Are you planning on selling your home to a cash buyer?
Worried that you may not be getting a good deal?
That’s an important thing to be concerned about. And it’s certainly something you want to be clear on, regardless of who you’re selling your home to.
If you’re feeling stumped on how to determine whether or not the offer you’ve received is in your best interest, we’ve got you covered.
Here are 5 ways to make sure you’re getting a good deal when selling your home to a cash buyer:
- Assess Repairs
Take careful inventory of all the repairs and updates your property needs. Then get some quotes from reputable contractors to determine how much it will cost.
When people see what homes in their area sold for they often don’t think about what the homeowner actually pocketed after repairs (which can be a hefty cost), so it’s an important consideration.
- Factor in the Fees You Won’t Have to Pay
You’ll also want to factor in things like staging costs, closing costs, holding costs (the costs of maintain the home, e.g.mortgage, property tax, insurance, landscaping, etc.) and the 6% (typical rate) commission the real estate agent would get if you were selling your home the traditional route.
- Have the Cash Buyer Do a Walk-Through
If possible, ask the cash buyer to walk through your house. This way, they can thoroughly assess your property and provide you with an acurate rate. This will also help avoid any misunderstandings.
While they’re there, ask questions and make sure you’re getting specific answers. This should help you get a pretty good read on whether or not they know what they’re doing.
- Consider Your Unique Situation
In addition to a cash offer for your house as-is, cash buyers can often throw in some added perks. And you’ll want to consider their value as it pertains to your unique situation.
If you need to sell right away to cover medical bills, relocate, or avoid foreclosure, a quick closing (usually within seven days) might make the offer all the sweeter.
Or if you have terrible tenants and the cash buyer is willing to purchase the property with them still in place, that could be a big stress reduction for you.
- Determine What Offer You’re Willing to Take
It’s worth taking the time to think about what net amount of cash you’re willing to take for your home. If you have an amount in mind you won’t go below, that will help when it comes time to discuss the price with the cash buyer.
Once you’re clear on all the things above, you’ll just need to select a cash buyer whom you trust that will deliver on the agreed upon timeline and price. Then you can confidently walk away with cash.