For many Utah home buyers, the concept of a “hassle free home” can seem like as much of a contradiction as jumbo shrimp. And it’s no different for many Utah home sellers. Preparing a home for sale is a very real hassle for many. This is one reason why hundreds of Utah home owners are turning to reputable house buying companies like us at GaryBuysHouses to make the house selling process simple.
But how exactly can selling your home to an investor be such a wise idea? And why is selling a house fast for cash on the rise—not just in Utah, but for much of the rest of the country?
Mortgage Applications And Bad Credit
It’s no secret that the average credit score in America can be less than uplifting. In fact, an estimated 43.4 million Americans suffer from credit scores of less than 599. And with those figures, even the most responsible home buyer can find it difficult being approved for a mortgage, if not downright impossible.
You may have a gorgeous forever home. You may live in the “hot” new up and coming market, like Capitol Hill or East Bench. So why haven’t you found the right buyer yet?
The truth is that more and more Utah residents are facing debt. The Federal Reserve Bank has estimated that the average Utah resident has over $59,000 worth of debt to contend with. Over 77 percent of that comes from collateralized debt with home mortgages. Banks can be less than sympathetic to both the average American and their financial strains. And hard money lenders can not only be downright dangerous, they can be blatantly criminal. So much so that the FBI revealed over $1.4 billion in losses resulted from fraud in 2017 alone.
Home buying companies, on the other hand, are typically operated by hardworking professional investors. They’re not a bank. They’re real life human beings who know precisely the disappointment and frustration that comes with having a mortgage application denied. They not only understand, but are entirely sympathetic. And if you’re a homeowner looking to sell your property quickly, they can sometimes be your best option.
Flexibility And Options
Anyone in business is looking to make a profit, and home buying companies are no different. Ask any successful business owner the value of a return on investments and you’ll probably hear that it’s the single most critical part of owning a business.
A reliable home buying company is a little different. Yes, they will eventually make a profit from the resale of your home (at least we hope so!) But they can offer you much more flexibility in payment. Not only flexibility, but they may be willing to take over your mortgage. And if you’ve ever tried to apply for a home equity line of credit in order to fix your debt, you’ll know that proposition can sometimes be a life saver.
We all know home repairs can be costly. An estimated $3,000 annually—and that’s just on a $300,000 home. In Utah, the median house costs are significantly higher. But what if you haven’t made any renovations to your home? What if you inherited property with substantial damages? What if you’re simply sick and tired of throwing your money in a seemingly bottomless pit and simply want to get out from under it? Home buying companies purchase your home as is, with little questions about any property damage. And often with cash.
Home Buying Companies And Scams
Do fraudulent home buyers exist? Absolutely. One page 20 of this FBI report here reflects $149,458,114 in real estate fraud in 2018 alone. And a large percentage of that was the result of home buying scams. They’re often one man operations who act without professionalism, courtesy and integrity. They’ll make an attractive offer. Almost too attractive. That hassle free home sale? They’ll be eager to tie up the sale with property disagreements and leave you empty handed.
We’ve been in the home buying business for over ten years now. And we know a fly by night scam when we see it. We understand the entire legal cash flow involved in the transaction that must take place. Don’t listen to other “investors” who mention administration and processing “fees.” A legitimate investor will simplify the process for you. Don’t let them insist on purchasing the property in Utah sight unseen. Spending thousands of dollars in rehab costs is as much of an investment for an investor as it is for you.
What Do Investors Look For?
While home buying companies might not seem particularly picky about the condition of your home, they want to know the cost of potential damages in rehabilitation. Some may be concerned about the crime rate of the neighborhood, but in 99% of situations a desirable outcome to purchase your home without hassle is very easy to do.
Meth houses are unfortunately a reality of living in Utah. Some investors simply won’t touch them but we do at GaryBuysHouses. For most investors who lack the experience, buying houses contaminated with meth are simply too costly to repair. But a savvy and responsible cash home buyer looks at the potential for resale. They know they can turn your home’s condition around because they’ve done it dozens of times before. And they know there’s no such thing as a bad home—just an ignored one.
Why Should I Trust A Hassle Free Home Buying Company?
Because it’s a convenient solution for both you as a seller and the investor. We often describe it as a “win-win solution” because it truly is one. You’re getting out from under your debt and the buyer is getting a return on their investment. Maybe you inherited your home or have your home as a result of a particularly nasty divorce, and the emotional cost is too great to keep up with. A solid, reputable home buying company will understand and offer you a quick, worry-free solution that will serve the both of you. That’s what we offer you.
But what if you don’t want to move and simply need to sell your home quickly? The good news is that sometimes, you don’t have to. That’s why we designed our “Sell Now, Move Later” program. With Gary Buys Houses, we’ll purchase your home as is, in as little as 3-5 business days. You can stay as long as you’d like—and we can even arrange for you to purchase the home when you find yourself more comfortable.
Maybe the question isn’t why you should trust a hassle free home buying company. The question is why you wouldn’t.