SIOUX CITY, Iowa (KCAU) – Many people may be seeing these “We Buy Homes” signs around Sioux City, but they may be wondering how the process of buying and selling homes for cash works.
Selling homes under contract has always been one thing, but in recent years, with the state of the rental market, this type of business has become increasingly popular around the country, especially among people looking to buy a home, but Don works with a traditional real estate agent and mortgage lender in a time-consuming process. I don’t want to pass.
Chris Treber is the co-owner of Sioux City “We Buy Homes For Cash” and “We Sell Homes Under Contract” and explains the purpose of his business.
“We act as a bridge to buy the home until the buyer meets the local lender’s criteria, and at that point we allow the buyer to work with a local lender and we come out, no penalty,” Treber said.
With high rents, Treber said there is a need for this type of business model in Siouxland.
“Many families who want to buy now are forced to rent and we want to keep these families in our community. “We want to give them a place to call their own and experience the American dream,” Treber said.
Byron Menke, president of the Iowa Association of Realtors, said he’s never seen a seller’s market this big in his 25 years in real estate, and that’s partly what programs like Trebber are doing – making it more convenient for sellers by eliminating it. Participation of agencies and banks – but for a huge discount.
“You may feel good about yourself at first. You know, ‘Somebody called me and I didn’t have to pay all that closing fee and I didn’t have to pay the realtor commission and then my neighbor down the street ended up making $30 thousand more than me. Menke said.
Treber said none of their clients have defaulted on their leases so far, and they will continue to provide opportunities to homeowners in Siouxland.