Cleaning, decluttering, making repairs, painting, staging, landscaping—it takes a lot of work to sell a home! And that’s just the homeowner’s side of the bargain, without considering the hard work the owner’s real estate agent does.
So it’s no wonder that, in some cases, a homeowner may want to skip all the preliminaries and go straight to the sale. A quick cash sale might be attractive to homeowners for a number of reasons, such as the need to relocate quickly for a new job, the desire to take advantage of particularly strong market conditions that might not last, or the burden of financial stresses.
Here’s how to court cash buyers for your home and close the sale quickly.
The 2021 real estate market was certainly a wild ride for both owners and purchasers. Real estate experts suggest that those hot market conditions will cool off just a bit in 2022, as home inventory begins to increase and rates continue to rise.
That doesn’t mean it’s not a good time to sell, however. There are still a number of cities and areas in which local rents are exceeding typical mortgage payments, making many renters consider whether it’s a good time to buy. The best way to make this decision is to consult with an experienced real estate agent who is familiar with your local market conditions.
Homeowners can sidestep the sometimes-lengthy process of staging, appraising, photographing and listing their homes for sale by seeking a cash purchaser straight out of the gate.
These purchasers can be found online or through a real estate agent with experience in locating and managing cash offers. Many companies advertise their interest in buying homes for cash. With a bit of research to make sure the company has a solid reputation among homeowners and agents, you can quickly close a cash sale for your home. And if you decide to sell your home as-is, you can even save thousands of dollars on repairs you don’t need to make.
The process of selling your home for cash isn’t significantly different from any other home sale, except that you skip the staging and repair work. You’ll make sure you have an acceptable valuation of your home from a professional appraiser, look for a cash buyer, and then entertain and evaluate their offer. Always do your due diligence on any buyer offering cash for your home. Cash purchasers typically are businesses called iBuyers (short for “instant buyers”). You can find them online with a simple search, but you’ll want to make sure they have the funds available to close the deal. Also, look for independent reviews to ensure your iBuyer has a good reputation.
Once you’ve got a cash offer in hand, you may also want to ask a local realtor to perform a comparative market analysis (or “CMA”) for your house and lot. This process identifies a benchmark to aid in setting a competitive price for your property. Bear in mind that cash offers do tend to be less than traditional financed ones.
There’s no need to engage in difficult repairs or improvement projects when you’re looking for a quick cash sale. Cash offers can be completed on an “as-is” basis, so while you might not get as much money for your home without those improvements and repairs, you’ll also save yourself the money required to complete those projects.
In most cases, it’s more cost-efficient to skip the home improvement projects and accept the cash offer for your home as-is. Just don’t sell yourself short—make sure the offer you accept fairly reflects the value of your property.