National home buying companies are a fairly new option when it comes to selling your home. They provide a fast option if you need to sell as soon as possible but they are not the only alternative. There are still traditional local home buyers in Detroit, MI that are cashed up and able to buy your home. How does the big national house buyer compare to a local home buyer in Detroit?
Nationwide home buying companies buy and sell real estate through technology. They felt the need to simplify and streamline the real estate transaction process basically eliminating the real estate licensee. They provide a platform to buy directly from homeowners and sell to buyers directly. These companies are looking for properties in very good condition with minimal or no repairs to make. If the property does need repairs they will often offer less for the house or require the seller to make the repairs themselves before closing. These national companies are focused on higher volume and less profit per property.
Selling Your House Through A Nationwide Home Buyer
As a seller you should know how a nationwide home buying company compares to a local home buyer in Detroit, [markey_city] when you decide it’s time to sell your house.
Through a national home buying company website, owners can request an offer from the company. The seller fills out information about the house and will disclose any known issues or recent updates. If the property meets the company’s criteria, they then do an evaluation on the subject property. They will typically provide a cash offer within 48 hours of the request. After the owner accepts the offer they will usually send out an inspector to verify the status of the property. If any repairs need to be made they will either request the seller to fix them or deduct the repair cost from the offer. When the repairs are settled the owner then picks a closing date. One of the biggest issues with a nationwide home buying company is that they don’t really know the local market very well and often rely on a local person who doesn’t have much experience in real estate.
Selling Your Property To A Local Home Buyer
A local home buyer in Detroit will generally be using a Realtor. This means the local property buyer will be most likely to find your house through the multiple listing service of the area. The buyer’s agent would then present the offer agreement to the selling agent or seller directly if they are not using an agent. If the seller accepts the offer the buyer will usually hire an inspector to make sure there are not any hidden surprises. If you’re fortunate the buyer will purchase in all cash but the typical home buyer will need financing which can take 30-90 days depending on the lender. This point in the process is where some purchasers are forced to withdraw their offer because of financing issues. If they make it past this point and the inspection comes back agreeable then the closing occurs according to the purchase agreement.
Local home buyers that do not use real estate agents are usually investors. Working with these buyers will have aspects of national franchise buyers and buyers with real estate agents as well. They tend to make cash offers with quick acceptance time frames but have inspection tendencies like local home buyers that work with real estate agents. They will most likely hire an inspector and request a price reduction for repairs needed. Some investors may need some time to inspect the property or to secure financing. The local cash home buyers will tend to close quickly because they are not waiting for financing.