If you’ve been driving around in Philadelphia, chances are you’ve seen some of those “We Buy Houses” signs.
Often times they say things like “We Buy Philadelphia Houses!” or “Cash For Your House”.
Are These “We Buy Houses in Philadelphia Companies” Credible?
How do I know if the local house buying companies out there are honest and credible?
Well… sometimes they all look the same at the start… but below we’ll walk you through some things to look for in a local house buying company before you should work with them.
Buying and selling houses is a valid and respectable profession that can help communities and home sellers in Philadelphia in many ways. But just like any other line of work – a minority of bad house buyers in any market are the ones who make the rest of us good ones look bad.
There are people who are really great, ethical folks who improve their neighborhoods one property at a time.
And then there’s shady, dishonest people who put money ahead of the well being of their clients.
Yes, they are out there.
We’ll help you avoid these “shady house buyers” so you can work with honest, ethical, and reputable local companies who can buy your house for a fair all cash offer and close on your schedule.
But let’s not focus on the negative – at least not yet.
First, let’s cover exactly what the best home buyers are doing.
What Reputable Philadelphia House Buyers Are Doing
- Helping folks improve their lives by accessing the money that sellers need right away. Sometimes home sellers need cash right away to cover unexpected life events. Sellers that need to get rid of an inherited property quickly, they want to unload a rental property that has headache tenants, they are suddenly relocating for a new job, going through a divorce, falling behind on mortgage payments, or they simply don’t want to deal with the stress of making repairs to their house. No matter what the situation is, we can help you move on in just a few days. We deliver peace of mind.
- Helping sellers get rid of a burdensome property without the hassle of having to list it with a broker and wait months and month for a sale. We know that listing a property with an agent can take at least 3-6 months to close but when you sell to the right home buyer like EZ Real Estate Solutions LLC it can be totally on your schedule.
- Creating local jobs. We hire plumbers, contractors, electricians, brokers, title reps, loan officers, administrators and many other folks along the way. The average real estate transaction involves 86 people from start to finish. Our investments help create real jobs for people around Philadelphia NJ.
- Buying US products. We spend tons of money on materials that are made right here in the USA – that creates jobs in our timber mills, factories, supply shops, distribution centers and more. The US economy depends on steady improvement, and that requires investment from folks like us.
- Increasing the value of Philadelphia neighborhoods. When we improve a house, we’re helping to increase the value of the entire community. We often repair abandoned and neglected houses, turning them into beautiful homes for families. No proud homeowner enjoys the view of an eye soar in their neighborhoods. When you spend a lot of time and money to make sure you take care of the appearance of your home (on the outside) you expect your neighbors to do the same, so the whole community is nice and clean. That activity strengthens Philadelphia.
- Increasing the tax base. The way the government sets it up… when a new buyer takes over one of our properties, they’ll pay a higher tax rate based on the new and improved value. Those taxes go to pay for our schools, fire, police, libraries, streets and other valuable pieces of infrastructure. Again, improving our neighborhoods.
Lots of people think of house-flipping as a get-rich-quick scheme. That’s fueled by silly “reality” shows that hype up the drama because the reality of what we do on a daily basis is actually pretty boring and tedious. Most of our work is coordinating with lots of people to make sure things are happening on time. We have to keep track of lots of moving parts.
And most people actually don’t get involved because there is such a high risk of failure. If you flip a house and the end result doesn’t turn out well, that loss will prevent most people from ever being able to do that again. Potentially losing 10s and thousands of dollars is not something you really want to play around with. But we rather take the risk of bettering a community we care about than not do it at all because the government isn’t necessarily coming to save us.
So let’s get back to how you can use this information to find out if someone is a credible investor, and not just pulling a house buying scam.
How To Ensure You’re Working With A Reputable Local House Buyer
When you talk with a local house buyer to potentially buy your house in Philadelphia… ask them some of the questions below to ensure they’re reputable, knowledgeable, and honest.
Ask open-ended questions like:
- Who have you worked with so far?
- How do you help your clients?
- What would be your plan for my house?
- Can you tell me more about your 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 tell tale signs of tactics that those few shady operators 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 like a closing attorney or title company… be leery. Most 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 on the up and up. One of our favorite title companies to use here in Philadelphia is City Abstract LLC. However, we use multiple title companies here in the area because sometimes one title company is more tied up than another. And we like to keep our promise about closing fast. So we’ve built relationships with other reputable title companies in the area. Regardless, we always conduct closings at title companies so there’s no fishy business going on.
- Pressuring you into a fast closing – If a house buyer tries to pressure you into selling your house and says that you have to make the decision today, be leery. Most reputable house buying services will make you and offer and that offer will be on the table for at least 2-3 days (minimum) for you to make a decision. The reason reputable house buying services like ours at EZ Real Estate Solutions LLC do place deadlines on our offers is because the market changes and values can change week to week depending on other sales in the area. Also, we buy multiple houses a month and when we make you an offer we’re assuring you that the cash to purchase your house is ready and we’ll be able to reserve that cash for only a couple of days so if you do want to sell your house, we can close on your schedule. If you feel the offer isn’t a fit for you, then we’ll assign those funds to help another seller with their home sale.
Most scammers are looking for a quick score, and not an in-depth interview.
Chances are good that they’ll find excuses to get off the phone and move on to someone who doesn’t ask too many questions.
True investors who run honest and ethical Philadelphia house buying services are building long-term businesses based on relationships and community development.
So when you’re looking at one of the “we buy houses in Philadelphia companies“… never be afraid to ask questions!
Understand The Process
Make sure that when you talk to these home buyers, you ask them what their process is when it comes to helping you get your house sold. This may help you point out potential red flags. We actually enjoy breaking our process down to homeowners because it brings them a peace of mind when they know, step for step, what is going to happen.
Our process is very simple…
- CALL US
During this conversation we will get to know you, your situation, and the condition of your house so we that understand what options that might makes sense for you. The more information you provide us, the more accurate of an offer we can give you.
- WE PRESENT YOU AN OFFER
At this point, we’ve analyzed the different options that may fit your situation the best and we present them to you. We don’t like to pressure people into making decisions. Whether we are a good fit to work together or not, we still appreciate those that we do end up working with and those the we don’t end up working with.
- WE CLOSE
You simply let us know what date would be good for you to close and we will most likely be able to make it happen! We can typically close in about 7-14 days, or if you need more time in the house, we can discuss an alternative day.