At first, the signs were shocking. “We Buy Ugly Homes” written in a large, easy-to-read font appeared on billboards and posters stapled to light poles. They seemed to appear overnight, and the message made you start thinking of a property you inherited from your great aunt.
You have been wondering how you are going to unload your great aunt’s ugly house. It has been sitting empty since her death, and with the demands of your job and family, you have had little time to think about selling it.
Before you reach out to the “We Buy Houses” people, it is first essential to understand their business model. Read on to find out about this company as well as others that will make you cash offers on your home.
Are Massachusetts “We Buy Houses for Cash” Companies Legit?
Yes, the company that uses the “We Buy Ugly Houses” signs is a legitimate Texas company called HomeVestors of America. More than likely, they will purchase any home that you have for sale.
HomeVestors typically purchases homes at 50 to 80% of their value. They then quickly fix the house and put it back on the market to sell it for a profit.
You have seen the TV shows, and you know how house flipping works. HomeVestors wants to purchase your home for as little as possible, fix it up as little as possible, and then sell it for as much as they can get from a new buyer.
HomeVestors is a legitimate business, but that doesn’t mean that you should sell your great aunt’s home to them. Just because they are legitimate, that doesn’t mean they are looking out for your best interests.
If you fill out an online form on some websites such as Opendoor, Offerpad, Zillow, or Redfin, you may be shocked to receive an immediate offer from an “iBuyer” who claims they will purchase your house sight unseen. Sometimes the amount the virtual buyer offers will be relatively close to the market price.
As you think about the offer, you may read be intrigued to learn that these companies will offer you a “hassle-free” real estate experience. They will make any changes or repairs on your home, and then purchase it from you. The company information says that you will not need to pay closing costs or high real estate commissions.
Before you agree to an iBuyer’s offer make sure you understand the finances of the situation. Chances are, their “valid” proposal is not truly competitive with Massachusetts’ housing market. Sure, they will not charge you closing fees or commission fees, but there will be costs associated with the selling of your home that you may not anticipate.
Maybe you are so desperate to get rid of your great aunt’s home that you will take any offer, even if it is from a nameless iBuyer online. Before you do, consider the following scenario based on statistics from the U.S. government.
How Much Will a Cash Buyer Pay for Your Massachusetts Home?
According to the U.S. Census Bureau’s American Community Survey, in 2017, the median home value of a home in Massachusetts is $385,400. In most situations, a cash buyer would offer you $308,320 for this hypothetical home.
This means that if you take an offer for 80% of the value of a home, you will lose $77,080.
Yes, selling your great aunt’s home in Massachusetts may be inconvenient, but how long does it take you to make $77,080? Isn’t it worth your time to put in a bit of work to get the most money from the sale of the house?
Massachusetts iBuyer and Cash Buyer Reviews
There are many companies out there that will try to give you a fast, cash offer for your home.
Highest Cash Offer is a national company that says they will buy your house in its current condition. Not only do the owners not need to make any repairs, but they can also leave any unwanted items in the house. The staff will take care of everything to get the home ready for the market.
Highest Cash Offer will buy your Massachusetts home, but you need to do your homework first. One recent reviewer called Highest Cash Offer, “robber barons of the real estate industry.”
Opendoor is another nation-wide company that promises to get an offer on your home “with the press of a button.” But one recent reviewer says Opendoor is a “total rip off company.” Another reviewer said, “they load up on repair costs and hidden fees. On my deal they added $8,000 one hour before closing.”
Another company that is growing in popularity is Offerpad. This company will also offer to buy your home, sometimes at a competitive rate. Although you do not have to pay closing costs and commissions, there are other fees that you are required to pay at the end of the process.
“Sell Your House for Cash” vs. a Full-Service, Local Real Estate Agent
Why are people choosing to take less for their house than it is worth?
Maybe you have enough money, and your time is worth more to you than anything. If this is the case, you may be fine having someone else go through the headache of hiring people to fix issues with your house and also clean it up for you.
While these reasons may seem valid to you, it is essential you understand precisely how much money you could be losing because you don’t want to be inconvenienced by the selling process.
Before you agree to take the lesser offer, why not reach out to one of the best real estate agents in your area? You can consult these professionals for free. See what they have to say about selling your property.
Work with a Local Real Estate Agent
Some realtors work on flat commission rates or discount commission rates. Some of them specialize in selling homes quickly. They know the best time to sell. Maybe your realtor is even working with a buyer who wants to find a house in your area right now.
Let us help you find a Clever Partner Agent who will work with you to get the best price for your home, no matter its condition. Your agent will make sure you receive the best price possible for your house.