Most people know what a realtor is and have pre-determined ideas or have experiences about what they do for you, as a seller. On the other hand, some sellers might not know what to expect when working with a professional home buyer in Hampton Roads, VA. Sellers can expect a professional homebuyer to provide simple, stress-free transactions. CREST Home Buyers is a professional home buyer. You might have also seen the “We Buy Houses” around, and these may be professional h0me buyers as well. Whether you choose to sell your home to us, or another buyer, you should know what to expect.
Professional home buyers in Hampton Roads, VA typically close faster than traditional home buyers, and usually in pay full in cash. Traditional home purchases usually require qualifications from banks, mortgage underwriting time, property inspection time and the buyer may not end up qualifying in the end. There are also normally no commissions paid to a buyer’s or seller’s agent which means thousands of dollars in savings. The usual commission is 3% per side, so if you sell your home for $300,000, you would have to pay $18,000 in commissions alone! Professional home buyers also may not charge transaction fees; if they do, they are extremely low in comparison to the commission or closing costs you would have to pay otherwise. They also provide mail-away closings which is a wonderful thing for out of state owners.
In our market of Hampton Roads, most traditional home buyers (who want to live in the house) ask for 3% from the seller to help cover their closing costs. The seller usually also pays their own attorney fees, grantor’s tax, mortgage release, and more. We find that it usually costs about 10% of the home’s value when you add up the 6% commissions, 3% closing cost assistance, and 1% for other costs. Professional home buyers may also offer to pay some or all of the seller’s closing costs. Using the $300,000 house example, this could be close to $30,000 dollars saved versus using an agent!
Purchasing Homes As-Is
Professional home buyers in VA will usually purchase homes as-is. This means that no repairs are required before the home is sold. On the other hand, someone who wants to live in the house will almost always require repairs. Repair costs can quickly add up and this can be avoided with a profressional home buyer.
Lower Risk Transactions
Selling to a professional home buyer is extremely straight forward. They will lay out every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you didn’t know you didn’t disclose or something they don’t like about the home or the neighborhood. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Professional home buyers already know the state of the property, and they are willing to take on that risk.
When you decide to use a professional home buyer in Hampton Roads, VA, you will not have to worry about going through a roller coaster of emotions.You don’t have to worry about leaving your home spotless every day before heading to work, just in case there is a showing while you’re gone. You don’t have to worry about possibly running into a buyer’s agent or their clients or dealing with them asking you questions that you really shouldn’t answer anyway. You also don’t have to worry about buyers arguing with you over which furniture you are taking and what you are leaving.
Move Out Time
Professional home buyers are in it for the investment. They are not expecting to move into the home on the day of closing. Most home buyers will allow a move-out timeframe after closing to allow you to relocate at your own pace. This is extremely helpful, especially with such quick closing timeframes. Also, you may not even have to clean the home when you leave. You can simply pack your personal items and furniture you want to keep and leave the rest.