Cash buyers can be a lifesaver for many different types of homeowners. Selling in cash can be quick, lucrative, and hassle-free for properties that require a lot of repair work, homes that have been inherited, houses in a difficult neighborhood, and owners that do not have months or years to close a deal.
Here are a few steps to successfully selling a house to a cash buyer and investor as quickly as possible.
1. Accurate Appraisal
While many homeowners that consider the cash buyer route of selling their houses are typically in a hurry, one still does not want to be at loss at the end of the day.
Hiring a real estate appraisal expert costs less than hiring a realtor to sell your home and they do not require a commission paid from the sum of the sale.
Accurately and thoroughly appraising the value of the property including add-ons like furniture, appliances or the money spent on recent upgrades (if any) can make a huge difference to the price you can ask for, from a cash buyer.
Real estate appraisers have plenty of experience in deciding on the monetary value of a number of factors such as proximity to schools for example or nearby amenities.
Always hire an appraiser that is registered with your local relevant organization or institute.
2. Comparable Market Analysis (CMA)
Cash home buyers are usually investors looking to pick up properties in a certain area for business development purposes.
A comparable market analysis carried out by an expert such as a realtor can help you put the right price on your house.
A CMA will compare how neighboring or nearby properties have been selling and which factors have contributed to them making successful sales.
A CMA is also a great way to determine the per square foot price of any house and to find out the market price and whether or not it is deemed to be on the rise in the immediate future.
Cash buyers may be keener to purchase a property that will show a considerable return on investment in as soon as a few months.
3. Show You Are Open To Cash Offers
The traditional route of selling a house means your property stays on the market for months or even years in some cases awaiting suitable offers that come with strings attached.
Regular buyers may want the homeowner to carry out extensive or considerable renovations among other requests.
This can push a sale back for a long time especially if the buyer is in the process of sourcing external financing such as bank loans to facilitate the sale.
With a cash buyer, the above-mentioned problems typically do not exist and the way forward is to register on forums and contact companies that either is cash buyers or perform networking functions for the latter. Verified online real estate websites can offer registration to homeowners looking to sell for cash and they can connect the latter with the property owner.
Middlemen real estate organizations may also purchase properties for a lump sum in one go and then take installments from the buyer for months or years depending on the agreement.
Lastly, you can contact real estate agents to connect you with cash buyers they have on their list. Plenty of reliable, registered companies will purchase a house for a considerable sum before reselling it quickly but the homeowner should always check with their local authority about which company to trust.
4. Read The Fine Print
Selling your house to a cash buyer may be easier than closing a traditional deal, but it still means you have to read the fine print of the final agreement.
Ask yourself questions like whether or not you feel adequately compensated for your property and whether all the terms you deem important have been included in the final paperwork.
Among other advantages, you can expect a faster closing time as cash buyers are rarely looking for approval of loans from banks or financial institutions and are dealing in cash.
As a seller, you can expect that there will be some inspections of the property from the cash buyer/s although in most cases they are keener to undertake repairs, upgrades, and renovations themselves.
Since cash buyers regularly purchase properties, they will want renovations and upgrades to serve a certain purpose therefore their own contractors and experts such as a roofing company will carry out the inspections and any subsequent repair plans.
Lastly, when signing the sale deed, try to have an attorney present to ensure legality in all matters.
