What to Know Before Selling to a Home Buying Company

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October 30, 2020
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companies that buy houses in connecticut

Perhaps you’ve stumbled upon this page because you have reached the end of your rope when it comes to your home. Whether due to unexpected tragedy, financial hardship, or a job relocation, many individuals find that they need to quickly sell their home and don’t want to jump through the hoops of a typical sales process.

At the Garnet Property Group, our years of experience in helping homeowners sell their houses for competitive cash offers has helped us become a leading home buying company in Connecticut. Each year, our team of skilled property agents work with individuals and families in a variety of situations to sell their homes fast across cities such as Bristol, Farmington, and more. and consistently exceed expectations with sales offers that leave our clients ready for their next chapter.

As a home buying company in Connecticut, we often field questions from homeowners who want to know more about the “we buy houses” companies that they see on TV. If you have ever considered working with a property buying group, but aren’t sure where to begin, read on for our breakdown of what you should know before selling.

Table of Contents

How A CT Home Buying Company Can Help You Sell Fast

For many homeowners, selling your home can be a headache bordering on a nightmare. What if you could avoid the hassle of selling with a real estate agent or going it alone, and simply receive an on-the-spot cash offer for your home? This is the beauty of working with a home buying company. As opposed to working directly with a real estate agent to list and sell your home to prospective buyers, a home buying company will work with you to purchase your home directly – saving you time and money!

When it comes to selling your home, the first thoughts you may have are of doing your property value research, cleaning up your house, completing updates and renovations, and more. From deciding to sell your home to the final sale, the entire process can take time, money, and quite a few unexpected obstacles. If you are ready to sell your home, but are looking to make a sale without the work involved in preparing your home for the market, you may benefit from working directly with a property buyer.

Here are some of the ways that a home buying company can help you sell your Connecticut home fast:

1. Many Home Buying Companies Will Purchase Your House “As Is”

You have probably seen or heard the “we buy houses” commercials on TV and radio – individuals who represent a company promising to take your home off of your hands in any state or condition. While it may seem too good to be true, this is exactly how many home buying companies work! 

When looking for properties, most home buying companies will make an offer to a homeowner for the home in an “as-is condition”. This means that there is little to no responsibility that you will face in fixing, updating, or renovating your property for the sale to go through. This can be perfect if you don’t have the budget for the updates or renovation projects that some buyers may be looking for in a home purchase.

2. You Will Receive A Cash Offer On The Spot

One reason sellers love working with a home buying company is the fact that you can receive a guaranteed cash offer on your home. Usually, home buying companies will purchase your property with a full-cash offer that is ready immediately – this means that you can avoid the hassle of waiting to hear if your buyer’s financing has gone through to completion prior to the final sale.

3. There Are No Commissions

Many home sellers are shocked to discover how much of their sale price goes to commissions to the real estate agent or company. When you work directly with a property purchasing company, you can avoid the commission altogether – meaning more money in your pocket!

4. The Sale Will Close Fast

Part of the reason that many home sales processes take 30-60 days or longer is due to the filing and paperwork that is required to ensure that both parties have the funds necessary to complete the sale. This can leave you waiting in the anxious unknown awaiting the final go-ahead to complete your sale.

If you are in need of a fast closing (and potentially little to no closing costs) then you will want to team up with a home buying company. By offering a full cash offer on the spot for your home, you can avoid the filing and paperwork process that keeps much of the closing process moving slowly.

The Pros & Cons Of Working With A Connecticut Home Buying Company

There are many reasons why homeowners in CT cities such as Chesire and New Britain are choosing to work with property buying companies such as the Garnet Property Group. However, while many home purchasing teams have the interests of their clients at heart, some are looking to take advantage of sellers who are in a pinch. Because there are both good and bad companies out there, it is vital that sellers understand the pros and cons of working with a home buying company.

Understanding the pros and cons of selling with a home buying company can help you make the best decision for you and your family. While you may love the speed at which you can sell your home, you may be shocked when you don’t receive the best price for your home. Here are some of the potential pros and cons of working with a property purchasing company:

Pros

The Process Is Easy.

