Are you thinking about selling a home in Memphis for cash? Cash sales make sense, especially you’re hoping for a quick, relatively fuss-free transaction. That said, you’ll still have some homework to do before you let cash buyers know you’re ready to negotiate a sale.
We know selling your home can feel a little overwhelming, no matter how you sell it. That’s why we’re sharing five factors sellers should consider when selling a house for cash here in the Bluff City.
If you’ll take a minute and read today’s post, we promise you’ll find some practical steps you can take to help your sale go smoothly.
1. Proper Home Maintenance Matters
While it doesn’t make sense to invest in expensive upgrades when you’re selling a property for cash, you should give at least some attention to home maintenance. Of course, it’s better if you’ve taken reasonably good care of the home during the time you’ve lived in it.
Many cash buyers are real estate investors. Some investors look specifically for distressed homes. Others prefer to buy homes in good condition so that they can include them in their rental portfolio.
If you can spruce up your home and clear the clutter both inside and outside, it will add curb appeal and give prospective buyers a better view of your home. They can better see the actual condition and evaluate the types of repairs they’ll need to make.
2. Calculate the Value of Your Home
You don’t have to wonder how much your house is worth—you can choose from a range of valuation tools designed to give you an accurate figure. Real estate agents use some of these when helping clients set an asking price for their homes.
- Online Valuation Tools
- Comparative Market Analysis (CMA)
- Professional Appraisal
When using online valuation tools, understand that you’ll likely get different values. Use the online tools to get a range for your home’s value.
If you don’t mind paying around $300-$450, hire a professional appraiser. Appraisers evaluate the local market, your property, and comparable properties. They write up a detailed report and provide their professional opinion about the value of your home.
Please keep in mind that each of the valuation methods mentioned here provides an estimate. Other factors, such as the current housing market and condition of the property, play a significant role in what a cash buyer will pay.
3. What Does As-Is Mean?
While not all sellers list their home as-is when they’re selling for cash, it’s more common than not. When a homeowner decides to sell their home for cash, time is of the essence.
Maybe they need to move quickly and can’t wait for the home to linger on the market indefinitely. Sometimes a person inherits a home in disrepair and doesn’t care to invest the time and money it takes to make it liveable.
Financial troubles also motivate people to sell a home in as-is condition. They can get out from under an unaffordable mortgage and start fresh.
Selling a home in as-is condition means you’ve decided to sell the property in its current condition. You won’t make repairs or improvements.
It’s good to remember that even though you’ve determined you will not repair anything, you still have a legal obligation to disclose any known problems to prospective cash buyers.
4. Tips for Finding Potential Buyers
Since you won’t use a traditional real estate agent, you’ll be the one who markets your home. You probably will not have access to the Multiple Listing Service (MLS) or the other marketing tools agents use. That doesn’t mean you have a hard time finding buyers!
Use some of the online marketing tools designed to deliver leads for sellers. Sure, it may take some time to learn, but you won’t invest nearly as much as you would if you advertised in the newspaper, or hired a real estate agent.
If you’re technically-minded, why not create a website for your home? You can also try listing your home on social media.
Don’t forget your internet search tool! Most serious and qualified cash buyers have an online presence, which includes information about their company, types of houses they buy, and their contact information. Many include a link where you can get a cash offer.
5. Get It in Writing
The prospect of selling homes fast sounds exciting. You don’t want to get so wrapped up at the moment that you forget about the paperwork. Even though you’re not using a real estate agent, cash transactions still require several documents, albeit not usually as many as you would sign with a traditional sale.
Once you’ve accepted a cash offer, make sure you get the agreement in writing. Either you or the buyer can write up a real estate purchase agreement. Many home buying companies put together the necessary paperwork for the transaction.
Documents may include all or a few of the following:
- Residential Property Disclosure Form
- Lead-based Paint Addendum (if built before 1978)
- Invoices for Recent Repairs
- Property Tax Information
- Home Inspection Certificate
The essential point to know is that until you have all agreements in writing, you don’t have a sale. Contracts protect both seller and buyer. Investing the time to do things right helps ensure you close the deal successfully and as quickly as possible.
Thinking about Selling a Home in Memphis?
We hope we’ve helped you feel more confident about the process of selling a home for cash. As you can see, it’s not as complex as a traditional real estate transaction.
Doing your homework will help things go smoothly, including finding the right buyer.
If you’re thinking about selling your home in Memphis, WeBuyHouses.com would love to partner with you! Contact us today for a cash offer.