Some people like negotiating contracts and handling paperwork. Some people have plenty of time to “list and wait” in the traditional buyers market. They can afford the 6% cost of a real estate agent they trust. Or they have the patience and prayers to stake that FSBO sign in the front yard.
Other people just need to sell their homes.
No matter what the circumstances, selling to cash buyers is always an option. The quick and easy process often seems too simple, and therefore too good to be true. After all, the decision to sell a house is one of the most important transactions you’ll ever make! Knowledge is confidence.
If you’re still unsure about how it all works, here’s a breakdown of the process of selling your home to professional home buyers:
Getting in touch
Like anything else, working with someone you trust deserves consideration. A qualified home buyer should have proven experience in the local market. Before you get in touch, make sure they have good reviews backed by positive testimonies from other home sellers.
Whether you call or complete an online form, the first step is as simple as it sounds. They’ll want to know the basic details about the home you wish to sell. There’s no need to embellish or hide the truth about your home. Cash buyers make offers on homes in as-is condition all the time.
Scheduling a walk-through
Once the cash buyer has received your information, they’ll want to have a look at your home. The process happens fast. It’s not unusual to have someone knocking on your door the day after your submitted your inquiry! In most cases, this appointment is your chance to meet your cash buyer personally.
Much of their research and planning has been done before they show up. The walk-through shouldn’t take more than an hour. Not much is required of the homeowner during the inspection except being present to answer a few questions and confirm details about what they see. There’s no need to rearrange furniture or fret about deep cleaning. It is, however, probably a good idea to allow access to the entire house.
Getting the cash offer
Before coming up with an offer, professional cash buyers evaluate many things about your home including, but not limited to, the following:
- Its current as-is condition
- The estimated cost and time for repairs
- Potential value of the property after repairs based on local market factors (for example; the price of other homes in the neighborhood)
- Possible costs associated with maintaining the house until it’s ready to sell, such as insurance, utilities and taxes.
Once they are able to determine an estimated value of your house, minus the aforementioned costs, you should expect to receive a written offer with the cash amount and an outline of next steps for the transaction.
At this point, you may be wondering what obligation are you under to commit to this offer? The answer is: no obligation. No matter what, you are the homeowner until your home sells. That means it’s ultimately up to you accept or decline any offer.
Every home sale is is different. A lot of people sell directly to cash buyers because they are dealing with unexpected or problematic situations. A fair cash offer is preceded by your motivations and priorities for selling in the first place. An unexpected inheritance or recent divorce might necessitate getting rid of the property as fast as possible rather trying to fix the home yourself and maybe recovering more money as much as possible on the sale.
Professional cash home buyers appreciate decision makers; plenty of home sellers end up negotiating the initial offer. If you need to close in less than 2 weeks and expect at least $500,000 – be up front about it. You might think your situation is tricky (you’re in foreclosure or trying to evict tenants…) Chances are, they’ve probably heard it all before. And you might be surprised at the suggestions or creative solutions they may have when you’re clear about your hardships.
Closing with confidence
The process happens fast. As soon as the homeowner and the cash buyer reach an agreement, it’s all a matter of drafting the papers, signing, and transferring the payment.
Direct buyers are dealing in cash so they are able to close without relying on bank funding. That’s not to suggest making some under-the-table deal. Closing should take place through a licensed third party-an escrow and/or title company. Once you sign on the dotted line, you get your money immediately. It can be wired to your account or signed over by check.
Other considerations
You work hard for your money and you would like to hang on to some of that hard earned cash. Working with professional cash buyers eliminates many out of pocket costs involved in listing and marketing to traditional buyers. You won’t need to pay an agent or home inspection costs or closing costs. You don’t need to clean or stage the home for open house.
You could be doing a lot of other things when you’re not waiting and hoping for the right buyer to come along. Cash buyers aren’t subject to complicated issues affecting a sale to a residential buyer still seeking a loan. There’s a chance they won’t get approved quickly. There’s a chance they won’t get approved at all. There’s also the possibility that they change their mind altogether and it may fall in and out of escrow multiple times.
Don’t confuse professional home buyers with real estate agents who are trying to sell your house to others. You should expect a quick turnaround. In some cases, cash buyers can even make you an offer on the spot.
Now that you know how it works, what are you waiting for. If you’re a San Diego homeowner seeking a fair cash offer for your home, let’s get the process started. Trusted House Buyers buys properties like yours from people like you who need to sell fast! Contact us today!