If you are looking to sell you home quickly and aren’t that worried about getting the highest possible price for your region, then working with a home buying company may be the way to go. Instead of having to work through the process of working with a real estate agent or buyers, you can move faster to closing and still make a competitive price for your home.

Only Make One Decision: Sell

While the routine home sell process includes a variety of difficult and complex decisions, selling your home to a property company makes the process simple and easy – to sell or not to sell!

Only Make One Decision: Sell

While the routine home sell process includes a variety of difficult and complex decisions, selling your home to a property company makes the process simple and easy – to sell or not to sell!

Avoid The Hassle Of A Real Estate Agent

Agents can be great for helping you sell your house at the best price to the perfect buyer, but if you are in a situation that requires fast movement, an agent may not be the best way to go. With a home buying company, you can move much faster through the process than you would with an average agent or for-sale-by-owner situation.

Don’t Worry About The Condition Of Your Home

If you are concerned about the condition of your home, you may wish to consider an as-is sale. When you sell your home with a home buying company, you can often sell you property in the state that it is in at the time of the offer – helping you save on your budget, time, and avoid costly repair work.

Cons

You Will Likely Receive A Smaller Sales Price

When you sell your home, choosing to take the route of an agent and selling to an individual or family buyer will often yield you a much higher sales price. When you work directly with a home buying company, you will sell your home in its current condition at a price that is comparable to other properties purchased in the region. While you may end up receiving a lower sales price, you will avoid having to put in the work and money ahead of time to update your home to reach that higher sales price.

You Won’t Have As Much Control Of The Process

Selling your home with a home buying company will often leave you with a quick cash offer – but little else to say in the process. While a traditional sale will find you having the ability to negotiate your offer and contract and make updates in order to raise the price, when you receive an offer from an investment company it will typically be a take-it-or-leave-it situation. 

The Risk Of Working With A Bad Company

Home buying companies often get a bad reputation from the various companies in the industry that take advantage of individuals that find themselves in desperate situations. If you don’t take the time to do your research before partnering with a company, you may find yourself receiving an offer for your home that is far below your expectations. 

What To Expect In The Sales Process

If you have decided to pursue the process of selling your home with a home buying company, then the next step is to get to know the process. While the process is much faster than the average sales experience, knowing what to expect can help you make sure that you find the right company to sell to, and know how to navigate to ensure you receive a great offer. Homeowners in Connecticut cities such as Plainville have discovered that the process may be even quicker than they expected, as the market is hot!

When you begin a conversation with a home buying company, you will often begin the process by working directly with a member of their team to lay out your unique needs and expectations. Prepare yourself to ask as many questions as possible, as the pre-offer portion of the process is the time when you will have the most control. 

Make sure that you know how long the typical process is, ask for a “proof of funds” to ensure that the company is ready to offer cash, and look for reviews of other seller’s experiences with the company.

Once you are ready to move forward, the company will send a team to your property to take a look and prepare an offer. Should the company decide to make an offer, they will typically submit their cash offer and a contract. Once you sign the contract to sell your home, the process will usually wrap up quickly. 

If the home is being sold in an as-is condition, then the deal will be done, and the home will be sold! If the company requests any updates, inspections, or other elements to complete the process, you will need to finish those prior to completion of the deal. Closing can often happen in as little as two weeks to a month.

Due to the speed by which the sales process can be completed, make sure to let your home buying company know at any time when you need more clarification, updates on the process, and when you need to pause. At the Garnet Property Group, we focus on helping our clients in Connecticut understand every aspect of their sales process, and we won’t close a deal until our sellers are ready to finish the process.

Conditions For Selling Your House

When selling your home to a home buying company, one of the top benefits is the relatively loose requirements that most companies will require. While each company will have their own unique requests for their sales process, most are ready and willing to accept your home in its current state!

Here are some of the top questions we often receive from interested homeowners:

“Do I have to have my mortgage paid off prior to selling?”

