How to Find Trustworthy Cash Home Buyers in Philadelphia
Are you thinking of selling your home but dreading the traditional market’s delays? Cash home buyers in Philadelphia could offer a quicker solution. The City of Brotherly Love touts an active real estate investor market, fueled by house flippers and those seeking rental properties. Many of these buyers prefer to transact in cash, offering faster closings, reduced risk for sellers, and eliminating the need for appraisals.
In this guide, we’ll explain how to find and sell to cash home buyers in Philadelphia, providing you with the insights needed for a fast and straightforward home sale. We’ll also go over the cash home sale process and the benefits of accepting this type of offer.
Disclaimer: As a friendly reminder, this blog post is meant to be used for educational purposes, not legal or tax advice. HomeLight always encourages you to reach out to your own advisor.
How to find cash home buyers in Philadelphia
Considering a quick and easy sale for your Philadelphia home? Cash buyers might be the answer. Here’s how to find reputable ones who can offer a competitive price:
Work with a reputable local real estate agent
Even if you’re leaning toward a cash sale for your Philadelphia home, working with an experienced real estate agent can offer significant advantages. Agents often have established relationships with cash buyers who may be seeking properties like yours.
This can save you considerable time and effort compared to researching and vetting cash buyers yourself. Top real estate agents also have strong negotiation skills, ensuring you receive a competitive offer rather than a lowball one.
While real estate agents do charge commissions, their local market knowledge, financial guidance, and skillful marketing make the cost well worth it. If you don’t already have someone in mind, HomeLight can connect you with seasoned agents in the Philadelphia area.
Focus on investors rather than owner-occupiers
Philadelphia has a fairly large share of real estate investors, including house flippers, buy-and-hold investors, and institutional buyers. In the first quarter of 2024, investors purchased 20% of all the homes sold in the Philadelphia metropolitan area during that period.
There are several ways to connect with cash investors who may be interested in purchasing your property. Online platforms dedicated to real estate investment can be a good starting point. Attending local real estate investing events might also put you in touch with potential buyers.
Another option is to request no-obligation cash offers from “We Buy Houses for Cash” companies in the Philadelphia area. It’s important to understand that these companies, often operated by house flippers, tend to follow the “70% rule.” This means they’ll offer you an amount around 70% of your home’s estimated value after repairs, minus the estimated repair costs. This can significantly impact the final selling price you receive.
Do your due diligence
It’s important to research and vet cash-for-homes companies to make sure they’re legitimate. The Better Business Bureau (BBB) is a good resource for verifying companies you’re considering working with. You can also reach out to the local chapter, BBB serving Metro Washington DC, Metro Philadelphia & Eastern Pennsylvania.
Additionally, reading online reviews from websites like Google, Yelp, Facebook, and Trustpilot can provide valuable insights into the company’s reputation. Make sure to verify the company’s track record, licenses, and customer referrals to ensure you’re working with a reliable buyer.
Before signing an offer, ask for proof of funds
Before finalizing any deal, ask the cash buyer for proof of funds. Proof of funds is a document that shows the buyer has the necessary cash available to complete the purchase, such as a bank statement or an official letter from the financial institution. If a buyer is unwilling to provide proof of funds, consider it a red flag and seek out a more transparent company instead.
