Are ‘We Buy Houses’ Companies Unethical?

The short answer is no, they are not unethical. ‘We buy houses’ companies exist to offer a service that conventional realtors and real estate companies do not offer. Henry Street Property Group prides itself on professionalism and honesty, working with clients to provide fair offers to purchase their homes. However, not all companies are created equal and it’s important to research any company you plan to do business with.

How ‘We Buy Houses’ Companies Help People

When a homeowner needs to sell a property that’s run-down or needs extensive repairs, ‘we buy houses’ companies exist to give that homeowner a cash offer to buy their house. Whether the house is inherited, or in foreclosure, or sold as a result of a divorce, ‘we buy houses’ companies can help when realtors won’t.

Properties Are A Burden

When a house is acquired or inherited (often unexpectedly), it can be a huge burden. Even if the house is in great shape, there are taxes and utilities that need to be paid just to maintain it. If the house needs repairs or maintenance, the costs will start to pile up, and the house can take up way too much time. When this happens, selling the house is usually the easiest option, and ‘we buy houses’ companies like Henry Street Property Group can provide fair cash offers and close in a few weeks.

Extensive Repairs Needed

If extensive repairs are needed, realtors may choose not to sell the property, leaving owners with two options: spend money and time to fix it, or sell the house without a realtor. ‘We buy houses’ companies typically buy houses in any condition and will even provide clean out services.

Foreclosure

If you’ve been foreclosed on, selling the house may provide enough money to pay back the bank. However, using a realtor will take time and they’ll charge a commission fee, reducing the amount of money you receive from the sale. Selling for cash can take as little as 30 days and will put more money in your pocket.

Can’t Sell With A Realtor

Realtors will often turn down sellers whose houses don’t meet their standards. If the house is in disrepair or needs a lot of work, or won’t sell for much, it can be hard to find a realtor to sell it. Even if a realtor will agree to sell it, commissions can be expensive, and it can take a long time to sell. ‘We buy houses’ companies will purchase these properties, and can close in just a few weeks.

Research The Company

If you’re looking for a company to buy your property for cash, make sure to do your homework and research the company carefully. Look for the following criteria:

• Does the company have good reviews?
• Are there testimonials from real clients?
• Is the company upfront and honest about their services?
• Are there details about the company’s leadership and who owns it?

If this information isn’t easy to find, or it raises red flags, consider selling to someone else.

What To Watch Out For

Not all companies are created equal, and unethical, shady ‘we buy houses’ companies do exist. Here’s what to look out for:

• Lowball offers. If the offer seems low, get another offer from a different buyer and compare the two. Some companies give lowball offers because they assume the seller won’t shop around.
• High pressure negotiation. If the buyer uses high pressure negotiation tactics, or intimidation, consider selling to someone else. The buyer should work with you, on your schedule.
• Read the contract carefully. Sometimes contracts have suspicious clauses that aren’t immediately obvious. Ask the seller what these clauses mean and if they hesitate or don’t explain them, sell to someone else.

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