Did you know the average home sale takes about 56 days? While the average time it takes to sell a home is two months, it can often take longer. Many homeowners choose to sell their homes to cash buyers to speed up the process.
If you’re in a rush to sell your house and have considered selling to cash home buyers, there are a few things you need to keep in mind.
Read on to learn nine factors you need to consider when selling your house to cash home buyers.
1. The Value of Your Home
If you’re considering selling your home to an all-cash buyer, the first thing you need to do is learn the value of your home. Because selling your home to a cash buyer, it’s an entirely different process; you need to know your home’s value as a baseline.
You can learn your home’s value by using sites that can break down how much your house is worth based on several factors. You can also look at houses that are for sale to see what similar homes are being listed for.
Once you know your home’s approximate value, you can feel more confident when you start receiving offers.
2. You’re Selling the Home As-Is
When cash-buyers advertise they will sell your home as-is, they mean it. If you’re considering selling to a real estate investor willing to buy your home as-is, you need to believe them.
This means you don’t have to worry about making any repairs, getting the home inspected, or worry about staging. Cash-buyers buy fixer-uppers for a living, so they know what they’re getting themselves into when they buy a home as-is.
The buyer will take a look at the home and make an offer based on what they see, and they will never ask you to make repairs.
3. You Will Not Lose Money
Chances are a lot of people have told you that you could lose money if you sell your home to an all-cash buyer. However, if you look at the breakdown, the money you will get when selling your home for cash makes sense.
In fact, once you calculate everything, you will make as much money if you sold the house using the traditional route.
For starters, when you go through a traditional buyer, it will take time to find a buyer, wait for the mortgage to clear, and waiting for the close. This means that you will have to keep paying the mortgage during this time, which will cost you money.
When you hire a real estate agent, you will have to pay them between 5-6% in commission, which can add up to $15,000. To get the best offer possible, you will have to make repairs and spruce up the place to attract buyers.
Once the process is complete, you will have to account for closing costs, hidden fees, and more. When you sell to an all-cash buyer, you will avoid paying for all of those additional costs.
The offer you get from the seller will be the amount you will get.
4. Find a Reputable Buyer
When you’re in the process of selling to an all-cash buyer, it’s important to learn that not all companies are created equal. The last thing you want is to get an offer from a buyer that turns out to be a scam.
Make sure you do your research to find a reputable and reliable buyer. Reputable and reliable buyers have a website, reviews, testimonies and are transparent in the process.
It’s always important to go with your guy and avoid situations that might seem illegitimate.
5. Timing Is Everything
If you’re in a hurry to sell your home due to financial troubles or you need to relocate fast, you need time on your side. Those who don’t need to sell their home fast might be able to wait the months it often takes to sell a home.
When you’re in a rush to sell your home, the fastest way to do it is by working with a company that will buy your home as-is. Working with an all-cash company will eliminate the wait to find the right buyer, wait for the loan, and close.
You might be able to sell your home and get paid in as little as a week.
6. Never Pay a Company Money
As we mentioned before, there are come home buying companies that are not reputable. It’s not uncommon for scammers to extort money from people looking to sell their home fast.
You should be aware that you never have to pay a home-buying company in advance. If the company asks you to pay for an “application fee” or similar, chances are they’re only trying to scam you.
A reputable company will never ask you to pay them any money upfront. They will explain to you the entire process and remain transparent the entire time. If there are signs that something is off, it’s important to go with your gut.
7. Only Sell To a Company You Trust
It’s important to remember that you are the seller and in control of who you sell your home to. Don’t feel pressured to sell to a company you don’t trust only because you need the money.
Selling the home you’ve lived in for years is a monumental moment, and you should only sell to a company you trust.
8. Be Honest
Although most all-cash buyers will buy a home as-is, you should also be transparent with the buyer. While they will likely find what’s wrong with the house during the inspection process, you must be transparent and mention all of the issues.
The buyer won’t expect you to make any of those repairs, so you don’t have to worry about hiding any issues.
9. Verify Their Credentials
Before you start calling companies and giving them a tour of your house, you must verify their credentials. You can start by searching for their name at the Better Business Bureau to ensure they’re an accredited business.
Read online reviews to see what previous sellers have to say about their experience working with them. Online reviews can say a lot about the reputation of the company. While all companies are bound to have a bad review from time to time, you should be wary of many negative reviews.
You should also ensure the company has experience buying homes for cash.
Are You Ready to Call Cash Home Buyers?
Now that you know about these things to consider when working with cash home buyers, you will feel better about your decision.
Before you sell your home to an all-cash buyer, you need to consider the company’s reputation, never pay any money upfront, and don’t make any repairs to the house.
Are you ready to sell your home for cash fast? Contact us today for a quote.