10 Tips for Selling Your Home for Cash
Selling your home is stressful. The hassle of weekly showings, constant cleaning, and vacating at a moment’s notice is often too much. It must be worth your while. You need cash for your property – a reasonable amount, too. If you want to sell your home fast for cash, follow our guide!
1. Work with reputable company
Credibility and reputation are everything. Selling your home is one of the biggest financial decisions you will ever make, so you owe it to yourself to work with a credible company. Check with the Better Business Bureau and other online resources to get a feel for the reputation of the company you are working with. Is it an actual company you will be doing business with, or is it an individual? Knowing whom exactly you are doing business with will help you feel comfortable with the process. After all, it’s not everyday you sell your house.
2. Ask the buyer if they have recently purchased a home in your area or neighborhood
Any legitimate homebuyer will have most likely have recently purchased a home for cash in your area. Ask them for the address and pictures of the home they purchased. If they are hesitant or don’t have much experience in the area in which you are selling your home, this is a red flag. You want to work with a cash buyer who knows and understands the area.
3. Read the contract, specifically how long their inspection period is
The typical purchase of a home for cash is done without repairs. The home is usually purchased in “AS IS” condition. An experienced individual or company will be able to evaluate the condition of a property and it’s needed repairs fairly quickly. If the contract asks for an inspection period longer than 7 days, this is a red flag. Experienced professionals that purchase homes for cash have a team of people that can evaluate and understand its risks within a short amount of time. Working with an experienced individual and company can save you a tremendous amount of time.
4. Is the buyer actually purchasing the home, or will the contract be assigned?
It’s one thing to say, “WE BUY HOUSES CASH” or “WE BUY HOUSES FAST,” but it’s another thing to actually do it. A common practice among “cash buyers” is to simply put the property under contract and then assign that contract to an actual cash buyer. These individuals are essentially acting as a “middle man,” connecting sellers with cash buyers for a fee paid by the cash buyer. This can become a problem if the “middle man” and or “wholesaler” can’t find someone to assign the contract too for the agreed upon price. In this case the “wholesaler” has to renegotiate with the seller, putting less money in their pocket.
5. Don’t feel pressured to sign an agreement
Don’t feel pressured to sign a purchase agreement with anyone. If the person you are working with is pushy, don’t do business with them. Selling a home doesn’t have to be stressful, especially when you’re working with the right company and people. Your peace is mind throughout the process is what is most important.
6. Ask the last time the buyer had to renegotiate the price and why
Receiving a cash offer on your home and actually closing for that amount are two completely different things. Beware of the cash buyer who tells you a price to entice you to sign a purchase agreement and then comes back to renegotiate the price based on “inspection issues.” Some buyers use this as a regular tactic to get the home for less money. While sometimes it may be necessary to renegotiate the price because of major issues (foundation cracks, leaky roof, etc.) don’t let yourself be taken advantage of. A reputable company will do its best to close at the original agreed upon purchase price.
7. Look for online reviews
Look online and see what other people are saying about their experience working with the company or individual you are working with. This can provide you with a lot of valuable insight. Were they fair? Did they close on the timeframes outlined in the purchase agreement? Did they communicate with the seller throughout the process?
8. Identify the title company and the title officer for the transaction
Selling a home is one of the biggest financial transactions that takes place. Making sure that it is done correctly is critical to the success of both the buyer and the seller. A title company acts as a third party to ensure the transactions goes according to the agreement, ensuring the title to the property is clear, as well as handling all the money. A title company can be a great resource to ensure you are working with someone that is credible and does repeat business. Be sure to get the name and number of the title agent handling the transaction before you sign any contracts.
9. Has the buyer discussed any other options with you?
Nobody likes to be taken advantage of, especially when it comes to selling a home. Make sure that all options have been discussed. Is it best to sell the home through a Real Estate agent? Should the home be rented? Is now the right time to sell? A credible and honest real estate professional will have your best interest in mind regardless of whether they purchase the home or not. Discussing all options is critical to making the best decisions possible.
10. Do you feel comfortable with the person/company you are working with?
Ultimately the most important thing is to feel comfortable with who you are doing business with. Do you feel like they will follow through with what they say they are doing to do?
Your “gut” can tell you a lot about a person, and if something doesn’t feel right, don’t go through with it. Don’t confuse making a change like moving with not feeling good about the person or company you are doing business with. Selling your home quick for cash is a legitimate and ethical way to sell a home and feeling good about it is your right!!
Put these tips to use and you’ll find that selling your home for real money is a breeze. It seems daunting at first. There is a wealth of information available to make the process simple and straightforward, though!