If you’re reading this, it’s probably because you’ve heard the many benefits of selling your house for cash. We’re with you. We think this is an awesome option and we want to help you get the best deal you can.
You see, as advantageous as it is to sell to a cash home buyer, it doesn’t mean you’re automatically guaranteed to get a good deal. There are a lot of factors to consider that can alter your closing price by thousands of dollars.
It’s also probable that you’re hoping to complete the sale as soon as possible. But every cash home buyer handles this process differently.
Some buy fast with very little hassle. Others have a more complicated and time-consuming approach.
Image by Mike Cook
Fortunately, we’ve written you this guide to help you find the right cash buyer for you. To maximize the benefits of selling your home for cash, follow these tips.
- Know Your Home’s Value
It can be tricky to get an accurate idea of how much your home is worth. But it’s very important that you have this information as a bargaining chip for negotiations.
There are online calculators on many different websites that can help you estimate your home’s value. You can also check out local home listings and see what similar homes are selling for.
Remember, though, that you can expect cash buyers to bid somewhat low. That’s the price you pay for selling fast with minimal fuss (in other words, selling “as-is”).
- Know the Value of Selling Fast
Now, here’s the good news. Selling to a cash buyer at a lower price can actually save you money.
For one thing, there’s no real estate agent taking a cut of the sale price. And you don’t have to pay for repairs and renovations if you’re selling as-is.
Plus, there’s probably a reason you’re trying to sell your home fast. If you’re struggling to pay your mortgage, for example, you’ll fall behind on other bills, racking up late fees, and hurt your credit. Perhaps you’ve already moved and are paying more than you can afford for your new home and your old one.
Thus, selling fast can easily save more than you lose on the low sale price. That’s especially true if you’re in danger of foreclosing.
- Research Available Cash Buyers
Now, make a list of all the cash buyers who are available to buy your home. Then, to narrow it down, go to each buyer’s website and find out more about them. Specifically, check out how they handle this process and what steps are required.
For example, some will require little more than a home inspection. Others will require several inspections/walkthroughs that will ultimately take a lot more of your time.
Some might have restrictions about which homes they accept. If these restrictions disqualify your home from their consideration, don’t waste your time with them.
- Check Their References
Be sure to check references to find a buyer you can trust. They should have references listed on their website. You can also check online reviews.
Most importantly, beware of any buyer who doesn’t seem to have any reviews or references.
- Try Local Cash Home Buyers
Local buyers are usually a better choice than far-away, online investors. Local buyers know all there is to know about your local housing market. Thus, they’ll have an accurate idea of what your home is worth without having to spend a lot of time researching.
They’re also in competition with other local investors who would want your home. For both of these reasons, local cash home buyers are more likely to give you the best deal for your home.
- Don’t Pay Anything
A common scam among so-called buyers is to ask the seller for an “application fee” or some other upfront expense. Then, they take the money and run. Don’t fall for it.
The buyer should pay for the home inspection and any other expenses required for this process. The only costs you should have to pay for will be determined in the closing negotiations.
- Clean and Fix Up Your Home
This step depends on your buyer and your situation. For example, if you don’t have to sell your home right away, do all the cleaning, repairs, and renovations you want.
This can increase the value of your home and earn you a higher sale price, even when selling to a cash buyer. Furthermore, it makes your home more appealing in general. This allows you to consider your other options, like a traditional home sale, that could earn you a greater profit.
- Or, Don’t Clean and Fix Up Your Home
On the other hand, many cash buyers already have their own plans for cleaning and fixing up your house. They want to buy your home as-is so they can improve it their own way and then flip it.
You don’t (necessarily) need to fix your house or even clean it for buyers like these. It would be a waste of time and money.
- Be Honest in Your Listing
What you do need to do is be completely honest in your listing information. Anything that’s wrong with your house won’t be a problem for as-is buyers. They’re usually planning on fixing it up, anyway.
But if they discover an issue that you were trying to hide, that’s a problem. It will definitely kill the sale. And if other buyers learn of your dishonesty, you’ll have trouble getting anyone to buy from you.
Remember These Tips When Selling Your House For Cash
If handled properly, selling your house for cash might be the best decision you can make. So be sure to follow these tips when selling to a cash home buyer.
Want some more tips on home selling, home buying, or home improvement? Find them here. Check out our blog for other great guides like this one.