
If you’ve been driving around in Pensacola, chances are you’ve seen some billboards advertising companies that buy houses. Or maybe even some “bandit” signs stuck in the ground at traffic lights. Regardless of where you live, you probably don’t have to look too far to see evidence of real estate investors in your area.
Often times they say things like “We Buy Houses in Pensacola!” or “Cash For Your House”.
If you’re looking to sell your house fast, choosing a “We Buy Houses” company could be a good fit for you, depending on your specific goals or needs. Or maybe not. It really comes down to what is most important to you: speed and convenience or getting the most amount of money for the property. Or maybe some sort of combination of the two. It may make the most sense to you to sell to a cash buyer who offers speed and convenience or it may be a better fit for you to work with a licensed realtor to list your house on the market to try and get top dollar for you.
But before you make a decision, I think it’s important to address the elephant in the room…
Are These “We Buy Houses in Pensacola Companies” Credible and Ethical?
“How do I know if the local house buying companies out there are honest and credible?”
Well…they can all look the same on the surface… but below I’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 house sellers in many ways. But just like any other line of work – a minority of house buyers in any market are the ones who make the rest of us look bad.
There are people who are really great, ethical folks who improve their neighborhoods one property at a time. They take pride in reinvesting back into their local community. There’s you’re first Pro Tip: work with someone who is local and actually cares about the community they are investing in. There are so many We Buy Houses operations out there and a lot of them are based several states away from your property. They just cast as wide a net as possible with their marketing to reach as many potential sellers as they can. They strictly look at the numbers and not the person. It’s purely a business transaction for you and they can often overlook the most important factor in all of this: YOU.
Unfortunately, just like any other profession, in real estate, there are shady, dishonest people who put money ahead of the well-being of their clients and who would sign the contract to sell their own grandmother with one hand while stabbing you in the back with the other – as long as they were making enough money. I know that may sound dramatic but it’s true. There are investors out there that are money-hungry and only care about the bottom line. Like a bad apple, these people can spoil the whole basket for the rest of us and give the industry a very bad name.
Yes, they are out there.
We’ll help you avoid these shady “We Buy Houses” 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 house flippers are doing:
What Reputable Pensacola House Buyers Are Doing
- Helping folks improve their lives by accessing the money they need right away. People often need the cash in their house to cover unexpected medical expenses, or to relocate to be close to a relative. We can make that happen in just a few days, and 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 months for a sale.
- 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 Pensacola FL.
- 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 Pensacola 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. That activity strengthens Pensacola.
- Increasing the tax base. 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.
Pretty cool stuff, right?
Lots of people think of house-flipping as a get-rich-quick scheme. That’s fueled by silly “reality” shows that amp up the drama because the reality of what we do on a daily basis is actually pretty boring. I can promise you, what we do isn’t nearly as dramatic as the reality shows would lead you to believe 🙂
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. Organization is key.
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 Cash House Buyer
When you talk with a local house buyer to potentially buy your house… ask them some of the questions below to ensure they’re reputable, knowledgeable, and honest.
Ask open-ended questions like:
- How do you help your clients?
- What do you do for people?
- 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 telltale 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. Now, it’s perfectly normal to come to a price agreement at the kitchen table and even sign a purchase agreement then and there, if a mutual agreement is reached. But the actual closing should always take place with a 3rd party title company.
- 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 an offer and that offer will be on the table for at least 2-7 days (minimum) for you to make a decision. The reason reputable house buying services like ours at Bean Home Buyers 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 reserve that cash for several 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. Bottom line, any legitimate cash house buyer should be on your timeline, not theirs.
Most scammers are looking for a quick score, and not an in-depth interview. This one is two-fold. You should feel comfortable enough with the home buyer to ask questions about who they are and how they do business. If you don’t feel the ease to ask questions, that may be a red flag. On the flipside, a reputable cash home buyer will ask you questions as well about the property. Sometimes a lot of questions. This is so we can get a full understanding of the property, the circumstances, and your needs so that we can get you a fair cash offer as soon as possible.
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 Pensacola house buying services, however, are building long-term businesses based on relationships and community development.
So when you’re looking at one of the “we buy houses in Pensacola companies“… never be afraid to ask questions!
At Bean Home Buyers, we stand on three pillars when working with sellers: Honesty, Integrity, and Transparency. These are non-negotiables for us. If how we treat you differs from how we’d treat a family member and/or loved one, then we’re doing it wrong. Plain and simple.