How to Sell Your House for Cash
When you want to sell your house for cash, it’s no secret that selling a home can sometimes be a difficult process. However, this doesn’t always have to be the case.
Many people choose to sell their house for cash in order to minimize the amount of time but it takes. For those who are looking to get started, we’ve put together a guide that outlines everything you need to know.
Take a look.
So to Sell Your House for Cash, What Does the Process Look Like?
Many people are intimidated by the cash process. However, this is simply due to the fact that it is unfamiliar to most sellers.
Listed below are the main components that you’ll need to keep in mind.
Finding a Cash Buyer
As you might guess, the first step toward selling a house for cash is finding a cash buyer. This can be achieved through a handful of different ways, but a few methods stand out from the others.
For instance, taking the time to conduct online research is an effective strategy that you can use to connect with a cash buyer who is looking to purchase a property. In general, most people who purchase homes in cash are investors who are looking to flip the house at a later date or add to their real estate portfolio.
This means that it is in their best interest to establish a significant online presence for themselves. This directly translates into it becoming relatively easy to find them online.
Additionally, you can work with a wholesaler who is able to connect you with a cash buyer. The main benefit of this method is that wholesalers generally only take a small percentage of the amount you receive from the buyer. This becomes an even more enticing option if your home is particularly valuable.
Regardless of how you find a buyer, you will then be ready to move onto the next step.
Review Their Offer
It shouldn’t take long for the buyer that you connect with to offer you a proposed amount for your home. However, it can be difficult for sellers to know whether or not they are getting a good deal.
In fact, this is one of the primary attributes of selling a home for cash that deters people from trying it out in the first place. Luckily, it’s relatively easy to determine the value of your home.
If you’d like to calculate this amount as accurately as possible, it’s often worth looking into getting an appraisal. This involves hiring a professional to inspect your home and determine its objective value based on its condition, amenities, etc.
However, this option often isn’t viable for those who wish to sell their house as quickly as possible. Instead, you can compare your home to houses in the immediate area that are of a similar size and quality.
You can then use the value of these homes to approximate how much your own house is worth.
If your house has outstanding repairs that need to be made, be sure to subtract the cost of these from this number. It’s also important to consider only cash buyers who are willing to put down a reasonable deposit on the home. In general, this should be approximately 4% of the purchase price.
Close the Sale
Since your buyer already has the money available, the closing process can be completed far quicker than that of a traditional home transaction. In fact, many cash buyers will close the deal within two weeks.
However, you will still need to handle the nuances associated with a regular closing (minus some of the closing costs). This means working with similar documents like property disclosures and deeds. Afterward, the transaction will be complete.
How Can I Sell My House As-Is?
As previously mentioned, your home might have repairs that you need to make in order for it to be in prime condition. If you don’t have the time and finances to do so, you can still sell your house to a cash buyer.
Fortunately, there are many cash buyers who focus primarily on purchasing homes that are in imperfect condition. This is especially useful if your repairs are complicated or costly, such as wiring issues within the house.
The main benefit here is that you can entirely forego home showings and staging. Additionally, you won’t have to worry about getting an inspection. Keep this in mind when moving forward if you are looking to minimize the amount of time you spend on the transaction.
How Much Money Can I Expect?
In exchange for the expedited process, you will likely receive a lower offer from a cash buyer than you would from a conventional buyer. As previously mentioned, cash buyers are investors and are looking to maximize profit. However, this doesn’t mean that the offer they make won’t be substantial.
In general, you can expect a cash buyer’s offer to be slightly below the market value of your home. Whether or not you decide to take this deal is entirely up to you — some buyers are relatively reasonable with the amount they deduct.
Others might attempt to lowball you at first and you will have to negotiate with them. Eventually, you’ll be able to reach an agreement that allows you to quickly sell your home for a fair price.
Selling Your House for Cash Might Seem Complicated
Fortunately, it’s not nearly as difficult as you might think. The above info will help ensure that you can sell your house for cash as easily as possible.
Want to learn more about what we have to offer? Feel free to reach out to us today and see how we can help.