When to Sell Your House to a Cash Home Buyer?
If you want to sell your house as fast as possible, then contacting a cash home buyer company will always be a viable option. This is applicable no matter what your situation is. On the other hand, it’s actually more beneficial for those who are in dire need to sell their house rather than those who like to sell it.
As a matter of fact, there are many reasons associated to why people come up to a decision of selling their house and some of the most popular include the need to get money fast for reasons such as debt repayment, avoiding foreclosure or repossession, inheritance, probate, complete house purchase fast, code violations, relocation, inheritance, permit issues, financial trouble, save on realtor fees, bad tenants, repairs needed on the house and financial trouble.
Obviously, there are benefits associated to selling house to such company similar to the fact that they can provide you with a speedy sale of property that can be done within weeks, cash buyers are not subject to issues that could affect the sale to residential buyer who is getting a loan and above everything else, the ability of selling the house in as-is condition.
Cash buyers are offering to buy your house fast. It typically takes a week to complete the sale with them. Normally for a straightforward quick sale, these cash buyers are offering sellers around 65 to 85 percent of open market value. The open market value is simply the cost of the property that is expected to sell within half a year at the current market assuming that it’s in excellent and updated condition. When it comes to the valuation, the company sometimes does it on their own or they’re hiring an appraiser. Often, this is less than the price asked by your real estate agent.
Here is a common scenario between the cash home buyers and sellers which can give you better understanding. So the real estate agent will advertise your house for a price of 150,000 dollars while the open market value is 140,000 dollars. If you make discussions with a cash home buyer, they will give you an offer of 105,000 dollars. Yes it’s true that the offers you get from cash property buyers are low. But most of the time, properties are sold on by them either via at auction or open market and still, at discounted price to market value to get a quick sale.
Aside from that, buying, selling as well as financing costs can be quite large. In uncertain property market, these cash buyers are going to develop a safety room for them for costs falling between when they sell and buy. Quick sale to cash buyers should be considered where the benefits of having a quick sale has outweighed drawbacks of selling it below the market value.