The rise of technology has created many new methods and services that can help you sell your home. One type of company gaining in popularity are direct home buyers who provide homeowners with one of the fastest routes to sell their home.
A direct home buyer is a company that will buy your home directly from you with an all-cash offer. Traditionally, these have been home flippers that look for distressed properties, fix them up, and sell them for a profit, but newer services will purchase homes in any condition to provide the home seller with a way to sell their home quickly. They also give you more flexibility, as most of these companies will let you close on your own timeline.
Selling your home to direct home buyers is a simple and straightforward process. You first contact them or submit your information to an online form. They will then reach back out to collect additional information about your home. Some companies will require your home to “qualify” before proceeding with the purchase. If your home does qualify, a representative will schedule an in-home consultation to answer any questions and to gather more information about your home. After the direct home buyer has enough information on your home, they will send you a cash offer to buy it. You can request offers from multiple direct buyers and compare your options. Offers are free and no obligation.
Not all properties will meet the purchase criteria for a direct home buyer. For instance, they normally do not purchase properties of which the lot is greater than an acre, or if the home is valued over a set amount. Some will only purchase distressed properties, while others will also purchase regular homes. As every company will have their own criteria, make sure your home qualifies before requesting your offer.
Offers will vary from buyer to buyer. Every company will have their own method of valuing your home. Typical methods used include performing a comparative market analysis, analyzing market conditions, and considering unique features of your property. If you want to get a better idea of your homes value, you can use these free online tools to get a general estimate. For more accurate estimates, you will need to pay for an appraisal or a comparative market analysis (which some brokerages offer for free).
Some direct home buyers allow you to trade in your home, which can greatly reduce the stress for home sellers who are also purchasing a new home. If you are in this situation, it may be hard to schedule your selling and buying timelines while scheduling your moving arrangements. Selling your home before buying results in the headache of finding and arranging a temporary place to live. Buying before selling results in you temporarily paying off two mortgages. The flexibility of some direct home buyers allows you to easily schedule the closing timeline of both your new and previous home, so you don’t have to worry about moving twice or taking on two mortgages.
It is free to request no-obligation offers from direct buyers. Depending on which company you end up using, fees will vary. Some will pay all closing costs and will purchase your home without real estate agents, which saves you the commission. Others will require you to pay fees that will end up costing as much as a traditional sale. These companies normally have a business model that provide you with a fast home sale, but they end up holding your property to sell at a later time. Due to this, the fees will go toward the cost of holding the property, taxes, maintenance fees, and the buyer’s agent commission for when the company resells your property.
Selling your home to a direct home buyer is not for everyone. While it may be a fast alternative to the traditional home sale, homeowners will see varying levels of success depending on a wide range of factors. If you are looking for liquidity, selling to a direct home buyer will be your best bet. If time is not a major factor, you may want to consider alternative ways of selling your home that can potentially get you more or better offers. To see your options, you can find and compare local direct home buyers here.
Opendoor is a real estate company that will make you a cash offer to purchase your home and provides you with a fast way to sell your home. Offers are free to request and no-obligation.
Redfin Now is a service by Redfin that will make an offer to purchase your home directly from you.
Offerpad makes cash offers to purchase your home, providing you with a fast and flexible way to sell. Offers are free to request and no-obligation.
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