A Look at National Real Estate Buying Companies
From as far back as we know in history, ownership has been a thing among humans. There always appears to be a continuous effort to own more and more acquisitions. A lot of times, these attempts and ventures become very competitive, and at times unhealthily so.
This, however, does not mean that making acquisitions or owning properties is wrong. Actually, owning some property is something that everyone should have as a basic goal.
There are basically two classifications of tangible property and they are realities or real property and chattels. Realties generally refer to lands and buildings or simply property that cannot be moved about, a good example being land. Chattels on the other hand refer to movable property e.g. cars etc.
Being that these things are life’s necessities, and we now live in a world where the acquisition of some of these properties might have become a little too technical, the services of real estate agents and companies has become a need. These help individuals and even companies make acquisitions and purchases that will enable them to advance their personal and business interests.
The Real Estate Industry
This at its very basic begins with a firm, which is any business organization that specializes in real estate management.
The industry itself is a vast body of various firms and enterprises engaged in the business of buying, developing and selling landed properties to their different customers or clients. You can read more about this here.
The industry has different arms and can be divided into different areas of specialization. These include:
Development: This involves the purchase of land/lands, the renovations and developments that go into it and the selling or leasing for the profit of the land. The idea here is that value is added to the land by the improvements made on it before it is then sold or leased for-profit to a buyer or lessee.
Sales and marketing: They are the ones in charge of projecting and advertising newly completed units of the works done by developers. The idea is to publicize and hopefully sell-through sales agents, the building units created.
Brokerage: These are the realtors (agents) who try to facilitate the purchase or the sale of the different properties. They act as representatives to either party (depending on who engaged them) to help and guide them to reach their goal of either purchasing or selling the property.
Property Management: These are usually concerned with helping their clients manage their property. Their job description might involve, renting out the different units, collecting rents and ensuring the day to day function of the building and its facilities.
Lending: They are the banks or credit unions etc. that facilitate the financing aspect of the business. They’re also the ones who assist clients in getting pre-approved.
The Service of Professionals
These are important people that help the industry to function. These professionals include architects, lawyers, and accountants.
What are Real Estate Buying Companies?
They are firms that offer to purchase real estate from a willing seller on behalf of another. You can read more about what they do here: https://en.m.wikipedia.org/wiki/Buying_agent
Now, there are numerous benefits to be gained from selling to property buying companies. These benefits include
One of the most crucial benefits is fast closings. It usually would not take more than seven days to complete a transaction with willing and able participants. This is because, since they would buy the property in whatever condition it is in, it enables them to go past several formalities that would have taken time.
As an individual, you would be generally more willing to sell to anyone who offers to make payments to you in cash. This is simply because it saves you a lot of time, some unnecessary hassles and stress.
Many property buying firms pay cash, and the money paid is accessible upon the finalization of the deal. This, however, is an option that you will have to specifically ask for from a property buying firm because not all may offer it.
They Buy at Reasonable Rates
Considering that the seller might be in a hurry to close the deal, this position would ordinarily put the individual on the back foot of the bargain. However, with real estate purchasing firms, you will be offered an entirely reasonable rate which could be up to or more than 80 % of the prevailing market value of the building.
Sold for Good Value Despite any Pre-existing Condition
Another benefit is that you can also sell the property for a good price despite the condition it might be in. This means that you do not have to spend money on repairs or on any renovations because they would not be a huge factor in the evaluation of the property to be bought from you.
Helps you Save Money
Engaging the services of a property buying firm saves you some expenses that might be necessary had you not engaged their services. These expenses include commissions and fees that you would have had to pay to real estate agents neither would you spend money marketing the property you want to sell.
What to Know
Though it is agreed that engaging the services of a property buying firm is a much easier and faster way of getting your property sold, this, however, does not preclude the possibility of having some cons or negatives to it.
Some examples of such might include:
You the seller, might not be in a position to know what the property might be worth, despite the condition that it might be in. Thus, you might have undervalued your property.
It is also possible to fall into the hands of scammers or swindlers if you are not careful. This is because, while there are many legitimate companies’ in this business, there also are some unscrupulous elements that might be in the market.
Furthermore, even the buying firm does stand some risks of buying a house with pre-existing conditions that they may not be aware of. This might result in a situation where even after some repairs have been carried out, the property is still sold with unknown issues.
The above-mentioned scenarios call for diligence when about to engage in such transactions. Part of the diligence to be applied is in engaging the services of very reputable real estate buying companies like stewardship properties solutions that have a nationwide base.
There will always be buying and selling and occasions will definitely come up where it becomes very necessary that a priced property has to be sold and speedily too.
The smart thing for anyone who is aware of this opportunity to do is to leverage on it after having done the diligence needed to establish its legitimacy. The right real estate buying company can make such a transaction go smoothly.