Common Misconceptions About “We Buy Houses for Cash” Companies
You may have seen the message before, posted on a telephone pole or on a sign on the street corner: “We Buy Homes for Cash!” Sometimes, small print will be added to say “In any condition.”
Companies that advertise these statements have gotten a bad rap over the years. They’re known as the lesser option in real estate—the option only for those desperate enough to sell their homes to a real estate investor.
Yet, these misconceptions are largely due to a few bad eggs in the market and may not be the best way to summarize all real estate investment companies. Here are a few of the top misconceptions we’ve heard about “we buy houses for cash” companies and another viewpoint to consider.
1. “We Buy Houses” companies are a scam
The most common misconception we hear about companies who advertise “we buy houses for cash” is that they are a scam. After all, why would anyone be interested in a home that’s half burnt-down or crawling with who-knows-what inside the walls?
The idea that these companies are a scam might come from the standpoint that it sounds too good to be true. Why go to all the effort of selling your home traditionally—with an agent, inspections, showings, open houses, repairs, upgrades and more—when you can just cash out in a week and be done with it all?
That’s because this route isn’t for everyone. For example, if your home could simply use a few cosmetic upgrades or isn’t in terrible shape, talking to a real estate agent may be the best way to get the most value out of your home. On the flip side, it’s often a good option for those who find themselves in a bind and either need to cash out quickly or don’t want to spend the time and money to fix up their home for top dollar.
Don’t get us wrong. There certainly are scammers out there looking to take advantage of those desperate to sell their home quickly and privately.
To identify a scammer, keep an eye out for these signs:
- You don’t get an estimated offer forthright
- There’s no in-person evaluation of your home
- They ask for fees up-front
2. “We Buy Houses” companies take advantage of the disadvantaged
As mentioned before, real estate investors benefit homes in need of more than just a little TLC. We identify homes that may be in need of someone who is capable of helping them out. Whether the roof is caving in, the windows are boarded up, or things are just a bit off, some homeowners may need a fast or easy solution. We offer these homeowners a way out with cash that allows them to move on to the next step of their lives.
We do this because these are often the homeowners who are unable to sell traditionally. This is either because they don’t have the capital to fund a renovation themselves or because they need a flexible close that doesn’t fit with the unpredictability of the traditional way of selling.
The value behind working with a real estate investor is not necessarily the money you’ll make from your home. We stick to making offers that are fair market value. We are able to close quickly. Plus, it’s usually a much more private endeavor than selling traditionally, and often means getting people out of a bind.
Of course, as mentioned before, this route isn’t for everyone. Instead, there are a few simple upgrades you could make to improve the value of your home. When evaluating the best option for you, consider these pros and cons to selling your home as-is to an investor versus fixing it up and selling traditionally.
3. “We Buy Houses” companies only care about making money
Making money is important for any business to succeed. That’s why real estate agents charge a commission on the homes they sell and why the cost of living in Seattle has gotten so high.
However, money isn’t the only key to success for a business. In fact, focusing only on the greed of higher profits and more money, without caring about how it affects the world around you, is a quick route to failure.
Unfortunately, there are a few real estate investors out there who do simply care about making the highest profits, no matter what the non-monetary cost. They force out unwilling homeowners with manipulation and tricks, build whatever they want using the cheapest materials, and sell it back at ridiculous prices.
We can’t speak for all investors, but we’re a family who has grown up in North Seattle and seen the extreme changes our city has undergone in the last few years. We care about more than just profits. Because we live and work, raise our families, go grocery shopping, and own homes in this community, we care about what happens to it.
Beachworks LLC local, family-owned company in north Seattle committed to improving the value of our community. For those who need to sell their homes quickly and privately, we we provide an all cash offer and close on your timeline.