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Should you sell your home through “we buy houses” programs

Should You Sell Your Home through “We Buy Houses” Programs?

Cities and towns across America are dotted with “We Buy Houses” signs. With foreclosure rates at staggering heights, homeowners desperate to sell their house fast often turn to home buying companies. The question that lingers is, is this the best option available?

Organizations that engage in “We Buy Houses” programs often do provide solutions to homeowners facing financial challenges. However, considerable caution should be used prior to signing over the deed to your home. Sadly, many unscrupulous people are waiting to prey on borrowers fearful of losing their home to foreclosure.

Borrowers who owe more on their mortgage loan than their home is worth find it nearly impossible to locate a buyer. Organizations who offer to buy real estate for cash typically want to purchase properties below market value. In some areas across the nation, housing prices have dropped as much as 50-percent, making it impossible to sell the home at a reduced price.

The only option available for borrowers is to obtain short sale approval from their mortgage lender or allow the home to fall into foreclosure. Short sales are rapidly becoming the remedy of choice for homeowners facing foreclosure. Using short sale agreements, mortgage lenders agree to accept less than is owed on the home loan.

At present, banks accept approximately 10-percent of short sale requests. If the mortgage lender denies the request to short sell property and the borrower is unable to cure mortgage arrearages, the only option left is foreclosure.

When lenders commence with foreclosure a Notice of Default letter is sent to the borrower. The NOC becomes a matter of public record. Many real estate investors that buy houses for cash hire researchers to scour court documents in search of foreclosure and bankruptcy notices. If you have received a notice of default, chances are you will receive correspondence from investors and home buying companies with an offer to buy your home for cash.

Real estate experts recommend avoiding “We Buy Houses” programs solicited by mail, phone or TV. Instead, seek out real estate investors who specialize in purchasing distressed properties including foreclosure and short sales. These individuals possess experience and understand what needs to be done to close the deal.

Use the Internet to locate real estate investors in your area. Many investors belong to a network and can connect buyers and sellers across the nation. Once potential investors are located take time to engage in due diligence to ensure you are working with a licensed professional. Check with the Better Business Bureau to determine if the investment company is in good standing or if complaints have been filed.

Realty agents and real estate companies must be licensed in the state where they conduct business. Every state has a real estate commission where credentials can be verified.

Private real estate investors typically are not listed through the BBB or real estate commission. Professional investors will provide clients with referrals and resources to validate their credentials.

Real estate documents should be reviewed by a qualified attorney. All documents should be read and completely understood before signing on the dotted line.

Trust your instincts. If the deal sounds too good to be true, chances are it is. When it comes to saving your home from foreclosure, every precaution should be taken to ensure you are not being scammed.

Avoid being a victim of foreclosure scams by engaging in thorough research. While it can be tempting to sell your home to stop foreclosure or bankruptcy, making the wrong decision could create a situation much worse than the one you are already facing.

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