Do you need to sell your home fast? Selling to a cash buyer is always an option whatever your circumstances, although it is more suited to people who need to sell their homes, rather than just want to sell.
Common Reasons for choosing a quick sale
Typical reasons why people sell to cash buyers are:
- Need to sell quickly to avoid repossession or foreclosure
- Need to get money quickly for reasons such as debt repayment
- Need to complete a house purchase quickly
- Probate, Inheritance
- House needs repairs
- Code violations, Permit issues
- Financial trouble
- Bad tenants
- Save on realtor fees
- Speed – a Cash Buyer can guarantee a quick sale, within a few days if urgent
- Certainty – Cash Buyers are not subject to the issues that can affect a sale to a residential buyer who is getting a loan
- As-Is Sale – Cash Buyers by properties in their current condition. You don’t need to worry about repairs
- You will not get full market value for your property with a quick house buyer
- There are some people involved in this industry that you should be weary of
How It Works
Cash buyers offer to buy your house quickly. You can often sell your house within 7 days.
Typically for a straightforward quick sale, Cash Buyers offer around 65-85% of the open market value (open market value is the price that the property could be expected to sell for within 6 months at the current market if it is in updated and in excellent condition).
The valuation is undertaken by them or their nominated Appraiser, and is usually less than the asking price a Real Estate Agent would have advertised the property at.
Here is a typical scenario:
Real Estate Agent advertised price: $150,000
Open Market Value: $140,000
Quick House Buyer cash offer: $105,000
The offer made by such a Cash Buyer might seem unreasonably low. However, in most cases the properties will be sold on by them, either via the open market or at Auction, and still at a discount to the market value, to achieve a quick sale.
In addition the buying, selling and financing costs can be considerable. In an uncertain property market, Cash Buyers are also going to build in safety room for them for prices falling between when they buy and sell.
A quick sale to a Cash Buyer should be considered where the benefits of a quick sale outweigh the drawback of selling below the market value.
If you need or want to sell your house fast, contact us today at: (800) 485-8055.
Thank you for reading our blog and all the best to you!