How to Get a Fair Cash Offer on My House
Sometimes, situations arise that make traditional methods for selling a home less appealing. Divorce, a serious illness, the loss of a job—all can force us into needing, or wanting, to sell our house as quickly and as easily as possible.
Since most home buyers rely on conventional loans from a bank or credit union to finance their purchase—and because their lenders frequently find reasons to back out of a deal—seeking a cash sale seems like a more reliable way to go. It’s a good assumption to make, too.
Everything from a buyer’s poor credit score to a house with a condemned boiler can delay a financed transaction and even prevent it from closing at all. It’s a disappointment and a hassle for all parties involved; but especially for you, the person who just wants to move.
A cash sale, by comparison, is more likely to close within a time frame you can live with.
Getting a fair cash offer on your house, however, is not always as easy as it first seems. Not all cash buyers can give you a good price and there are a few who may simply not bother trying. That said, there are steps you can take to better your chances of receiving a fair offer from a reliable buyer—and ensure that the sale of your house goes through quickly, too.
Best Practices for Getting a Fair Cash Offer on a House
Of course, the number of offers you receive, as well as the prices those buyers propose, aren’t in your control. How you prepare for the sale, however, is. So, here are a few best practices for getting you—and your house—ready to go to market with the goal of receiving a fair cash offer.
Honesty is Always Your Best Policy
Whether you’re trying to sell a house with termite damage, foundation issues, or old and leaking plumbing, absolute honesty about the condition of your home will always be your best policy. Many states require full disclosure about the problems on a property and allow buyers to sue when home sellers don’t comply—sometimes long after the deal has closed. So, to avoid legal action later, you’ll want to inform potential buyers of all known issues from the start.
Following the letter of the law isn’t the only reason honesty makes for a smooth transaction, though.
For a cash deal to feel fair to all parties, transparency on both sides is important for building trust.
A buyer who discovers mold during their inspection or an unpermitted addition won’t just reduce their offer amount to account for these issues; they might walk away to avoid dealing with any deception.
It’s always possible that some of the disclosed problems could turn away buyers anyway or prompt them to offer less than you’d ideally want. Hiding what you know about your house is never a good way to start a sale, however—whether you’re obligated by the state to disclose needed repairs or not.
Just as you want to trust your buyer, they will want to trust you. And, you’re more likely to get the best possible cash offer on your house when you show that you are trustworthy, too.
Renovate and Wait
If you’re not necessarily in a hurry to sell your home and have the funds to fix your house, getting it sale-ready for would-be buyers may up the numbers on your offers. Allowing the house to sit longer on the market can increase the number of offers you receive, too.
It takes time to generate interest among buyers and even longer to find a dependable one who will offer a fair price—even for move-in ready houses that tend to attract more shoppers.
So, if you can perform at least some repairs and give buyers time to find you, the cash payoff could be worth it.
One caveat to consider is that many all-cash buyers are real estate investors. So, they are actually looking for fixers to renovate themselves. If your rehab doesn’t leave room for them to add value in some way now (and, thus, make money on the deal later), they likely won’t make an offer. A fixed up house can push the price point too high for owner-occupiers who were hoping to get a good deal by paying all cash, too.
And, of course, waiting for any reason may simply not be an option. If you’re facing foreclosure, for example, closing fast may be just as important as getting all cash. That’s not to say you don’t want to sell your home for a fair price, only that you may not want to risk losing it all by waiting too long to accept the right offer.
Itemize All Costs to Maximize Your Options
To get a realistic idea of what you can expect from cash buyers—and to determine what might be considered a fair price—you can itemize all the costs you’d incur for selling your home.
When you account for a real estate agent’s commission, marketing and transaction fees, plus any repairs you could potentially perform, you gain a greater understanding of what you could actually net from the sale. You also get to see why a cash buyer may offer a certain price—especially if you sell your home as-is, and they have to absorb some of the costs.
Luckily, there are reputable cash buyers who will create this report—called a ‘net sheet’—for you so that you can decide for yourself on a fair price for your house.
Since some buyers also charge zero commissions and fees, it’s even possible to net more if you sell direct.
Where to Get an Offer that is Fair, Fast, and Direct
Our home buying specialists at Sell Your House Direct have built a long-standing business by being honest with all of our clients.
That means not only will we present you with a fair cash offer for your house as-is, we’ll also explain how we arrived at our number—in writing.
Additionally, you’ll get a report that itemizes all of your potential costs, from performing repairs to paying commissions for a real estate agent, so that you can see what your net return will actually be depending on how, when, and with whom you choose to sell.
We’ll even connect you with another off-market cash buyer if what they can give you is higher than our offer. As full-service real estate advisors, we’ll make it all happen fast, too—for zero fees and zero commissions. We think that’s only fair.