Your home is supposed to be the place where you feel the most comfortable and relaxed. But for some people, home is a stressful place.
Perhaps when you walk into your front door, you see a scratched-up wood floor that needs to be resanded and stained. Maybe you have a leak in your shower, so instead of using it for its intended purpose, you store paint cans in it. Perhaps your basement is full of mold and mildew, and you know it’s not healthy to spend much time down there.
If this describes your home scenario, maybe you are tempted to call the people on the “We Buy Homes” signs. Perhaps you are worried that a typical buyer would not be interested in your home and that this company provides you with your only option to walk away from the property.
Before you call, it is essential to understand that you do have other selling options.
If you are worried about selling your unsellable home, reaching out to the “We Ugly Buy Houses” people may seem like a savvy move, but before you make any decisions, finish reading the rest of this article.
Are Nevada “We Buy Houses for Cash” Companies Legit?
Yes, a legitimate company is behind the “We Buy Houses” signs that are all over your Nevada neighborhoods. The company is called HomeVestors of America, and it’s based out of Dallas, Texas. Their business model is based on flipping houses.
Even with your leaky shower and mold in your basement, the people of HomeVestors will probably make you an offer on your Nevada property. They typically purchase homes at 50-80% of their values. They then quickly fix the problems with the property and put the house back on the market to sell for a profit. You may be shocked to see how much your previous house lists for after the HomeVestors people fix it.
The only way HomeVestors will be able to make money is if they can buy homes for as little as possible. They will invest some money to make the home functional, and then they will sell it for as much as they can.
Even though HomeVestors is a valid business, that doesn’t mean that they are your only option of being able to walk away from your home. The company representative may make it sound as if their lowball offer is viable, but know that they are salespeople who are not looking out for your best interests.
There are also individuals across the country who are taking advantage of HomeVestor’s simple yet effective marketing campaign. These individuals are scam artists. It is essential to know who you are dealing with before you sign any paperwork regarding your home.
It’s not only the “We Buy Ugly Houses” people who will make you an offer on your fixer-upper. If you want to sell a house, and you fill out an online form on sites such as Opendoor, Offerpad, Zillow, or Redfin, you may receive an immediate offer from an iBuyer, or a virtual buyer, who will buy your house, possibly sight unseen. Sometimes the iBuyer’s proposal may be relatively close to your asking price.
The company making this offer may present itself as a full-service real estate company. They say that they take the hassle out of selling a home by giving you a fair cash offer on your property. They may tell you that they will take care of the repairs and will haul away the junk. You won’t have to leave your home for regular showings, and you won’t have to always yell at your kid for leaving their toys scattered throughout the house and yard.
Before you agree to an online offer, make sure you understand the finances of the situation. Chances are, their cash proposal is not competitive with the Nevada housing market. Talk with someone who understands the real estate market in your area before agreeing to anything.
Also, it could be that the iBuyer will not only purchase your home at a discount, but there may also be unexpected fees that you will be required to pay. Their offer to help you clean up your house and fix your leaking shower will not come without a cost. Who knows how much their service people will charge compared with your regular handyman down the street?
Maybe you are so desperate to get rid of your Nevada home that you will take any cash offer, even if it is from a nameless iBuyer online. Before you do, it is crucial that you look up the housing statistics in your area and do some simple math.
How Much Will a Cash Buyer Pay for Your Nevada Home?
According to the U.S. Census Bureau, the median home value of a home in Nevada in 2017 is $258,200. In most situations, a cash buyer would offer you $206,560 for your home. This is the high end of what they would suggest. Most cash buyers offer between 50 and 80% of the value of the house.
While over $200,000 seems like a reasonable price for your home, know that you will be walking away from a possible $51,640 if you take the cash offer.
Selling your home for over $50,000 less than it is worth is not a financially savvy decision. You could fix a shower and mold problem with much less than $50,000.
Don’t accept these cash offers or offers from the “We Buy Houses” people. You can do better.
Nevada iBuyer and Cash Buyer Reviews
Many companies are working in Nevada right now that are scooping up houses for low prices from uninformed homeowners.
Express Homebuyers is a national company that buys homes in Nevada. They promise to sell your home without any hassle to the owner. They also say they will sell your home with no agent fees or closing costs. Express Homebuyers may buy your Nevada home but they will not look after your best interests.
One recent review stated that Express Homebuyers, “offered me a fraction of what I can get if I sell my house with a realtor.”
Redfin is a nationally known real estate company that works in Nevada. One reviewer said that Redfin “did absolutely NOTHING to help my house sell.”
Highest Cash Offer buys houses in Nevada as well as many other places in the country. Their website says they will even purchase homes with water damage or houses in need of severe garage door repairs. One reviewer wrote, “who sells their home randomly based on an unexpected phone call coming from a stranger with a cash offer?” When you put it that way, it does sound incredible that they are in business.
“Sell Your House for Cash” vs. a Full-Service, Local Real Estate Agent
There may be reasons why you are willing to take quick cash on the sale of your home. Perhaps you are willing to take a low price on your house because you are overwhelmed at the work involved with getting your home ready to be put on the market.
Perhaps you have health issues, and you feel like you don’t have the time, energy, or money to prepare a house for the market.
While these reasons are valid, it is essential you understand precisely how much money you could be losing by taking one of these online cash offers.
Don’t assume that you can’t sell your house unless it is in a top-notch condition. Buyers are willing to overlook things on houses that are in desirable areas with good public schools.
Work with a Real Estate Agent
Talk with a real estate professional in your area instead. Tell your agent your situation, and he or she will offer advice on what you should do to make the most money on your investment. Many of these agents will work on a flat fee or discount commission.
Find a Clever Partner Agent who understands the real estate market in Nevada. Allow this agent to work for you to make selling your home as painless and stress-free as possible. Selling your house can be easy if you find the right person to help you.