy homes in cash. The key is finding a company that you trust and one you feel comfortable working with. Your home is usually your most valuable asset, and working with a company who is not credible is a disaster waiting to happen. Always do your research before selling your house for cash to one of these companies. Checking out their website, their social media profiles, your state’s business lookup, and any reviews is a great starting point in finding a great investor to work with.