If you want to sell your home for cash without making major repairs, there are things you need to consider before putting your home up for sale. You can hire a realtor, sell your home for sale by owner or choose a reputable company that’s sole business is making cash home offers that can be turned into quick profits. These companies excel in buying houses that other people want to unload quickly without major costs for repairs or commissions.
Although you may have to accept a lower offer than you would get through traditional routes, selecting a company that will give you the cash and then deal with rehabilitating and reselling your property may be the way best way to accomplish your most urgent needs without having to put time, stress and money into closing costs and other expenses.
Advantages of Fast-Cash Buyers
Selling your home to another buyer is fraught with danger because of the number of scams and unscrupulous people looking to capitalize on your urgent need to sell your home. However, if you don’t want to pay a realtor, there are companies that buy homes as-is and that are ready to make cash home offers on properties that they can fix up and resell for a larger profit.
- Because these companies pay cash, you won’t have to worry whether the buyer mortgage falls through.
- They purchase your home as-is, meaning you don’t have to worry about repairs.
- They typically pay some or all of the closing costs.
Negotiating the Price on Cash Home Offers
Everything’s negotiable in real estate transactions, including the costs you agree to pay to close the deal. If your home’s buyer asks you to cover thousands of dollars in repairs, a cash sale quickly loses its appeal. The same holds true of a buyer paying cash but lowballing the offer and then asking you to pay all the closing costs.
If you receive a cash offer, determine what costs can be negotiated down. Be willing to make minor repairs or cosmetic changes, such as painting and de-cluttering, if they aren’t too costly and will save the deal.
Short sales have gained popularity since the housing bubble burst in 2008. Short sales are usually started by the owner if a property’s value drops by 20 percent or more. Before the deal can close, the lender has to sign off on the short sale. Additionally, the lender requires documentation that explaining how the sale makes sense. Prospective buyers deal with the seller first and then the lender to seek purchase approval. This can take a long time, kill your credit rating and produce a lower sales price than you may have expected.
All in all, the quickest and easiest way to sell your home as-is, with no closing costs may be to seek out a company that routinely makes cash home offers. You can reduce your overall losses and get on with the next phase of your life.