Last year, around 30% of all US home sales were made in cash. Buyers and sellers are realizing the advantages as lenders become harder to access. So how can you get the most from a cash sale?
Luckily, it is much easier than many people think. Read on as we discuss how to sell a house for cash.
1. Research Home Buying Companies
When you want to sell your house for cash, one of the quickest methods is to look for home buying companies. Wherever you are, there will be a few that advertise cash for homes. They offer a number of benefits.
Firstly, you can research the company online. As they operate locally, they should have a reputation. This helps you stay safe when selling.
These companies will also often give you a no-obligation quote. Someone will visit the home and make an offer then or within the next few days. Sales can be turned around extremely quickly, so you may have the money in your bank quicker than you think.
Companies who buy in this matter will fix the home up and try to flip it for a profit. You can find out more about them here.
2. Know the Value of Your Home
When selling your house for cash, you need to know the value. This helps you weigh up what you are willing to drop in exchange for other perks. For example, most cash offers will come in lower than a home’s value, but the payoff is a quicker sale with less risk.
Start by looking at similar properties in the area. Try to find out what others have sold for, as opposed to what they are listed for. These prices can often be very different.
Get an inspection done of the home. You can then deduct the cost of any major renovations needed from the value of the property. These could include heating system replacements, roof repair, or replacing appliances.
You should then have a rough value of your home. If you are in a buyers market, you may wish to lower the price to attract more customers.
3. Understand the As-Is Sale
When you sell As-Is, it means that the house is sold with no repairs or renovations made to it. In traditional sales, the buyer may place certain stipulations in the contract. This could be asking for improvements to be made to the property.
With Property Rescue, you will have the ability to sell your house fast for cash with an As-Is offer, you can hand over the keys and take the money. Most companies will even be willing to clear out old furniture and belongings. This can be a great help if you have inherited a property and want a quick sale with less fuss.
Don’t forget to advertise the house as an As-Is sale. This helps clear up any confusion when people come to view it.
4. Be Honest About Its Problems
When selling a house for cash, it is always best to disclose any faults. At the least, you should not try to hide them. Most buyers will have an inspection or know what they are looking for anyway, so you will get found out.
It is best to include any faults in your listing. Tell potential buyers that the price reflects this.
Most house buying companies won’t care. They will have the necessary experience and skills to correct problems. Of course, you can expect their offer to reflect this.
5. Find the Right Real Estate Agent
Real estate agents bring a lot of advantages when selling a home. They have experience, knowledge of the local area and prices, and a pool of potential buyers.
Most real estate agents will be able to accommodate sellers who only want cash offers. They may even have people waiting for these types of sales. Do some research and find ones in the local area who would be willing to participate.
An added benefit is that the real estate agent may be able to get you a higher price as they will work on commission. However, you will have to pay their fees, which could cut into your profit. Sales may also be slow, particularly if they are concentrating on other portfolio properties that could be more lucrative for them.
6. You Don’t Have to Take the First Offer
Cash offers are fewer than more traditional, real estate and mortgage routes. However, just because fewer cash buyers are in the market does not mean you have to take the first offer. In fact, you should get one or two.
Most cash offers will stand for a while. As people are often buying to fix and flip, they are buying for business purposes, not to move in. Many cash offers will still be around if you go back to them a few days or weeks later.
Cash for house companies are also plentiful. Don’t feel pressured into selling, and make sure you get a few quotes to see who will offer you the most money.
7. Stay Local
When selling for cash, it helps to approach local companies. As they are in the local area, you can check their reputation and reviews. You may even have friends, family, or colleagues who recommend them.
Local buyers will also have a much better understanding of the local market. This means they will often be able to value your house much more accurately.
Selling a House for Cash
Now that you know how to sell a house for cash, start your research. Look for local companies, sellers, and real estate agents. From here, you can decide upon the best approach for your needs.
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