7 Tips for Cash Home Sellers
If you are considering selling your house to a cash buyer, you should make the effort to be educated and prepared. The process is going to be a bit different than a traditional real estate sale, and as a cash home seller, you should set your expectations accordingly.
There are many real estate investors out there who are interested in houses like yours. A cash home sale allows you to sell your house quickly without the complex closing process of a traditional sale. Whether you are financially distressed or want/need to sell your house fast for other reasons, a cash deal may be your best option. You may not have the time or interest in hiring a real estate agent, marketing the property, reviewing offers, etc.
If you are a cash home seller, here are 7 important tips you should follow according to PropertyLark:
1. Understand Your House’s Value
You can do a little research to understand the current market value of your house. This will help you set your selling price range. Just know that any real estate investor or home buying company is going to offer you something on the lower end of the spectrum. That is to be expected because they are buying the property in as-is condition and paying cash, which eliminates the complexities and potential sale-canceling risks that come with a buyer financing the purchase through a mortgage.
2. Don’t Worry About Cleaning or Repairs
When a cash buyer says “as is” they mean it. They are usually planning to renovate the property or make their own upgrades before selling it or renting it out. Don’t waste your time and money cleaning, staging or making repairs to the house because it won’t significantly increase the value in the eyes of an investor. A great benefit of a cash home sale is that you can avoid these out-of-pocket expenses.
3. Do the Math
Some homeowners are turned off by the idea of a cash home sale because they know they won’t get as high a selling price. However, this does not necessarily mean you will walk away from the transaction with less money. The lower offer from a real estate investor makes sense from their perspective and it should make sense from your perspective as a trade-off for a faster and easier sale. There are costs with selling a house on the open market in a “traditional” sale. You have to hire a real estate agent, clean, make repairs and stage to prepare the home, market it, etc. Then, there is the time factor, as well. It may take several months to sell your house that way compared to days or weeks to a cash buyer. This means you’ll still have your standard homeownership expenses to cover until the transaction is completed (utilities, insurance, mortgage, property taxes, HOA dues, etc.). When you sit down and do the math, the lower selling price is understandable and may even net you more when all is said and done.
4. Research the Buyer
You do want to make sure you are working with a reputable real estate investor or home buying company. Ask questions. Look them up. Read reviews. Make sure you get a good feeling about working with them before accepting a cash deal.
5. Don’t Pay Anything Upfront
If a real estate investor asks you to pay any money upfront (such as an “application fee”), do not do it. Cash buyers should be taking care of the whole process and there should be no out-of-pocket fees or expenses on your end.
6. Review the Cash Offer
A reputable home buyer should get you a fair cash offer quickly (PropertyLark can provide a cash offer within 24 hours of first contact). Take the time to review it and ask questions if you have any. Make sure you are comfortable with the terms of the deal before you sign any paperwork.
7. Sell and Get Ready to Move
Remember cash transactions happen quickly. We can close on a property and have cash in your hand in as few as seven (7) business days. You should be ready to move out if you want a fast sale. PropertyLark is also willing to work with you to set a specific closing/move-out date if you need more time. Just let us know when you want to move out (as long as it’s within a reasonable time period) and we’ll plan the closing process accordingly. Not many investors or cash home buying companies will offer this.
Cash home sellers need to be prepared for what’s about to happen. The expediency of a cash home sale is one of the primary benefits, but the fact that the transaction moves along quickly is something many sellers aren’t quite prepared for.
If you would like to get a no-obligation fair cash offer on your house, contact PropertyLark today. Just fill out the contact form on any page of our website to get started. And, if you have any questions, just ask!