The Basics Of Home Buying Companies

by | May 24, 2019 | Real Estate

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Recent statistics from the United States housing market indicate that the average American home sells in 68 days from the time it was first listed to the date on which the deal is actually closed. Most homes are sold in warmer months, especially the summer season.

Homeowners who are looking to quickly sell their holdings are often out of luck when turning to the standard means of selling homes – listing them and hiring a realty agent to court potential buyers. Fortunately, house buying companies Michigan are always looking to purchase homes.

Here are a few things about house buying companies Michigan that you might not have known about.

Home buying companies typically target certain types of homeowners

These businesses, also known as equity purchase companies, love to work with homeowners whose listings have expired, those who are getting divorced, and who have recently found themselves in bankruptcy.

Equity purchase companies (EPCs) also look out for damaged, trash-filled, vacant, and foreclosed homes. The reason why these classes of sellers and homes are attractive to home buying companies is that they are easier to gain favorable sales terms from.

How much can homeowners expect to receive?

EPCs stay in business by offering to purchase ideal homes from ideal sellers for anywhere between 15 and 40 percent, on average, below the estimated market value of those homes.

All reputable home buying companies make cash available to sellers within one to four business days after inking sales agreements.

Sellers like these opportunities because they can sell homes as-is

The value of homes that are currently under renovation or that house uncompleted projects is often much lower than what they would be if they were fully completed. Such projects take time, money, and effort to complete, turning many homeowners to home buying companies to sell such homes.

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