Why should you sell your fixer-upper to a cash buyer?
Selling your home can be headache-inducing. Advertisements, Realtor fees, and home inspections are both time-consuming and costly. If you’re attempting to sell a house that needs a lot of work, getting your home in showroom condition might not be worth it financially. So what are the benefits of selling to a cash buyer, and will it be financially smart?
To answer that you must be able to answer this question: Will I receive more money once I fix a house or sell it as-is? If you have the cash at hand to fix it up and sell it for more, that route might be good to take. However, if finances are lacking and major repairs are necessary, the question becomes how do you sell a house
when you can’t afford or don’t want to fix it?
Renovations and Frankenhouses with Too Many Repairs
You know that making your home attractive to potential homebuyers is the best route for a top-dollar sale. You might be able to correct cosmetic issues like wall color, replacing appliances, and chipped floors. However, if you’re facing structural defects, a new roof or new HVAC the bill can add up quickly.
Sometimes, the most major repairs are only unsurfaced after a thorough home inspection. "Every house has defects," Jack M. Guttentag, Professor of Finance at the University of Pennsylvania states. "Some obvious and some hidden."
When attempting to sell a house fast with repairs, you need to consider these hard-to-find repairs and what it might mean to a buyer. Most buyers aren’t willing to pay the desired asking price on the assumption that everything they can’t see is in peak condition.
Don’t bleed your wallet dry on repairs
Sell your home as-is with a cash offer
Don’t let sub-par repairs hurt your sale price
Skip the headache of fixing repairs yourself
Don’t risk your savings on a potential sale
Skip the financial burden of making repairs
The problem of Selling with a Realtor, As-Is.
So how do you sell a fixer-upper without making costly repairs on it that you can’t afford? Going the traditional route and using a Realtor to sell a house fast is tough enough; but selling a house that needs repairs, especially major ones, is seemingly impossible for even experienced real estate agents.
As the 2016 (Should we remove the date to keep the page from looking dated?) housing market steadily grows, as projected by Jonathan Smoke, Chief Economist for Realtor.com, buyers have become more selective with a plethora of homes for sale. Smoke predicts that six million homes will be sold this year alone, the highest amount of homes sold in a decade. With that kind of supply, sellers must expect more time on the market and fiercer competition.
When selling a house that needs repairs, Realtors often suggest lowering your asking price to shorten your home’s time on market. In theory, this is great. The more time a house spends on the market, the more time a homeowner spends paying the home’s utilities, taxes, and insurance.
However, your Realtor is more concerned with selling and receiving payment than selling your home at top price to the right buyer. Sometimes, using a Realtor means giving up your home’s best chance to sell.
Using a Realtor also comes with unexpected fees, commissions, and unwanted advice on how to manage your property. Yahoo! Finance’s Mandi Woodruff estimates that even after paying the buyer’s commission - generally 3% - For Sale By Owners (FSBOs) cut selling costs in half by avoiding their own broker’s commission. With a median household cost, cutting out a Realtor could save you thousands!
More money in your pocket sooner.
There is a better way to sell. You don’t have to choose between paying hefty fees for contractors or selling your home as is with a long market time and lowball offers AND realtor fees draining your profit.
If you’re looking for a simple, stress-free solution to selling your house with too many repairs, consider a cash buyer.
Considering a cash buyer might seem unorthodox, but it’s quite common in today’s market. 2012’s Investment Issue of Forbes Magazine says about 30 percent of homebuyers used 100 percent cash when purchasing. Some estimate that percentage even higher today. Accepting a cash offer eliminates many struggles sellers face when trying to sell a house fast with too many repairs.
Cash buyers offer a much quicker close. This is due to their ability to skip the mortgage process completely. By avoiding banks, selling to a cash buyer means closing and receiving payment within a week – as opposed to the typical 30 days. This speed of sale means more money in your pocket sooner.
Cash buyers also provide more stability for sellers. They are usually pre-approved before making an offer on your home. So when a cash buyer is interested, there’s a sureness of sell that cannot be matched elsewhere.
Arguably the best advantage to accepting a cash buyer is their desire to buy your home as-is. Homeowners needn’t worry about fixing major repairs, updating outdated finishes, or appealing to the average buyer. A cash buyer wants your home just the way it is, and is willing to pay fair market value for it.
So how do you sell a house fast when there are too many repairs? Avoid costly renovations and contractors, skip the Realtor and their associated fees, and seek out cash home buyers. They offer you more security and money without settling for less.
3 Simple Steps
To Selling Your House
The challenges you face are not unique to us. We understand, which is why we offer a simple, fast solution to your situation without the hard sell.
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Collect Your Money
Close within days with a cash offer and live stress free.
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