Should you sell your house for cash? Or is it a trap you might regret for many years to come?
“Everyone seems to be getting into the house buying a business: Realtors, builders, mortgage brokers, and of course, home flippers and real estate investors. A rash of “We Buy Houses” companies with slick websites and lots of fancy advertising is promoting how easy it is to get money for any house in any condition without even fixing it up first.
Why You Should Sell Your Home For Cash
Consumers are increasingly seeking alternatives to traditional financing when purchasing large ticket items like new or used homes. While some see the value in consulting a lender, other individuals may prefer an unsecured option that allows them to purchase what they wish, when they wish. The following are five reasons why you may wish to consider investing extra time researching the cash home buying property market before entering into a contract with a mortgage company.
The big promise with a cash-for-home sale service is that you won’t have to wait long and find out how much you’ll get for your property, or be trying to navigate the sometimes complicated world of selling through a traditional real estate agency which often involves coming up with buyer each step of the way. Some companies make rapid offers, others like to inspect the condition of your home first before they decide on how much to offer for it. However, no firm will make an offer until you’ve confirmed that any necessary repairs have been made and then give them permission to carry out an inspection of the property – which is usually carried out by a third party just to ensure that their assessment matches yours and there are no nasty surprises!
The big lure of this way to sell a home is ease. It’s nice to know that your closing is coming up, and you can make new life plans. Truly all-cash buyers can typically close within a few days, providing they can arrange to finance, arrange title work and insurance appraisals and inspections and have access to a closing agent who is able to accommodate the closing.
These buyers typically won’t require any significant repairs or updates to be made. This helps many homeowners who are selling their homes to see a return on their investment and make sure they aren’t having to pay for any out-of-pocket expenses when it comes time to put the home under contract. Since these buyers are typically renovators, they might have some creative plans in mind regarding how they want the interior of your residential property decorated and designed. Since they are paying extra for the property that you own, they might also expect you to let them decorate the home with items of their choosing or paint the walls a color of their choosing as part of adding value to the home themselves through renovations prior to resale.
Should You Sell Your House for Cash? The Cons
Low Purchase Offers
These buyers are willing to buy quickly because they want to be able to find undervalued properties and then resell them for a quick profit. Sometimes they’ll remodel and remarket them.
In other cases, they may renovate and rent them out. Whatever their end game, they are looking to pay as little as possible. Often the goal is to buy homes at no more than 50% to 30% less than they can be resold for.
A Sale is Still Not Guaranteed
Even with the promise of a relatively quick closing and an all-cash transaction, there is still no hard guarantee of closing until the deal is signed. Some of these advertisers may really have the money they intend to close quickly. Others are under pressure to get your property under contract, just so they can then go shop it around to try and find someone who will pay more for it. If they don’t find someone in that time frame, they will let the contract expire – wasting your time and adding extra stress on top of everything else you had to deal with when trying to sell your home
Deduct Repairs & Improvements from Your Price
As a home seller in a hot market, you must expect that your sellers will be more discerning of what they want to see. They aren’t going to buy your home unless it fits their needs perfectly. Expect them to make requests and suggestions, but also know that they may need repairs completed or for furniture to be removed. While these requests might make the process of selling your property harder, know that these expectations will decrease the price you’re able to command from buyers because of the cost involved in either completing these tasks or removing unwanted furniture before an open house can take place. It’s important – as a homeowner with a hot property on the market – not to be resentful about spending good money on making improvements or pulling undesirable pieces out of sight when necessary so as not to devalue your home, since after all, no one wants to buy something that poses maintenance challenges even if those challenges are fixable and temporary in nature.
You Don’t Get Competing Bidders
Unlike selling your home through a realtor, if you decide to sell without assistance from the real estate industry, you’re only going to be able to choose one offer from a limited amount of potential buyers. Alternatively, you may also have to contact interested parties personally, speak with them and possibly meet with numerous people in your home so they can figure out whether or not they want to buy it. This is more time-consuming than simply paying a commission fee and letting an agent handle everything for you by publicly listing your property to be seen by multiple parties therefore the best option is usually to hire a realtor because they can help maximize the price of your property, meaning you will receive more money for it and don‘t need to use as much of your valuable time.
Ultimately, if you are in a desperate situation, have lots of home equity or own your home free and clear, and need to sell in the next couple weeks – selling your house for cash may be worth the gamble, if you can stomach the price.
Sell My House Fast in Jacksonville FL
“ALKO Homebuyers“, is an efficient, sensible, and trustworthy house buying company that offers better cash options for house sellers in FL. We’re local home buyers in Jacksonville Florida, that aim to solve almost any local home seller’s situation. We are not only professional, skillful and honest, but also caring. No commissions, no closing costs, no repairs, no agents, no fees.
I’m Konti Leci, and together with our team, we do our best to bring you an offer that works! Just fill in the form below to get your offer started. Remember, it’s 100% FREE, and never any obligation to accept.
No matter how bad the condition and the situation of your home is we will make sure that you’ll get the best offer and leave with cash in your hands. Don’t worry about all the works, from dirty floors, toilets, damaged furniture, trashes, food inside the fridge, unused clothes because we got your back when you sell your home to “ALKO Home Buyers” !
ALKO HOMEBUYERS 2487 Coachman Lakes Dr
Jacksonville, FL 32246