Are “we buy houses” companies legit? Why one cash offer isn’t enough

Get a guaranteed cash offer on your Las Vegas-area property, and see what other buyers will pay before you choose. With your approval, Olive Tree Homes shows the property to our cash buyers and puts it on the market at the same time, so you’re not limited to one buyer’s offer.

We know the buyers. We work for you, and we walk through each written offer with you before you decide.

Are “we buy houses” companies legit?

Many are, and the bigger question is whether one company’s offer tells you what your property is worth. “We buy houses” covers several kinds of buyers, and they don’t all work the same way.

Any of these can lead to a good sale. What matters is what your contract says and how the price holds up against other buyers. If you’re not sure a cash sale is right for your property, start with the ways to sell your property.

Why do cash offers on the same property differ so much?

Each buyer prices from their own situation, which you can’t see. Two legitimate buyers can walk through the same property and offer very different amounts. Neither one is necessarily wrong. Each number reflects what the property is worth to that buyer right now.

Here is a sale we handled. An older house with a pool in an established Las Vegas neighborhood drew cash offers from about $275,000 to about $320,000, a spread of roughly $45,000. A large national buyer that makes instant offers priced it from the house’s age and the renovation it expected the house to need.

The highest offer came from a local buyer who renovates and resells homes. He lived nearby, had sold a few homes in that neighborhood, and already had someone interested in buying it once the work was done, so he was confident paying more. He did little marketing, so the seller would not have found him on their own.

How do you get more than one cash buyer to bid?

Put the property in front of several cash buyers and on the market at the same time, so buyers compete on one property instead of you shopping one offer at a time. Calling buyers one at a time means a separate walkthrough for each, and every offer arrives on different terms. The buyer who would pay the most may be a small local operator who doesn’t advertise, like the one in the example above.

That is the part Olive Tree Homes takes on. We’ll get you a guaranteed cash offer, which means at least one cash buyer will put a written offer on your property. We know the buyers, including the local ones who don’t advertise, and we manage the buyer conversations and showings so you aren’t setting up each one yourself.

We bring you every offer in writing so you can compare them on the same rows. You can choose cash offers only if you prefer. We know how investors evaluate properties and structure offers, so we negotiate for you and look for terms that could cost you money or let a buyer change the deal later.

What should you ask before a buyer sees the property?

Ask who they are, where they are, and where you can read about them. Ten questions cover most of what you need to know about a cash buyer and its offer. The first three take a few minutes and come before anyone walks through your property.

Ask them of any company you’re talking to, including us. We’re Olive Tree Homes, at 6345 S Pecos Rd, Suite 106, Las Vegas, NV 89120. Our team includes Tobin Banks, Market Manager, and Vincent Andrade, Director of Acquisitions, and someone from our team walks through the property with you. You can read our Google reviews.

What should the written offer include?

Everything that decides what you keep and when you close, written in the contract, not in a text. A number in a text message or a phone call isn’t an offer yet. Ask for it in writing and check the answers below.

Both sides usually use the same title company. The sales we handle usually close with Fidelity Title, Chicago Title, or Landmark Title.

Can the price change after you accept?

It can if the contract gives the buyer an inspection period, so ask how long it is and what lets them renegotiate or walk away. A cash contract often gives the buyer time to inspect the property after you sign. During that time, the buyer may be able to ask for a lower price or cancel.

Will the buyer close, or assign your contract to someone else?

Some cash buyers assign contracts as a normal part of how they work, so ask which this buyer will do before you sign.

What are the warning signs in a cash offer?

Four things put more of the risk on you. None of them proves a buyer is acting in bad faith, but each one is worth slowing down to ask about.

• Pressure to sign the same day: you need time to read the contract and ask questions.
• A contract only the buyer can cancel: you’re committed while they aren’t.
• No title company named: ask who will handle the closing.
• Earnest money paid to the buyer: it’s normally held by the title or escrow company, not the buyer.

A recorded Notice of Default often brings a wave of these letters and calls. Our guide to selling after a Notice of Default in Nevada covers how much time you have before you answer any of them.

How do you compare the offers you get?

Compare what you’d keep, when you’d close, and what could change before closing, not only the price. Put each offer side by side on the same rows:

• Price
• Agent or other selling fees
• Closing costs and buyer credits
• Repairs and preparation
• Time to close
• Costs while waiting to close
• Mortgage and other payoffs
• Estimated net after costs

A higher price with repair credits and a long inspection period can leave you with less than a lower offer with fewer conditions. For how a cash offer and putting the property on the market compare on these rows, see cash offer vs. listing.

What should you send us to get offers started?

The property’s address, its condition, and when you’d like to be done. Maybe you want a number you can trust because other buyers had a chance to beat it, terms that won’t change after you sign, and a closing date you can plan around. Tell Olive Tree Homes about your Las Vegas-area property and what matters to you.

We’ll set up a time to walk through the property and talk about what you want before we look for offers. Before you sign, we explain what we will do and the fees that apply. You don’t have to choose between a cash sale and putting the property on the market before you contact us, and you’re never obligated to accept an offer.

Get a guaranteed cash offer on your property, or call 702-747-SOLD (7653).

This article is general information, not legal advice. An attorney can advise you on your circumstances.