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How to check a "we buy houses" company in Louisville

You can check any Louisville cash buyer in an afternoon. Ask for proof of funds, find out whether they will buy the house themselves or assign the contract to someone else, insist on a title company or attorney for the closing, and read the contract terms that let a buyer back out or cut the price. A buyer who resists those checks is telling you something.

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Part 1 of 6

Buyer or wholesaler?

Some companies sign a purchase contract and then sell it, by assignment, to another investor for a fee. That is not illegal on its own, but it means the person who walked through your house may not be the one who closes, and if they cannot find someone to take the contract the sale can fall apart.

Ask directly whether they intend to close themselves. In the contract, look at how the buyer is named: wording like "and/or assigns" after the buyer's name means the contract can be handed to someone else.

Part 2 of 6

Check that the money is real

A cash buyer should be able to show proof of funds, such as a recent bank statement or a letter from their lender, before you sign. The earnest money deposit should go to the title company or closing attorney, not to the buyer, and the contract should say how much it is and when it becomes non-refundable.

Part 3 of 6

Let a title company or attorney run the closing

In Kentucky, title companies and real estate attorneys both handle closings. Whichever you use, they search the title, pay off the mortgage, any Metro code liens and delinquent taxes from the proceeds, collect the transfer tax and record the new deed with the Jefferson County Clerk.

Never sign a deed at your kitchen table, and never give a buyer a power of attorney over the house. A legitimate closing happens in front of a closing agent who works for neither of you.

Part 4 of 6

Read the terms that decide what you actually get

Before you sign, find these in the contract and make sure you understand each one.

  • The inspection or due diligence period, and whether the buyer can cancel for any reason during it
  • The earnest money amount and who holds it
  • The closing date, and what happens if the buyer misses it
  • Who pays which closing costs (Kentucky's transfer tax falls on the seller by statute)
  • What happens to belongings left in the house

Part 5 of 6

Red flags

Any one of these is a reason to slow down. Two or more is a reason to walk away.

  • Pressure to sign the same day, or before you have read the contract
  • A request for money from you, for an appraisal, an application or processing
  • An offer that drops sharply after the walkthrough with no written explanation
  • No business address, or a company name you cannot find in public records
  • A request to sign over the deed or a power of attorney before closing
  • A promise to stop a foreclosure in exchange for an upfront fee

Part 6 of 6

Where to look a company up

Search the company name on the Kentucky Secretary of State's business registry to see whether it is registered and in good standing. Read reviews on more than one site and look for detail that sounds like a real sale. If someone says they are a real estate agent, confirm the license with the Kentucky Real Estate Commission.

Questions

Questions about this

Are "we buy houses" companies legitimate?

Many are real investors who close quickly and as promised, and some are not. Proof of funds, a title company or attorney for closing, clear contract terms and never paying anything up front will sort out most of them.

Does a cash buyer in Kentucky need a real estate license?

Not to buy a house for themselves. Anyone acting as your real estate agent must be licensed by the Kentucky Real Estate Commission, and you can confirm a license with the commission before you sign anything they give you.

How does a matching service fit in?

A matching service is not a buyer. Requests go to buyer partners who have agreed to put offers in writing, show proof of funds and close through a title company or attorney. You should still check every buyer yourself with the steps on this page.

Sources

Where the facts on this page come from, with the date each source was read.

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