Connecticut Cash Home Buyers
The Connecticut real estate market has been a seller’s market for quite some time. With that said, there are still many homeowners who cannot sell their homes for various reasons or need to sell fast. The Connecticut area is still besieged with record number of pending foreclosures, these people today are working on finding ways to get more cash for homes.
Homeowners are searching for another option to sell their homes in these types of circumstances because selling the traditional way isn’t an option for them. In addition, there are many homeowners who want to sell their property with out a real estate agent to avoid the hassle of the traditional selling process.
iBuyers vs Fast Home Sales
Today’s consumer values speed and transparency more than any other generation before it. The availability of high-speed internet on devices that fit in the palm of their hands and gives them access to a wealth of information. As a result, it has made instant gratification a major factor in their decision-making process.
But if you know anything about real estate investing, then you know that selling a home is STILL a notoriously long process with lots of hidden costs along the way.
Fortunately, newer business models are helping sellers and buyers in real estate transactions that drastically speed up the process. iBuyers and fast homes sellers focus on buying and quickly selling their housing inventory.
Let’s take a closer look at these two increasingly popular models that help home sellers looking to sell their properties for cash in as little time as possible.
What are iBuyers
To address the need for speed and transparency, companies known as iBuyers use technology to analyze the home’s age, condition and location (by zip code) via algorithms to come up with a fair price of the property in the future. The iBuyer then presents the seller with a cash offer and if a deal is reached, the iBuyer will buy the home outright.
For the seller, this means no more worrying about paying agent fees, listing the home, or advertising it. Of course, once they do buy your home, they will want to maximize their profit potential by fixing what needs to be fixed before listing it on the open market.
Needless to say, home sellers benefit from working with iBuyers because of the speed and convenience that they offer. However, the convenience does have a price tag and that ultimately comes down to the discounted price they offer to the original home sellers.
Look out for service fees
- IBuyers will typically charge the homeowner "service fees" typically falls between 6-8%, but could be as high as 14%.
- IBuyers will ask you to make the repairs needed after their inspection or they deduct those repairs even after their initial offer.
- IBuyers offers are time sensitive in which homeowners have to act quickly on before the offer is rescinded.
The iBuying Process Explained
Most iBuyers have similar process to follow when Sellers use their platform, which usually look something like this:
1. The Seller goes online and requests an offer for their home.
The process begins with filling out forms to include some the required basic info about the property, its features and anything else that may have a material significance, such as a recent renovation.
2. The iBuyer analyzes the data to come up with a valuation.
The iBuyer takes the data provided and analyzes it to determine if the property meets their requirements to qualify for an actual offer. If so, they will use their Automated Valuation Model (AVM) tool, which is basically a computer algorithm, to come up with an estimate of the property’s worth.
3. The iBuyer submits the cash offer.
Once an iBuyer receives and offer request from the seller, they will take between 1-2 days to analyze the data (step #2) and submit their cash offer to the seller. This offer offers a detailed breakdown of all the fees associated with the offer price including the final net proceeds of the sale, with the aim of being as transparent as possible.
4. The seller now has 5-7 days to accept the offer price.
Once the iBuyer makes their offer, the seller has 5-7 days to accept the offer. It is important to note that because the algorithm has been carefully designed to accurately estimate a property’s value according to current market conditions, they will rarely renegotiate the offering price with the sellers.
Once they pitch you the offering price, it’s pretty much set in stone at that point.
5. Once the offer is accepted, the home inspection begins.
Once the offer is approved by the seller, the iBuyer will arrange a home inspection of the property. However, they will cover the inspection costs. During this part of the process, the iBuyer will take a close look at the property and will assess the potential costs of any needed repairs needed on the house. Once the additional costs are estimated, the seller can either assume the costs themselves or deduct them from the sale price of the home.
6. Time to close the deal.
Once the final price is agreed upon or the repairs have been finalized, the homeowner gets to choose a closing date that best suits their needs. Although the limits of move-out dates may vary from company to company, the general tendency is for iBuyers to allow the sellers between 7-60 days after their contract sign-off date to leave the property.
Although iBuyers offer Sellers the opportunity to sell their homes for cash within a few days, they will have to do so at a significant discount versus the more traditional methods, especially when you take into account the "service fees" and any needed reparations or restorations your property may need.
What are Fast Home Sales
Home sellers looking for a quick home sale in cash can also work with companies that specialize in fast home sales. Fast home sellers can either buy your house directly or through a third party buyer. Either way, the house is usually sold at a discounted price but the proceeds are delivered quickly and in cash.
