The Pro’s and Con’s of Selling your Home for Cash – Article0
If you ever drive around town on the weekends you have surely seen the signs stuck everywhere – “Sell your home fast”, “I will buy your ugly home”, “Cash for your house”. I see these so often, I thought it deserved better investigation into the process of a “quick sell” and what, if any, are the benefits.
First, let me say, I am completely surprised. I always assumed cash offers were there to take advantage of people in bad situations and expected to find a bunch of con-men. I also assumed that cash offers probably took advantage of a seller in a bad situation. Though this may be true at times, it often isn’t the case. A cash deal for your home has so many benefits I am now considering it for my home.
Here are some reasons why you might consider a cash offer on your home:
- No showing your home – if you speak to any real estate agent they discuss staging your home. This involves cleaning, more cleaning, and taking out much of your stuff to make the house more presentable. It may even involve renting furniture or other items to help sell the home quicker. You also have to commit to showing your home just about whenever they call. The agents usually call at the worst time when you are least available or prepared. A cash home buyer often buys a home sight unseen. No showings, no clean up, no worries. This alone is worth something.
- No fees or commissions – well, this isn’t completely true, there are still fees, they are just usually greatly diminished. First, there are no buyer or seller agents – so no fees or commissions to them. The cash home buyers usually have an arm that handles titles and legal work and usually most of those fees are waived. Overall, when questioned, most cash offers save between 10% and 15% in fees depending on many factors. The average is about 13%. So on a $200,000 home, that’s over $25,000!
- Fast – Cash buyers can often close in a matter of just a few days.
- As is – Repairs can be expensive. Especially if you have foundation, termite, roofing, mold, hoarder, or other problems. Repairs also take time. Cash home buyers have contractors that can come in and finish work faster and cheaper than anyone you could hire. Therefore there is no reason to take the time to find someone to make repairs and schedule them. Additionally, you don’t have to make sure things are done right – you can just walk away as-is.
If you are in a bad situation or are remote:
- Perhaps you inherited a home and want to sell it remotely and have the buyer take care of the contents and procedures. A cash home buyer may be right for you. Especially if probate is involved.
- You are a landlord with excess inventory. You want to sell some of your homes and not bother to repair them or find people to rent them.
- You are facing foreclosure. The bank will foreclose soon and not only will you lose your equity, your credit rating will take a hit. You will have a difficult time getting a loan for the foreseeable future. You will lose everything. A cash offer will at least give you something back toward your equity.
- You need a place to live temporarily. Many cash home buyers will rent your home back to you until you have time to move.
Overall, there are many reasons to consider a cash offer on your home. The next question is, which company should I trust to give me a fair offer?
We researched dozens of companies and many are looking for the pre-foreclosure homes and to take advantage of people who have fallen on hard times. There are a few companies which give fair offers despite your personal conditions and market conditions. They also offer the best offers in general and are the easiest to work with.
For the Arlington, Texas area, we found that Money Buys Houses is the best solution for a fast, fair, honest offer on your house.
Feel free to give them a call today and tell them where you heard about them!