Cash Home Buyer – When You Should Consider Selling Your House?
If you want to make a quick home sale, then it will be a good idea to contact a cash home buyer company. This is applicable no matter what your situation is. This is however more beneficial for those who need to sell their house than just those who wanted to sell it.
People have got different reasons for selling their house but some of the top reasons for this includes the need to sell house fast to avoid foreclosure or repossession, need to get money fast for reasons like debt repayment, complete house purchase fast, probate, inheritance, relocation, code violations, permit issues, bad tenants, financial trouble, house needs repairs, and to save on realtor fees.
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 offer clients to buy their house fast. Most of the time, you can complete a sale within a week. For a straightforward quick sale, cash buyers normally offer sellers roughly 65 to 85 percent of open market value. Open market value is basically the cost of property that can be expected to sell within half a year at current market if 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. This usually is less than the asking price of the real estate agent.
To help you understand it better, here’s a common scenario between sellers and cash for home buyers. The house has an open market value of 140,000 dollars while the real estate agent will be advertising it for 150,000 dollars. If you talk to a cash home buyer, they will be offering it for 105,000 dollars. Offers made by cash property buyers may seem to be low. But more often than not, the properties sold by them are at auction or open market and still, it’s available at discounted price in an effort to get a quick sale.
In addition to that, selling, financing costs and buying can be expensive. 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. A quick sale to cash buyers must be considered where benefits of doing a quick sale have outweighed the drawbacks of selling it below its market value.