There will always be a couple of bad apples, no matter what type of business you are dealing with. This is why it’s important to know what you’re doing before getting into any transaction, especially when it involves your house. Here are important things to know when selling a house to a cash buyer.
What Are The Process of Selling a House For Cash?
- Not All Companies That Buy Houses Are Made Equal
- Know The Value Of Your Home
- As-Is Is What It Is
- You’ll Get A Fair Offer
- Beware of Companies Who’ll Ask You to Pay Upfront
Not All Companies That Buy Houses Are Made Equal
Ensure that the cash home buyer you are dealing with is reputable, like the Cincinnati Property Twins. As mentioned previously, some bad ones will take advantage of people who want to sell a house quickly. Therefore, you must be able to identify legitimate cash home buyers from scammers.
Know The Value Of Your Home
There are many available options online where you can get an estimated value of your house. It is always best to get values from multiple websites (expect to get different values) for you to get a good range for your home’s value.
“We buy houses for cash” companies are going to offer you lower than the market value of your house as estimated online. But this is expected since these companies will buy your house as-is, not to mention having to sell your house fast for cash. The difference will most likely be offset because you won’t spend anything on repairs and real estate agent fees.
As-Is Is What It Is
You can even leave your junk behind. When we say “we buy ugly houses”, we mean it. If you want to get rid of a house with so many problems, you better go with a cash house buyer. Leave the buyer to do the fixing, and you’ll get your cash for your home.
You’ll Get A Fair Offer
A real estate agent will tell you that you’ll lose a significant amount of money when selling a home to a cash buyer. But actually, there is a big chance you’ll get almost as much as you would have with going through an agent. The offer is reasonable. This is because of the following:
Time factor – If you sell your house to a house buying company, you no longer have to keep paying your mortgage since you get to sell it quickly. It typically takes months or even years to selling your house to a cash home buyer through a real estate agent. This means you’ll continue paying for this home until it gets sold.
Repairs, maintenance, and curb appeal cost factor – To make your house appealing as possible to potential buyers, you’d most likely need to spend an additional $5,000 to $10,000 on repairs and replacements.
Real estate fee and closing cost factor – At the end of the day, you’ll get as much money when selling your house for cash as when selling through a real estate agent. With a reputable cash home buying company, you won’t have to pay closing fees, real estate agent fees, and there are no hidden charges.
Beware of Companies Who’ll Ask You to Pay Upfront
It is important to remember that scam artists will usually ask you to pay upfront. For instance, they will ask you to pay an application fee, but you won’t contact them anymore after paying them. Cash buyers won’t require you to apply for anything. They will be the ones who will take care of the whole process. It’s an automatic red flag if they are requesting money to do certain things.
When you need to selling a house to a cash buyer quickly and conveniently, the best option is a house buying company. However, to make the process smooth and to avoid dealing with scammers, make sure to do your research and find a trusted company that buys houses for cash.