Drive down any major street in St Louis or St Charles and you’ll see signs from people wanting to buy houses for cash. Many of these same companies send out junk mail and even set up fancy websites in an effort to appear to be local and legitimate. These advertising tactics make it very difficult to separate reputable, qualified real estate investors from people with no experience who are just trying to flip houses like they’ve seen on television or heard about in a quick weekend seminar.
If you’ve decided that selling your property “as is” to a fair cash home buyer is the right move for you, it’s very important to select someone who is legitimate, fair and has years of experience. In order to find someone you can trust, here are some important questions to consider.
Is the home buying company an accredited A+ member of the Better Business Bureau?
For over 100 years, The Better Business Bureau (BBB) has helped people make smarter business decisions by setting and upholding standards for ethical and honest business behavior and monitoring compliance. In order to become accredited with an A + rating, businesses must adhere to the BBB Code of Business Practices. This Code is built on eight principles of trust which, among others, include telling the truth, honoring promises and embodying integrity. Very few homebuyers are members of the BBB and it’s extremely rare to find one like Wren Realty that is accredited and has had an A+ credit rating for over 30 years. If you’d like more information, call the St Louis area BBB at 314-645-3300 or click here.
How many years has the cash buyer been in business and how many homes have they purchased?
Unfortunately, many of today’s cash homebuyers lack experience and knowledge. They also do not have the money available to pay fair cash prices or make the improvements necessary to bring homes back to life. Wren Realty has been in business for 30 years, and has purchased over 1,500 homes “as is” in the St. Louis area. If you’re looking to sell your home “as is,” be sure to look for a local general contractor with many years of experience who has bought homes throughout the St. Louis metropolitan area. Check the website or ask for reviews, testimonials and before and after pictures to get a feeling for the quality of their work and the strength of their character and integrity.
Is the home buying company owned by a local general contractor?
The real estate market in our area is incredibly unique. From South County to West County, St. Charles County, North County, St. Louis City and everywhere in between, we live in a collection of widely diverse areas and neighborhoods. In fact, in St Louis County we have 90+ different municipalities, 15 cities in St. Charles County and countless more when you include St. Louis City as well as Jefferson and Franklin Counties! Many of us who love the St Louis area consider this diversity to be part of our charm, but most out-of-towners find it overwhelming and confusing. As a result, especially in this real estate market, only a local home buyer has the knowledge required to make a fair, accurate offer on your property.
It’s important to keep in mind that many “as is” buyers appear to be local but they actually are franchisees of national companies and thus don’t understand our local market. As part of their franchise fee, their primary expense is advertising with the focus on buying as many properties as possible for the least possible price.
Is the buyer’s offer straightforward with a reasonable price and closing date?
A contract to sell a property to a cash buyer should not include lots of special conditions. After all, the reason most sellers choose this method of selling is because it’s quick and easy. Therefore, any conditions like the buyer requiring financing, inspections, repairs or owner financing are a huge red flag and major cause for concern.
Also, the buyer should be open and willing to share how they arrived at the price, comparable sales that were used and an explanation of approximate costs to rehab the home before it can be resold.
Finally, be sure to choose a buyer who has the cash available and the relationship with the local title company to close quickly. Contacting the buyer’s tile company is a great way to verify that you’re entering into a contract with someone who follows through with their commitments.
We hope that the answers to these questions will bring you peace of mind when choosing the right company to work when selling your home.
If you’re ready to take the next step, please fill out this form now or call 314-721-1199.