Many homeowners decide to sell their house, but at times they find it hard to list them for sale in the traditional way. One question frequently asked is, “Can I sell my as-is home and get some value for it?” It all depends on the condition of the house and how long the owner has lived in it. A lot of home buying companies can buy the house and flip it, or rent it out.
Why Should Homeowners Sell Their Property to Cash Buyers?
Selling a house to cash buying companies is a great way for homeowners to make quick cash and avoid the hassle of selling their home the traditional way. Homeowners can have various reasons for taking this direction which can include:
- Job relocation
- Inheritance/Probate
- They urgently require money for other investments
- They have no money to renovate their current home
- Foreclosure
- They want to invest in a modern house
- Divorce
- The listing period has expired
- Tax issues
- Health issues
- They are tired of dealing with problematic tenants
Selling property to cash buyers alienates any fears that homeowners may have about a sale.
Reasons why a Property Can Be Unsellable
As a seller of a home, there are factors to consider in order to decide on the mode of selling your property. The following factors can be a reason your property is unsellable and a “yes” reason for selling to cash buyers:
Location
The environment in which a house is located highly affects a buyer’s decision to purchase. A very noisy environment, for example, next to an airport, can put off potential buyers. Can you picture an old couple looking for a home at such a place when all they need is a quiet, serene environment for retiring?
Unlit Home
Very few buyers are attracted by an old and lifeless home. Such houses can be a good environment for mold growth and in turn, cause health problems for the habitants. A poorly lit and ventilated home can be very difficult to sell.
Malfunctioning Electric and Plumbing Systems
Homebuyers will not want to purchase a property that will need plumbing repairs. Such repairs can be very costly and time-consuming and require multiple contractors to get the job done right.
Electrical appliances that are out-of-order and need replacement will also need to be worked into the buyer’s budget, making them opt for a home that is more up to date. The high cost of rehabilitating the house can turn away potential buyers, thus rendering the house unsellable.
Poorly Designed interiors
Top of the art interior decor can give a homeowner bargaining power when negotiating for a good price. Poorly designed interior decor can make it hard for potential buyers to imagine a comfortable life in the home.
Bad Smells in or Around the Home
Bad odors in the house, like the lingering smells pets can often leave, can put buyers off. Replacing carpets or repainting the walls can add up to a lot of unwanted costs and turn away buyers.
Poorly Maintained House
Cases where homeowners have not been keen on maintenance, for example, stained kitchen countertops, hard water build-up in bathrooms, etc. Such a house will rarely attract buyers.
Poor Architectural Works
A house that has poor structural works means hiring a contractor to carry out major corrections to the house. It can be very difficult to find a buyer willing to put the time and money into the necessary repairs.
Cash buying companies can purchase these seemingly unsellable houses with defects, as-is.
The Process of Selling Property to a Cash Buyer
Once a seller consents to the offer price by the buyer, the process is very easy:
- The seller declares their intention to sell the property to the cash buyer.
- Seller to walk through the house with the buyer.
- The buyer provides the seller with an offer of a fair price.
- If in agreement, close the deal at a credible escrow company and pay cash.
The seller should note that the offer price is ultimately below the selling price.
How to Calculate the Offer
The buyer carries out a comprehensive market analysis of the property to determine its market value. They walk through the house to see what renovations and repairs the house needs and do an estimation of the cost. The After Repair Value (ARV) is the market value of the house after the buyer has carried out renovations.
The buyer calculates the minimum profits considering the risk of not flipping the house or getting a tenant for it.
Benefits of Selling My Home As-Is
Traditional selling of properties is burdensome as the seller has to list them for even months. When homeowners sell their house to cash buyers, there are many benefits that come with the deal:
- The house will sell, no matter the poor condition
- Seller chooses a closing date for the deal
- Seller does not involve themselves with paperwork – they only sign the closure
- Seller does not do costly repairs prior to selling the house
- Seller takes their time to vacate the house as no third parties are involved
- No middlemen to ‘eat’ sellers’ money on commissions
- Seller does not have to wait for months to sell
- Seller gets cash without stress
- The seller can leave whatever they do not require to carry from the house
- Seller receives cash money – no checks involved
The entire selling and buying process can take as little as seven deals to complete.
Why Opt for Cash Buyers?
Many homeowners opt for cash buyers to avoid the laborious and painstaking process of listing their houses, followed by the long wait. Sellers can feel more secure as they deal in cash transactions. If a house is in a fairly good condition, the seller can end up getting a decent value for it.
Have you been searching online for “sell my home as-as?” Do you desire to sell your house quickly for cash? Contact a cash buying company near you. They will buy your house as-is and give you a fair cash offer within the shortest time.
