Companies have popped up everywhere that claim ‘we buy houses for cash’ in Virginia and most of the time, the house can be in any condition or quality. These companies have gotten a bad reputation over the years and are considered the lesser option in the real estate industry. However, many homeowners are turning to these investors when they want to get quick cash or be finished with the process faster. There are many misconceptions about these investors, and it can help to put it all to rest so that you feel more comfortable turning to them when necessary.
They’re a Scam
The biggest misconception is that these companies run scams. No one would ever be interested in selling their house for less than market value, right? Wrong. Many people find themselves in less-than-desirable circumstances. They don’t want to go through foreclosure, they don’t want to put the house on the bankruptcy, or deal with the maintenance anymore. All of these, and more, are legitimate reasons to use a house-flipping company.
They Take Advantage of You
Again, the misconception is that these investors take advantage and prey on those in distress. However, that isn’t likely the case. Most of the time, you aren’t going to get full market value for your house, and you shouldn’t expect it from these investors. They take into consideration how much you owe on the mortgage, what condition the house is in, and how little they can offer. Their goal is to make a profit; they fix up the house later and sell it for more than they paid. It’s not a scam, and it’s not necessarily them taking advantage of you. They are just making sound business decisions and helping you out of a bind; you get rid of an unwanted house and recoup some of the money.