What’s the deal with those “We Pay Cash for Houses” signs? I’ll explain how these fast-cash companies really work.
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What’s the deal with the “We Pay Cash for Houses” signs?
I’m sure you’ve seen these signs around every now and then. These signs actually target certain types of home sellers: those in financial distress, those who can’t sell, those who are divorcing, those who have trashed or damaged their homes, and owners evicting tenants.
These companies often don’t require a real estate commission. They claim they will save you money and boast about completing their sales in-house.
If you want the most money for your house, hire an experienced real estate agent.
So how do these companies pay for your home?
We used to refer to these homes as EPs, or equity purchase companies. These fast-cash buyers deal solely with your equity position. Their strategy is to negotiate for the lowest possible price for your home.
You have to know what your financial situation is. If these companies are really there to take over a bad situation, they will possibly buy your home for less than it’s worth. These companies are not for conventional home sales.
If you are truly desperate, you may want to go that route. However, if you want to get the most money for your house, stick with a brokerage and an experienced real estate agent.
I am glad to answer any other questions you may have. Just give me a call or send me an email. I would be happy to help you!
