How Do I Find A Cash Buyer For My Home In Massachusetts?

So, you’re considering selling your house in Massachusetts for cash. Great, but now what? Well, your number one task is to find a legitimate, cash homebuyer (out of the dozens of options) who will A) give you a fair offer on your home; and B) actually perform on that offer. 

That can seem pretty overwhelming, but it’s actually easier than it looks. Today, we’ll go over exactly how to do it. 

Let’s start with a disclaimer. We’re cash homebuyers ourselves, and in a perfect world, we’d love to do business with everyone who has a house to sell. But we know sometimes it’s not a perfect fit, and that you’ll end up continuing your home-selling journey elsewhere. Regardless, we’re dedicated to giving you the information you need to sell successfully, whether it’s with us or someone else.

With that out of the way, let’s get started.

Start Online

Suppose you’ve received a couple of mailers from a couple different companies. First, Google each one. Do they have reviews on Google, Facebook, Yelp, or the Better Business Bureau? Are they good reviews? 

All of that is pretty obvious, but we want to flag something important here regarding the Better Business Bureau in particular. Here are the ratings for a well-known homebuying company:

What do we notice? Well, the customer reviews are utterly terrible, but the BBB rating is an … A+. Huh? Yep, so when a company says “we have an A+ rating from the Better Business Bureau”, those statements are pretty much meaningless. Stick to the actual reviews by actual consumers when making your decision. You can also check consumer complaints (if any) on the same profile page.

Call Them

Not all that glitters is gold, as they say. So even if the reviews are positive and the company seems reputable, those appearances can be deceiving. With that in mind, use an initial phone call as your next screening tool.  

Do they answer promptly, or at least return your call promptly? Do they speak professionally, or do they answer with a “YULLO?”? Are they pushy, as if they’re trying to sell you something? Are they telling you exactly how their process works and providing clear, direct answers to your question, or are they being vague and dodgy? 

And most importantly, are they having an honest conversation about your situation and whether a cash offer is right for you, or are they just beating their own drum the whole time?

Due Diligence

If you feel good about them online and over the phone, the next step (usually) is to have them come out to the property and do a tour (or view photos if that’s not possible). At that point, they’ll be able to make you an informed offer. Be very wary of companies that are eager to make you blind offers over the phone. This makes no sense — how can you value something you’ve never seen? — unless you’re trying to get your foot in the door with a nice-sounding offer and beat the homeowner down on price later.

Assuming the offer is a fit and you feel good about it, ask the buyer for a proof of funds, such as a bank statement or a letter from the bank branch. If they’re legitimate and have the cash, they should have no objection to showing you proof. Don’t skip this step. You’d be surprised how few so-called “cash buyers” actually have the resources to buy a house.

We’d also suggest asking for a HUD. What are HUDs? Those are just balance sheets showing each party’s profits and costs at closing. If a cash buyer can produce a HUD from a previous transaction, it means they have at least some experience buying houses, and this isn’t their first rodeo. If you want an easy, smooth, hassle-free home sale, you’ll need someone who really knows the ropes and isn’t just figuring all of this out for the first time.

No Weaseling

Finally, before signing, check the contract. We recommend having an attorney do this, but in either case, are there any so-called “weasel clauses” that would allow the buyer to get out of the deal, even though they’re promising to buy the house as-is, no conditions? Here are some common weasel clauses, but there are many more (which is why we suggest an attorney):

  • “Contract subject to [or contingent on] partner review [or approval]”
  • “Subject to attorney review”
  • “Subject to walkthrough”
  • “Subject to inspection”
  • “Subject to due diligence period”
  • “Subject to lender approval”

That being said, not all of those are weasel clauses all of the time. Sometimes, a due diligence period is really necessary (for example, to have someone come out and check the septic, because that could impact the amount of repairs and thus the value of the house). 

Basically, make sure the contract is ironclad before committing yourself to it. And that’s not just for real estate. 

So there you have it: a quick guide to selling your house for cash to a legitimate homebuyer. Want to know more about the actual, step-by-step process of selling for cash? See how it works here.

Have questions about any of the topics discussed? Feel free to call us at (617) 831 6186.

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