The signs are on utility poles everywhere saying theyll buy your house, even if its ugly.
These cash-for-your-house companies promise a fast sale or a way to unload a less-than-desirable property.
The houses are distressed and needing revamping or revitalizing, says Kate Story, known asReal Estate Kate.
Sellers looking for cash buyers often fit into one of three categories: the seller wants cash, the property is in poor condition or the seller wants to simplify and save. This is a house that was bought with a cash offer in Tampa, Fla. Chris Zuppa/The Penny Hoarder
She works with a Tampa, Florida, company that buys and sells so-called ugly houses.
Its usually a distressed condition too for the people who are selling them.
Who Buys Ugly Houses?
There are many companies that use similar slogans and tactics to buy homes.
The largest and most well-known is the We Buy Ugly Houses outfit.
They are part of a large franchise company based in Dallas called HomeVestors of America.
Their website says they have been around since 1996 and have bought more than 100,000 homes.
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The sales close quickly because bank loans are not involved and investors pay in cash.
Who Sells a House This Way?
When someone is looking to sell a house, there are a few options.
They can:
Each method has benefits and drawbacks.
Cash sales are different.
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Its not a stressful situation.
We make it easy on the sellers.
Trash companies can come in and take everything away.
Weber says people looking for cash buyers often fit into one of three categories.
Traditional listings usually take about 90 to 180 days from the time the seller decides to sell until closing.
Cash closings are much faster.
How Does a Cash Home Sale Work?
In many ways, a cash home sale is much the same as a traditional home sale.
It involves someone seeing the house, making an offer and closing the deal.
They just happen faster.
Theyll also evaluate the neighborhood and look at market conditions.
A good cash buyer will be able to break this down for the sellers.
Advice For Homeowners
Buying ugly homes is big business and fills a need for many homeowners.
So how do you avoid those shady buyers?
Theyre probably going to come back and lowball you after they actually go look at it, she warns.
Weber has some additional advice.
Weber says in these situations, its also OK to be a bit critical Whats the buyer driving?
Its okay to judge someone by their car, he says.
Go under contract with the person you think is most likely going to close.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