Our company, appropriately titled, "Fast Home Sales", buys houses nationwide for cash. Our priority with every homeowner is to provide a fair, fast and flexible home selling experience.
Fast home buyers have a lot in common with iBuyers, mainly that they can buy your house for cash quickly. However, they differ in some key areas:
The Fast Home Sales Difference
1. Fast home sellers want your property as is. Really.
An iBuyer will typically look for homes that are in good condition in order to resell it in the open market. Fast home sellers, on the other hand, typically focus on buying low and selling high and will truly buy your home as-is.
2. YOU choose the move out date that’s best for you.
One of the biggest stress points in any move is the move-out date. Fast home sellers are flexible in that you coordinate a move-out date that fits your schedule and they will plan accordingly.
3. Get your cash in as little as 7 days.
Fast home sales will pay you in full and in cash for your property in as little as 7 days so you can rest easy in moving ahead with your plans knowing that you will have your cash in hand.
4. You get the full proceeds form the sale.
Whereas as other real estate business models include an assortment of fees such as closing and realtor fees, sellers working with fast home buyers only have to deal with accepting the buyer’s offering price that they agree to.
It means not having to put up with prices set in stone and you leaving the deal with a more favorable outcome.
5. The chances of sales falling through are minimal.
When an iBuyer submits an offering price to the seller, it is nearly impossible to renegotiate that price. In other words, its more like a take it or lose it kind of deal.
With a fast home seller, however, no one leaves the table until both sides are satisfied with the proposals so in that sense, deals are much less likely to fall through.
Finding the right fast home buyer
Fast home buyers are easier to locate than you may think. For example, many of the active fast home buyers on the market set up bandit signs all over town to attract home sellers that are looking for a quick and effective way to sell their properties. Many of them don’t have the luxury of time to wait months for their homes to be sold via the traditional real estate business.
Either ways you can get in touch with quality fast home sellers include using the good old internet to find these companies and even read the reviews other customers are leaving for them. If a home seller you are currently looking up is active in your part of town, it’s a good bet people will have left some comment of what their experience working with them was like.
As you can see, even if fast home sellers are working in an unregulated market like the traditional real estate agents do, they have to rely on maintaining a great professional and ethical reputation among their customers and community members.
Another option worth considering to get more information about fast home buyers is talking to hard money lenders. Most cash buyers don’t usually have their cash stashed in a bank account ready to use when they meet a potential home seller customer. They actually get loans through what are known as hard money lenders which is basically a short-term, asset-backed loan (like a real estate property).
These lenders often work with reputable cash buyers and will be glad to recommend their favorite names to you as a seller. After all, in the end it means more potential business that can add to their bottom line.
As a home seller, it is important to remember that in certain scenarios, one model may be a better solution than the other. However, both business models have their merits and are worth taking into consideration. Get in touch with your local fast home seller if you’re looking to get the most profitable deal for your bottom line, but also keep the iBuyer option as a next best solution.
Our company, appropriately titled, "Fast Home Sales", buys houses nationwide for cash. Our priority with every homeowner is to provide a fair, fast and flexible home selling experience.
We Buy Houses in Connecticut in These Areas
- Branford
- Bridgeport
- Bristol
- Cheshire
- Danbury
- East Hartford
- East Haven
- Enfield
- Fairfield
- Glastonbury
- Greenwich
- Groton
- Hamden
- Hartford
- Manchester
- Meriden
- Middletown
- Milford city
- Naugatuck
- New Britain
- New Haven
- Newington
- Norwalk
- Norwich
- Shelton
- Southington
- Stamford
- Stratford
- Torrington
- Trumbull
- Vernon
- Wallingford
- Waterbury
- West Hartford
- West Haven
- Windsor
Sell Your House fast in connecticut
Call Us or Submit Your Information On Our Website
Submit your information on one of our website forms, it’s quick, easy & free! We’ll call you to review the details and make sure it meets our buying criteria. You can also call us at (833) 814-7355.
Meet With Us At Your Home
If everything sounds good, the next step is to schedule an appointment, where we will go out to inspect your property. Does your property need work? Not a problem! We buy homes in their current condition. We also answer any questions you might have. We then present you with an offer. You choose to either accept or decline our offer. Never Any Obligation! If you accept, we go on to Step 3.
Choose Your Closing Date and Sell Your Home
Choose your closing date. We take care of everything, including all paperwork, so you simply have to sit back and wait for your payment, which you get as soon as the transaction closes and funds. We close at a reputable local area title company.