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Fast Home Buyers

Fast home buyers

Fast home buyers, who are they, and what do these companies do? These are home buying companies that purchase homes typically at below market value and flip them for a profit.

They might sell the home to other investors or keep them as rentals in their portfolio. They are considered fast homebuyers because they are capable of buying homes for cash. Which is a lot faster than the typical financing you will find with a mortgage company.

Oftentimes a property can be purchased in less than 14 days. These companies range from larger more established brands like Zillow and Offerpad to local home buyers that purchase two to three properties per year.

What type of homes sells the fastest?

Typically, the fastest-selling homes in any market are the homes that are priced the lowest. In most situations, home buyers want to buy into well-established neighborhoods. However, larger, nicer homes usually are the more expensive ones.

That doesn’t mean potential home buyers don’t want to move into that neighborhood, they still do. Therefore, they try to find the smallest home which tends to be the least priced home in the neighborhood. These homes typically sell the fastest because of the price range and what most people are able to afford.

You can compare house shopping to buying a new car. Most car shoppers are not buying cars that are fully loaded and priced at the top of the market. They’re buying the base model or mid-trim model because that’s what most people can afford. A similar situation occurs when home shopping.

How fast can someone buy a house?

It varies it can take a few days or it can take months to buy a house. It all depends on the situation and who’s purchasing the home. Think of it like this, if you got an offer on your property that’s all-cash by a home buyer that has a lot of money in the bank. The paperwork is probably going to be the part that takes the longest for the property to close.

On the flip side, if the home buyer has to get financing through a lender and they end up having issues getting the loan. It could take months for someone to buy a house. Purchasing a house for cash is almost always faster than buying using financing.

Can you buy a home instantly? There isn’t any set rule on how long it can take to purchase a home. It all depends on your finances and how fast the homeowner is willing to sell the property to you.

If the buyer is willing to pay cash and the homeowner is ready to sell the property. It’s only a matter of days before the property can close.

Selling your house to a cash home buyer

Are we buy houses companies legitimate? Most of these companies are legit however, just like any other industry you will definitely find companies that are shady, and you do want to do business with them.

The main thing here is to do your homework just like you would with any other company before you do business.

Selling your house to a fast home buyer can work out for you just as it has worked for thousands of other homeowners. Here is a related article I hope you find interesting about we buy houses scammers

To find a cash home buyer you can simply do a search online in your local area or ask for a reference from a person you know. You won’t find a shortage of companies that are willing to purchase your home.

Once you’ve gotten a few cash offers, how do you know if the number is fair? Evaluating a cash offer can be tricky and there isn’t a one size fits all method.

However, if your house is in great shape, you can easily look at comparable homes in your neighborhood to find out what the potential value is.

The property should be recently sold in your area with a similar size and level of finish.  Then subtract your real estate agent’s commission, closing costs, and other fees.

But if your home is not in tiptop shape and it needs some work, you want to use the ARV model or 70% rule

Generally, an investor seeks to buy a home for 70% of the after-repair value (ARV). That gives them a 30% cushion to pay fees, rehab costs, and turn a profit.  

So, figure out what your comparables are which is free to do on the MLS. Then subtract 30% from the price and you will get a general cash offer amount for your home.

Closing the sale must happen at a title office or with a closing attorney depending on your state.

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