When driving around in Massachusetts, chances are you’ve seen some billboards or small signs advertising companies that buy houses.
Most of the time they say things like “We Buy Massachusetts Houses!” or “Cash For Your House in Massachusetts”.
Are These “We Buy Houses in Massachusetts Companies” Credible?
How do you know if the house buying companies you see out there are honest and credible?
Well… sometimes they all look the same at the start… but hopefully, the following will be helpful in understanding what to look for in a local house buying company before you should work with them.
Can I Trust We Buy Houses in Massachusetts Companies?
Buying and selling houses is a valid and respectable profession that can help communities and homeowners in many ways. However, as with anything, there can be a minority of people that give a negative reputation to the profession overall.
There are people and companies who are truly caring, ethical folks who improve local neighborhoods one property at a time.
Then there are those for who money is everything. They may feign honesty, but their only real goal is to squeeze as much cash out of every interaction as possible. Even if it’s not in the best interest of the homeowner they will try to get them to sell their house for super low prices.
Yes, they are out there.
Fortunately, their reputation has often ruined them soon after they started doing business – but not all of them.
Learning a bit more about what to keep an eye on will help you avoid these “shady house buyers”. Instead, you can make sure to work with honest, ethical, and reputable local companies who can buy your house for a fair all-cash offer and close on your schedule.
First, let’s cover exactly what the “good” house buyers are doing.
What Reputable Massachusetts House Buyers Are Doing
- Helping folks in tough situations by getting them the money they need right away. Many people have cash tied up in their house that they can’t access unless they sell. When unexpected medical expenses, a sudden need to relocate near a relative, or any other situation occurs – homeowners need to get access to this cash quickly. Instead of listing the house on the market and having to deal with a months-long process, companies like ours can get owners the cash they need fast by buying their house fast. Like 1-2 weeks and you have your cash kind of fast.
- Helping sellers get rid of a tough property without hassle. If the market isn’t right, the house is in bad condition, there are bad tenants who won’t leave, the property owner doesn’t want to deal with showings or paying realtor commissions, doesn’t want to wait months for a sale, etc. An owner might want to sell fast rather than dealing with these things.
- Supporting local jobs. We hire tradesmen, brokers, loan officers, attorneys, administrators, contractors, and many others along the way. The average real estate transaction involves 86 people from start to finish! As we grow we will also be hiring local workers to build our business. Our investments help create real jobs for people around Massachusetts.
- Buying US products. When we are renovating a house, we spend lots of money on materials that are made in the USA – this is supporting jobs in our timber mills, factories, supply centers, distribution outlets and more. The US economy depends on steady investment, and that requires investment from folks like us.
- Increasing the value of local MA neighborhoods. When we redo a house, we’re helping to increase the value of homes in the entire community. We usually renovate neglected and abandoned houses, converting them to beautiful homes for families. This investment in the housing stock strengthens MA towns.
- Increasing the tax base. When a new buyer takes over one of our properties, they’ll pay a higher tax rate to the town based on the new and improved value. Those higher taxes pay for schools, fire, police, libraries, public works, and other valuable pieces of local town life. Again, improving our neighborhoods!
Pretty cool, right?
Most people think of house flipping as more of a get rich quick scheme than anything. This is fueled by those television shows that are careful to omit 75% of the process, and include just the stuff that makes good TV.
In reality, most of our work is spent coordinating and managing projects – keeping track of lots of moving parts. And the result does leave us with a beautiful home and a happy new owner – but we’ve also improved home values throughout the neighborhood with the flip.
Ok, so let’s get back to talking about how you can use this information to find out if someone is a credible investor, and not just pulling some sort of house buying scam.
How To Ensure You’re Working With A Reputable MA Home Buyer
When you talk with a home buyer about them potentially buying your house… be sure to ask them some of the following questions to ensure they’re reputable, knowledgeable, and honest.
First, ask open-ended questions like:
- How do you help people you work with?
- What services do you provide for people?
- Can you tell me more about your specific services?
- What aspect of your business makes you the proudest?
- How would you describe your investment philosophy?
- How can I know that you’ll close on my house when you say you will?
Second, look for signs the company isn’t being honest, using tactics that those few shady firms tend to use:
- “Kitchen table closings”… If a property buyer tries to get you to sign the deed (ownership) of your house over to them at your house, rather than a professional place (this is done at a closing attorney’s office in MA)… be leery. Reputable house buying services will perform the actual closing of the sale at a neutral 3rd party place… like a title company. This ensures everything is done right and there will be no surprises or mistakes to find out about later. What you can expect is to sign a P&S (purchase and sale agreement) at the house. This is an agreement that says the homebuyer can buy the house for an agreed upon amount – this is not saying that the house has been sold.
- Pressuring you into a fast closing. If a homebuyer tries to pressure you into selling your house faster than you want and says that you have to make the decision today, be leery. A good buyer will make you an offer that will be valid for 48 hours to two weeks after it is made. This gives you more time to make a decision. The reason all companies place deadlines on offers is that the market changes week to week. The value of a home could rise or fall a few thousand dollars in a couple weeks. Thus, an offer more than a week or two old may no longer be accurate for the market. We’ve got another reason too – if we are buying more than one house a month, we’ve got a lot of funds going in and out through our company. When we make an offer, it means that we have dedicated the money towards your house for the period of time that the offer is valid. If the offer isn’t for you – no sweat. The funds we had designated towards your property can just be used to help another seller with their home sale.
- Don’t get to know you. Most scammers are looking for a quick score, not a personal buying experience. You’ll probably notice that they are pretty pushy and abrupt and just want to get the info about your house, then tell you about how bad it is and how it’s only worth some measly amount. If you try to ask them exposing questions, chances are they’ll move on to someone who is more complacent. Real investors will care more about you than the property. They understand that knowing your needs is #1. For example, if a seller and I are talking and I find out that they are selling to pay off credit card debt, I may be able to talk to the credit card company and get a lowered payoff amount. This could help us strike a deal on the house that works for both sides. But this wouldn’t have happened without getting to know the seller. In short – it is in everyone’s best interest to focus more on relationships than closing the deal.
Investors like us at We Buy Houses in Massachusetts run an honest and ethical business that understands the importance of reputation and long-term business. Thus, we base our actions off of relationships and needs of the seller, rather than trying to give ourselves the biggest check in the end.
If we’re working with you and you don’t accept our offer, there will be no hard feelings. We understand that selling fast for cash in MA isn’t for everyone. We hope you’ll consider us in the future though!
So when you’re looking at one of the “we buy houses in Massachusetts companies“… don’t be afraid to ask questions! A great way to find out if a home buying company is legit is to keep these things in mind when you’re talking to them
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