How to Simplify the Cash Sale of Your Real Estate Property
Sometimes, you just want things to be easy. A shorter line at the Department of Motor Vehicles, green lights all the way to work, and a hold time of only two minutes instead of 20. These are simple wishes that often go unfulfilled, making the rest of the day’s tasks difficult to accomplish on time—or, at all.
When you’re tired of being a landlord and want to unload your rental as soon as possible, or you’re selling the house after the death of a parent and want the process to move quickly so you can get back to your family, ‘easy’ won’t be enough. Simple, straightforward, painless, and possible is what you need. Depending on your circumstances, it may even be what’s required.
A cash sale of your real estate property is your best bet for moving on quickly.
It can also be the most straightforward method for getting your property sold. An all-cash sale isn’t guaranteed to be painless, however. Some extra leg work could even be needed to move things along smoothly. Not to worry. We’re here to give you a few tips on how to simplify the experience.
Making the Cash Sale of Your Real Estate Property Simple
To ensure that the cash sale of your property is not only as easy as possible but provides you with the highest potential return, there are a handful of steps you should take. Unfortunately, some cash buyers don’t have the best reputation—stringing sellers along or offering less than a home may be worth.
Cash sales don’t have to be complicated or frustrating. You should be prepared to work with an investor who is also a real estate agent.
It may also help to know the value of your property, do some research, and then make an informed decision you are happy with. Here’s some advice:
Know the Value of Your Property
You don’t necessarily need to know how to determine the full market value of your property, but that doesn’t make it any less important to understand the factors that could affect it. Whether or not you have central heating and air, a tankless water heater, or copper plumbing can influence the actual value of your property as well as its perceived value to a buyer.
The less a potential buyer has to upgrade or repair, the more cash they are likely going to offer. Some assets—like a great view of the ocean—could bump the numbers even higher.
That doesn’t mean you can’t sell a house with knob and tube wiring, a poorly installed roof, or zero curb appeal to a cash buyer.
In fact, all-cash buyers—usually real estate investors—often prefer properties that need some degree of work, especially if they have experience performing renovations.
What it does mean is that, to ensure you don’t get taken advantage of, it’s good to take stock of the advantages your house does and doesn’t have. You may even want to pay for an inspection so there are no questions.
Research Potential Buyers
When selling your property to a traditional home buyer who is financing the purchase, their mortgage holder—whether it’s a bank or credit union—has done some of the vetting for you. Provided their offer is clear and the loan paperwork in order, it’s a fair assumption to make that they can close on the house when, and for how much, they say they will. Even when they don’t, it’s rarely because they had no intention to. Instead, it’s likely the bank had second thoughts after the inspection uncovered a problem.
When working with a cash offer, however, investigating the buyer may fall to you. And, this is a step you won’t want to skip.
Not only do they need to have fast access to funds so they can close on time, but they should also have a reputation for treating their clients with respect.
A well-known and trusted home buyer will know how to solve complex problems, too, like compassionately evicting the tenants who’ve been unable to pay rent. Someone without experience won’t make the experience easy for you—especially if they ask for more time or for you to take less money.
Sell Directly, Without an Agent
Finally, though there are benefits to using an agent or broker to handle the transaction, these benefits don’t always include keeping the cash sale of your real estate property simple.
Agents have a vested interest in how much your home sells for since it determines how much they get paid. So, they could drag out the process to encourage more offers as well as dissuade you from accepting a reasonable price. They may want you to clean, declutter, and make repairs, too, if they plan on showing the house to prospective buyers.
The cost of being represented by a real estate agent will also eat into how much money you take home. Their commissions alone run as high as six percent of a property’s final selling price. That can add up to ten thousand dollars or more and doesn’t include any extra fees you might have to pay for marketing, inspections, or the transaction itself. When added to any cleaning or repairs you were asked to perform, your total out-of-pocket costs could go through the roof.
The only way to sell your property without paying commissions to an agent is to sell directly to the buyer.
In fact, this is also one of the best ways to minimize all of your potential expenses and therefore maximize your cash-in-pocket—as long as your buyer charges zero commissions and zero fees, too.
How to Minimize Your Fees and Maximize Your Cash
When a seller contacts Sell Your House Direct, they don’t just get an all-cash offer. They get connected with a home buying specialist whose job is to make the cash sale of their real estate property as simple as possible.
SYHD has a proven track record and a reputation for caring for customers.
We do this by performing inspections with our own rehab team, and when it’s convenient for you, then providing the evaluation and cash offer right there on the spot. You’ll also get a one-page document that outlines all of your potential costs for the different directions you could take so that you can decide if selling your property for cash will yield the most profit—whether it’s to us or another buyer who makes a better offer.
If you do sell to us, our leg work won’t stop there either. We can relocate tenants and remove your parents’ things, for example. You’ll be charged zero commissions and zero fees for our service, too. That’s how simple we want this process to be for you. It’s how we’ve simply done things for years.