Two Types Cash Home Buyers and How The Companies Work

If you're planning on selling your house and want to work with a home-buying company, you should know that they aren't all the same. You'll likely see a lot of options for Twin Cities home buyers, and the goal is to choose the company that's going to give you the best deal. 

That includes a fair price, but the amount you'll receive for your house isn't the only thing that matters. How long it takes to close, whether you have to pay any costs or fees, and other small details are all important parts of the experience.

There are online companies, which are commonly called iBuyers, and there are also local companies that purchase homes in their communities. If you see a lot of "we buy houses Minneapolis residents need to sell" language from a company, finding out where they're from can help you make your decision. Here's what you need to know about both types of companies that may offer to buy your home and what you can expect from each one of them.

The Two Main Types of Cash Home Buying Companies

While there may also be individual investors who could express interest in a home that you want to sell, there are two main kinds of home-buying companies that can deliver offers on your home. 

You might be really interested in that billboard that says, "we buy houses cash Minneapolis," but sometimes things sound too good to be true. Before choosing a company, you'll want to investigate the company behind the claim and understand which type of business it is. 

The two types of home-buying companies are:

1. Local Companies: These are companies interested in investing in their communities. The owners live in Minneapolis or the surrounding area, and they want to see their local area get better over time.

2. Online Companies: These iBuyers offer to buy homes, often sight unseen, in many different areas of the United States. They don't live there, aren't concerned about the area, and want to make as much money as possible.

Because Twin Cities home buyers fall into these two categories, distinguishing which one of the two types you want to do business with can help you figure out how to proceed. There will be similarities due to the process of legally transferring a home from one person to another, but there will also be differences that are important to understand before you sign on the dotted line.

What is The Difference Between Local and Online (iBuyer)Cash Home Buying

Both local companies and iBuyers provide services that are very similar to one another. For example, they close quickly, and they buy homes as-is, so sellers don't need to worry about doing work before getting an offer. Still, there are differences that you want to understand and consider so that you can feel confident about your choice. 

One of the most significant differences is that iBuyers are only active in specific geographic regions. Generally, they target the biggest cities and the surrounding areas but aren't as active in more remote or rural locations. They also don't want to purchase homes that need a lot of work and upgrades because they want to update and flip the house quickly or turn it into a rental property. They don't have a lot of open communication with sellers, either, since their focus is on the take-it-or-leave-it nature of their deal.

With a local home-buying company, though, you get more of a commitment to buying local homes, hiring local workers to update and repair those homes, and investing in the beauty and value of the community. In addition, these home buyers typically care about the community as a whole. While they are interested in making a profit, they are also interested in improving the area for everyone who lives there.

How the Home Buying Process Works Through These Companies

When you're working with a company to buy your house fast, the process starts with questions about the condition of your home. It's essential to be honest because the next step is the company scheduling a time to come and see the property. After that, they'll look around and get an idea of the kind of work that needs to be done, so they can decide what they can offer you for your home.

Then they will make a fair cash offer for your home in as-is condition within 24 hours. After that, you'll have a set amount of time to think about their offer. Then, you can either accept or reject it. 

If you take the offer, you can often close in as little as seven days. You don't need to spend money on home staging, real estate agents, housecleaning services, closing costs, home improvements, or anything else at all. You'll receive the amount you agreed to without hidden fees or other costs.

Moving through the process quickly is one of the most significant benefits of these kinds of companies. You don't need to worry about whether the house needs to be cleaned or how many showings you'll have to deal with before you get an offer. The peace of mind that comes with simply selling your house for a fair cash offer in a fast and convenient manner is extremely valuable to many home sellers, and you can be one of them.

Choose Local Twin Cities Cash Home Buyers!

You can get your house sold quickly and without any hassle when you contact us today at Homefield Homebuyers. We buy houses for cash Minneapolis residents want to sell so that you can get your home sold fast. With our local team, you don't need to worry about extra expenses, a long time on the market, or other concerns when you work with us. We're here to make it easy for you to sell your home for cash to a local company that cares about the community. Reach out to us today to get started.