- Drive long enough on a freeway in Los Angeles or the state of CA and you’ll quickly lose count of the signs indicating ‘WE BUY HOUSES’ or ‘ALL CASH OFFER‘
- Before calling a ‘WE BUY HOUSES’ sign, follow these tips to make sure you are talking to a legitimate all cash buyer
- If you have a need to sell your house fast in Los Angeles, consider discussing your goals with Fair Sale Homes
In 2022, the average work commute in Los Angeles County was 31 minutes. If you live and work in Los Angeles, CA, you have spent a lot of time driving and on the hour long commutes when you’re sitting in traffic, you probably have noticed a lot of yellow signs offering to buy houses for with a cash offer.
‘All Cash Offer’ and ‘We Buy Houses’ Signs
These big yellow signs (formally called bandit signs) are everywhere, and believe it or not, many of them are posted by legitimate real estate professionals and cash buyers experienced in buying homes in as-is condition. In addition, these professionals will also try to get your attention through emails, cold calls, text messages, post cards, and yellow letters.
- Text Messages: Message from a phone number you do not recognize
- Cold Calls: Telephone calls, often times from UNKNOWN Caller ID
- Bandit Signs: Bright yellow signs at freeway exist ramps, light posts, and front of houses
- Letters: Handwritten or typed yellow letters, often times with a business card included
- Post Cards: Promotional mail, often times with a photo of the buyer or agent
If you are going to call a phone number off a big yellow sign, return an unsolicited text or email, or take a conversation from a cold caller, we highly encourage you to vet your professional carefully. By knowing the right questions to ask, you can ensure it’s not a scam and that selling your house will actually happen.
Vetting Pros Looking to Buy Your House
Especially when selling your house in Los Angeles, it would be wise to verify who the interested buyer or real estate professional is on the other end of the line. Keep in mind that in the process of verifying who the person is, you get to ask all the questions. The most important thing to remember is to not offer any of your own personal or financial information while you are verifying the caller and the company they represent or own.
Questions To Ask A Cash Buyer
- Ask for their first name, last name, and company name (or brokerage)
- Ask them how they got your property information and telephone number
- Request a link to review their company website or Google Business listing
Follow-up Research To Qualify Your All Cash Buyer
- Review the website to look for the name and photo of the caller
- Review the website and/or Google Business listing for testimonials and reviews
- Perform and online search of the company name to see if it is a national or local company
By following the above tips, you can verify who the person and company is and what their experience might be to help you sell your house in Los Angeles. If there’s anybody who is unable to answer the questions above, you have the right to feel uncomfortable with that. Buying or selling your house in Los Angeles is a big life decision, and interested buyers should 100% be in the business of earning your trust.
Once you know that the person is a professional looking to buy your house], it’s time to figure out what kind of real estate professional they are.
Categories of Real Estate Professionals Asking To Buy Your House in Los Angeles
As the amount of interest in buying your house in Los Angeles mounts, you will notice that there are different types of professionals on the other end of the line due to how they talk about helping you to sell your house. Here the categories of real estate professionals for you to be aware of, so feel free to ask them which one they are:
- Flipper/Investor: This type of buyer is often times a cash buyer. Usually buys homes and property in as-is condition. The flipper puts money into repairing and upgrading the property, and puts it back on the market — in highly improved condition– for resale to make a profit. The property purchase process usually occurs in under 30 days and is funded with all cash or a hard money loan. The flipper/investor usually holds the property for 6 to 18 months to complete the project and sell the property.
- Buy/Hold Investor: This type of buyer is rarely a cash buyer. Usually buys homes or apartments in Los Angeles to rent out to tenants and hold it long-term. The property purchase process usually occurs in 1 to 3 months and is either funded with a bank loan or all cash, depending on the condition of the property. The buy/hold investor usually holds the property for 2 to 5 years, and often times longer.
- Wholesaler: This type of buyer often times partners with all cash buyers. Usually work in collaboration with flippers and buy/hold investors to find them property for acquisition, whether it is for a short-term project for a flipper or a long-term hold for a buy/hold investor. A wholesaler is instrumental to the both flippers and buy/hold investors because wholesalers are able to help homeowners in difficult situations or with difficult properties where a traditional sale might not be possible. The property purchase process usually occurs in under 30 days and is funded with all cash or a hard money loan.
- Realtor/Agent: Usually represent end buyers to help them find homes as primary residences or also investment properties. Realtors/agents earn commissions from successfully helping buyers and sellers by advising on the preparation of property for sale, marketing, and coordinating the transaction from beginning to end. A well qualified realtor can maximize the price a seller is looking to get for their house in Los Angeles. This is more of a traditional selling process which involves lenders, appraisers, and inspectors and usually takes between 2 to 4 months; sometimes, up to 6 months in a slower market with property in less ideal condition.
Regardless of which type of professional you choose, consider that working with a professional who is local to Los Angeles is probably better than someone on the phone who is in a completely different city or state. Buying and selling a house is one of the biggest financial steps you will take in your life, so turning that phone conversation into a physical human interaction would be the next way to increase your trust in the person and company; and hold the real estate professional accountable.
Goals For Selling Your House in Los Angeles
When selling a house, you will have many choices on how to sell your house. The path you take really depends on three factors:
- When do you need to sell your house? How big of a factor is time? Would you be okay if the house took an extra 2-3 months to sell? Are there any negative ramifications of not selling by a certain date such as foreclosure, lien, or broader financial issues?
- Is the house in good condition? Have you been keeping up with repairs and maintenance (e.g. paint, floors, roof, landscaping)? Has the house recently been upgraded? Would you be willing to pay for some repairs, upgrades, and staging to make the house more desirable?
- Are you expecting to get a market price for your house? If necessary, would you be okay with holding onto the house for a few extra months to get the ideal buyer and get the highest possible price? Would you be comfortable stepping out of the house for a couple of days for open houses and private showings?
If you might consider selling your house in Los Angeles and are ready to learn more, we recommend that you follow the above tips and ask the right questions to ensure that the person or company looking to buy your house is a legitimate business looking to help you. It’s too much to sift through, feel free to discuss your options with Fair Sale Homes.
Why Choose Fair Sale Homes?
We don’t post big yellow signs. You can read all about our company and simple steps to receive an all cash offer to help you sell your house. Using innovative technology and our vast experience in Los Angeles real estate, we are able to attain incredible results for our clients. We will not try to pressure you into one solution, option, or viewpoint. Instead, we will help you take an objective look at your selling options so that you can choose the one that is best for you. Whether you are buying or selling real estate in Los Angeles, Fair Sale Homes would love to help you achieve the best outcome possible.
Are you thinking about buying or selling a home in Los Angeles? Fair Sale Homes is actively helping buyers and sellers in Los Angeles. Reach out to Fair Sale Homes to learn more about the various options available to you. There is never any cost, hassle, or obligation to work together. We are happy to answer any questions you have about buying or selling real estate in Los Angeles whether or not you choose to work with our team! (626) 863-7006