Did you know that more than 35% of home sales in 2020 were made with all-cash in the United States?
Many people try to buy a house with cash because it saves them from having to pay interest on the loan and avoids closing costs.
If you are hoping to sell your home and don’t know how to evaluate cash house buyer options, there are a few things to know.
Continue reading to discover the most important factors when you go to choose cash house buyers for your home!
Know Your Home’s Value
The most important thing to know when you go to choose cash house buyers is the value of your home.
When property sales are made with all-cash, the purchasing process is a bit different. The best way to know your home value is by getting your home appraised. An appraiser will evaluate the condition of your home and look at the value of homes that are similar to yours and in a close area.
If you aren’t sure if the value is accurate, a great tip is to compare homes that are nearly identical to yours. You should know the value of the house so that when you start receiving offers, you can determine which ones are coming in too high or too low.
You Can Save Money
Depending on how you go about the selling process, getting an all-cash buyer can save you money.
When you add up the costs for a real estate agent to help with selling and having to pay the mortgage while you find a buyer, the bills can add up. Getting a fair house price that will be in cash can save you thousands of dollars and you don’t have to worry about interest rates.
If you go the traditional route of selling a home to someone getting a mortgage, you will need to pay closing fees and hidden costs. This won’t be a concern if the buyer is using cash and the process will be much quicker.
Another way that you could save money is if you sell the home as-is. Purchases like these mean that you don’t have to worry about making any repairs or improvements to make the home more appealing.
Selling houses quickly is everyone’s dream, but unfortunately, the process can take several months up to a year.
Getting the home fixed up, appraised, and inspected all takes time. It will also take longer to sell to someone with a mortgage with the pre-approval process and then the paperwork must be filed.
Working with the banks, realtors, and people purchasing the home can take time to communicate and decide on agreements. When you sell to cash house buyers, much of this time is reduced. You can come to a formal agreement and sell the home in a matter of weeks if you select an all-cash buyer.
Consider Selling As-Is
Have you ever seen real estate investor signs advertising that they will buy your home in all-cash as it already is?
When you come across serious investors, they are true to their word when they say they will buy a home without repairs. This could save you a lot of money in repairs, paints, and home renovation projects.
A lot of people spend hours and days trying to improve their home’s to get a better deal. Unfortunately, these projects aren’t often worth the money or time invested. Take these offers seriously if you get them, it will prevent you from having to worry about home inspections and staging for viewings.
In most cases, the buyer will still want to walk through the home before deciding to purchase it. This will give them an idea of the foundation they will have if they are trying to flip the home. A great company to consider is Wake County Home Buyers, located in North Carolina.
Research the Buyer
Many times when people get an all-cash offer, it is from an investor.
Real estate investors are buying homes and flipping them by making renovations and putting the home back on the market. If this is the type of buyer that you are getting an offer from, you should do some research. Looking up the investor and the projects that they have previously worked on can give you confidence in making a decision.
If the house buyer isn’t an investor, you can still get some information from them so that you can trust you are leaving your home in good care. You should take time to research so that you don’t get scammed by a fake company.
A lot of buyers will have reviews, websites, and testimonials that you can look at.
Talk to the Buyer
Talking to the cash buyer will help you decide on who to sell your home to.
When you have conversations with peopel that have put in an offer, it is always good to be honest. If there are major concerns with the house, you should bring these items to their attention. Most buyers won’t be too concerned, especially if they are planning to gut and refinish the house.
It is also good to talk to the buyer to see if they can be trusted and have all of the details worked out on their end.
Do You Know How to Choose Cash House Buyers?
If you have to choose cash house buyers, there are a couple of factors that you will want to consider.
Selling your home to a buyer that wants to pay in cash has many benefits. You can save money, time, and the hassle of extra details. If you want to sell your home to a cash buyer, you should always do your research to ensure that you aren’t getting into a scam.
Take your time to find the best offer, especially since homes are in such high demand right now.
Be sure to check out our blog for more articles about selling houses for cash and the real estate market!