No! Many times, individuals who have found themselves in financial circumstances that make it difficult to pay their monthly mortgage payments will seek the help of a property buying company to sell their home for cash and pay off past-due bills.

Will I Need To Make Repairs Or Renovations?”

While each home buying company requires different steps to be taken in the process, most will make a cash offer quickly for your home in an as-is condition. Even a fixer-upper won’t scare them away! While an inspection will still likely be necessary in the process, sellers typically won’t have to face completing the repairs on their own prior to the sale.

What if I am facing difficult financial circumstances?”

No worries! When you partner with a home buying company, make sure that you find a team will work closely with you to understand your unique circumstances and help you make the right decision. At the Garnet Property Group, we work with Connecticut homeowners in all kinds of financial situations to ensure that their cash offer will help them quickly take care of their home sale and make sure they are able to move forward successfully!

“Will I Need To Pay Closing Costs or Commission Fees?”

One reason that many homeowners choose to work with a home buying company is the potential lack of closing costs and commission fees. Most cash-offer buyers have the ability to pay for the entire property in cash – meaning that there are few fees or costs related to closing the sale.

How to Find a Reliable House Buying Company

Once you’ve decided to move forward with selling your home to a home buying company, the first step is to find the right company for you! While there are many property companies out there, discovering the right one is vital to ensure that you receive the financial compensation you need to move on from your old house and onto your new lease on life.

As we have seen in the pros, cons, and risks above, there are many reasons to spend ample time researching your options. Once you have decided that you want to enlist the help of a home buying company, here are some steps you can take to find the right team for your home:

Search Online For Companies

Many homeowners will quickly turn to their favorite search engine to start the search for a home buying company. While the internet can field many great options, you will have to take the time sifting through the results to find the best company. Without the right strategy, you may find your search results full of low- quality and out-of-state companies.

When searching online, consider using unique and specific keywords to find the best company in your local region:

  • “Home buying companies in Connecticut”
  • “Sell my home for cash near me”
  • “Connecticut Property Buying Companies”

Make sure to look closely at the ratings for each company that pops up in the results to eliminate any companies that other homeowners may warn you against.

Ask A Realtor For Recommendations
Many realtors are a great source for help when finding reputable home buying companies in your area. Don’t be afraid to reach out to a real estate agent – even if you don’t utilize their services in helping list your home, they may have connections to a property company that can step in and put down an offer quickly!

Check Out Local Fixer-Upper Companies

The popularity of home renovation homes has led to an explosion of fixer-upper companies emerging in the industry. One way to find a home buying company that may be interested in your home is to search for flippers in your area. If your home is in a condition that warrants the potential of a flip, you may be surprised to see how many offers you may receive!

Contact Connecticut’s Leading Home Buying Company

If you are interested in working with a company with years of experience in the Connecticut region, contact The Garnet Property Group today. As one of the area’s highest-rated home buying companies, The Garnet Property Group utilizes a customer-first mindset and a highly-skilled real estate team to help you sell you home quickly at a sales price you will love.

Sell Quickly & With Confidence With A Reputable Home Buying Company

Choosing to sell your home in Connecticut with a home buying company can be one of the fastest ways to sell and receive the cash you need to get out of a tight situation. While some home buying companies may not have your best interests at heart, there are many who are ready to offer you a fantastic price offer on your property right now!

If you are interested in learning what a home buying company may have to offer you for your home, take the steps necessary to find a reputable team that will not only work with you at a pace that you are comfortable with, but that will also move quickly to ensure that your closing is completed and that you receive your cash fast. 

The team at the Garnet Property Group has been helping homeowners across Connecticut – from Burlington to West Hartford – sell their homes in any condition for years. With an experienced team of real estate experts that know the Connecticut real estate market, you can trust that you will receive the best cash offer for your home the first time without hassle. Our team will work with you to help you understand the entire process from start to finish, and work hard to make sure you finish the process with cash in hand. Contact our team today to learn more and get started.

 

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