A majority of homeowners believe that selling a house ‘for cash’ entails the buyer showing up with a duffel bag full of cash, that’s not how it works in the real world,” says Shannon VanderMeer, a Home Buying Specialist with Connect Home Buyers. A “cash offer” simply means the buyer has the funds ready to purchase the property.
It also means that the offer is not connected to being able to secure a mortgage. Even so, it still does not make the process of selling your house for cash any less dubious for the buyer.
In this article, we will walk you through the step-by-step process of selling your house for cash, so you can decide for yourself if this is the right way to go. Let’s look at different steps involved to sell your home fast to cash home buyers.
- Check On The Value Of Your Home
- Assessing The Condition Of Your Home
- Find Legitimate Cash Home Buyers And Request An Offer
- Consult With A Top Real Estate Agent
- Evaluate The Price, Terms & Conditions Of Your Offer
Check On The Value Of Your Home
Cash home buyers provide a variety of facilities to homeowners that want to sell my house fast. The following is a brief list of some of the advantages that cash home buyers provide to homeowners:
- Shorter Closing Times
- Increased Level Of Authenticity
- The Opportunity To Save On Repairs and the Option To Sell “As Is”
The only drawback of selling your house to cash home buyers is that statistically, cash offers can be lower than regular financed offers. This means that although your home will get sold much faster, you can expect to receive a discounted price for your home.
The exact price will depend on multiple factors such as the condition of your home, the location, market competition, and other market factors. The best thing to do in such a situation is to at least have a ballpark idea of your home’s current market value to avoid getting lowballed.
From the year 2005, homeowners can request to receive a free home appraisal online with the help of algorithmic pricing tools. These online appraisal tools collect information from different sources such as real estate property listing websites, county assessors, title companies, recorder’s offices, and surveys from homeowners to deliver instant property value estimates.
You can also get cash offers for free from online sources. Although an online valuation of your property will not be as accurate as a valuation from a professional property appraisal firm it will be free and quick.
Assessing The Condition Of Your Home
The condition of your property will have a huge role to play to help you decide whether your property has been appraised properly. Does your property have a swimming pool that is a little out of shape? Does your home have a large parking area that maybe needs a little attention? Is there a spacious lawn in your house or a roof with a beautiful panoramic view?
All of these factors will come into play when you get your property assessed. According to Home Buying Specialist Thomas Geib, “You can compare your home with other properties that have sold recently in your area to get a rough idea of what kind of an offer to expect from the market.”
The problem is that if your house needs repairs, recently sold properties of similar size in your area might not give you a good idea of the worth of your home. The cost of the repairs will lower the value of your house.
Find the value of a recently sold house in your area of a similar size as yours. Next, subtract the total cost of repairs to restore your house to a similar condition as the recently sold property. It is also advisable to subtract the investor profit (often 15%) and the commission to find the current value of your house.
Find Legitimate Cash Home Buyers & Request An Offer
Before starting to look for cash home buyers, you must know your home’s worth. Armed with this information, you can determine exactly which offers you want to accept and the ones to refuse. Connect Home Buyers can provide you with an all-cash offer for your home within 24 hours.
The best part is that you don’t need to pay them a commission and It is completely up to you whether you decide to accept the offer or leave it.
An All-Cash Offer In 24 Hours
Connect Home Buyers will analyze the information related to your house and provide you with a competitive offer within 24 hours. You are under no obligation to accept the offer and you do not have to pay anything to receive the offer from cash home buyers. Another advantage is that you do not need to make any renovations to your house.
Sell Your House “As Is”
Skip the hassle of getting your house repaired and paying commission to real estate agents. According to a study conducted in 2021, homeowners spent more than $5,000 on repairs to their homes before selling their houses. The advantage of connecting with home buyers is that they are cash home buyers that purchase your house in any condition without realtor fees and no hidden charges.
Cash home buyers will buy your house in any condition. This means that you can still sell your house even if you are facing foreclosure, have health department violations, damage to the property, or are in the worst physical condition. You can find cash home buyers for these houses.
Consult With Top Real Estate Agents
Not everyone wants to accept a cash offer from cash home buyers right off the bat. You always have the option of having an advisor assess your property before you accept any offer. No problem!
You can consult with knowledgeable real estate agents experienced in cash sales in your area. Keep in mind that real estate agents will charge a commission if their offer is accepted.
Evaluate The Price, Terms & Conditions Of Your Offer
Not every homeowner wants to accept a cash offer without reading the fine print. The price will be one of the most important factors to determine your approval for an offer from cash home buyers. Here are some things that you should ask about before accepting any offer from cash home buyers.
Terms & Conditions
Price is of foremost importance but ask the cash home buyers about the terms and conditions of their offer. For example, the cash home buyers will be willing to purchase a house “as is” but might require an inspection. Cash home buyers eliminate the need for lender-ordered appraisals and any other contingencies to the sale. Make sure that you do not need to accept the least contingencies to the sale from the cash home buyer.