Most people want to own a home because it is a place to lay down roots and ride the residential wave. Sometimes, however, you want to replant yourself in a new location and leave the old house behind.
If you have a home that needs repairs, this can thwart your desire to move quickly. This is because you don’t currently see your property as a sellable product. While this may be true for most home buyers, you can sell your house without costly renovations and repairs.
Regardless of why you are selling, some buyers can relieve you of the stress of selling a home that needs repairs. Your property may generate interest from individuals or companies that buy house for cash.
Let’s learn how to sell a house as-is for cash.
Clean It Up
While you plan to sell your home as-is, that doesn’t mean dirty or cluttered. You still want to get the most money you can, so get rid of anything that doesn’t belong and do a good cleaning.
Cleaning up shouldn’t cost you much more than supplies and elbow grease. However, it can make a difference to a would-be cash buyer. Plus, it will make moving more manageable because you have already eliminated many things you don’t need.
Figure Out Your Fair Market Value
When selling your house for cash, you need to know its worth. While you shouldn’t use a realtor, you can get a free evaluation, and they will do the homework for you. This may seem underhanded, but you can use that realtor for a traditional sale if you don’t get the price you want.
Another way to get an accurate price is to hire an appraiser to visit your home and determine its value.
Factor in a Realistic Cash Price
When looking for a cash sale, you must understand this market type. This type of selling involves flippers, investors, and professional companies that buy houses for cash, and they move quickly. You don’t have to navigate through fixing up your home or paying for realtor fees, but with this convenience comes a discount.
Knowing this, you can better understand the offers you may get, but that doesn’t mean you have to accept a lowball offer.
Make Sure All Parties Know It Is an As-Is Sale
You need to be upfront with potential buyers. They should understand what as-is means. When people come through the home, they may see problems that need repair and expect you to fix things before closing. As long as you clearly state and write that it is an as-is cash sale, your buyers will understand what they are getting into.
Take Care of Deal Killers
As-is sales typically involve minor house problems, including cosmetic issues that are not considered “big ticket” repairs. There are cash buyers who will still buy if there are major problems, but the offer will be very low. It is much better to address big issues like:
- Pest infestations
- Structural problems
- Roof in need of replacement
- Black mold
You can leave them unattended. However, remember that a skilled cash buyer will factor these issues into their price.
Look for Cash Buyers
Cash buyers are out there, but you must work to find them. These are some ways people find cash buyers:
Cash buyers come in many forms, including house flippers, investors, first-time buyers, companies putting properties into their rental pool and other real estate professionals. Most of these people consider as-is properties and know the costs of repairs, so it doesn’t scare them away.
House Flippers
If you want to sell your home quickly, consider house flippers. These investors specialize in buying homes as they are, fixing them, and reselling them to make a profit. Since they’re equipped and experienced in renovating homes quickly, they tend to buy properties that need work. This can be a convenient option to sell your home without making repairs.
To spot house flippers nearby, you can look online for real estate investment clubs or go to networking events related to real estate. You should also talk to real estate agents who deal with investors. They often know flippers looking for their next project.
Real Estate Investors
Real estate investors might want to purchase your home exactly as it is. Usually, they buy homes to rent or sell them later. Like house flippers, they often look for places that need fixing up and offer cash for your property.
Check online for local investment clubs or discussion boards to find interested investors. Realtors also know investors interested in locations like yours.
iBuyers
iBuyers are firms that use the latest technology and smart algorithms to make quick cash offers on houses. They generally buy properties as they are. This means you can sell fast and skip fixing up or remodelling.
iBuyers are quite a hit with sellers who value ease and speed, since you can often wrap up the deal in just a few weeks. However, they might tack on fees or propose less than your home is worth on the market. So, it’s wise to weigh different offers and mull over your choices.
Other Types of Buyers
You’ve probably seen signs around your neighbourhood or online advertisements from businesses that buy houses for cash. If you contact them, they will visit your home and make a cash offer after a quick inspection.
You might also find working with a real estate agent beneficial if you’re looking for cash buyers. Agents have large networks and can connect you with people interested in buying your property for cash. Some agents might even make an offer themselves, as many invest in property.
