Cash offer considerations when selling your house

Cash Offer Considerations When Selling a House

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Selling a house is stressful. Between regular cleanings, walkthroughs, and negotiations with buyers over the price, it is no wonder sellers dread the process. If you are in a well-off market or competitive location, you will encounter cash offers. In general, here are the cons and pros to consider before accepting a cash offer for your house:

Cons of Accepting a Cash Offer

Con #1: Less Cash

Cash buyers typically fix up and flip the houses they buy. To cover renovations, they offer less than the asking price. This amount may be as low as half the potential house’s value, depending on its condition.

Con #2: Buyers Are Not Vetted Thoroughly

Sellers who are desperate to sell fast may not research the cash source as extensively as they should. Do your due diligence on buyers to avoid scams or use SolidOffers. We verify all buyers for you and find the best fit.

Pros of Accepting a Cash Offer

Pro #1: A Faster Closing

With a typical buyer, the sale process takes a month. Cash offers usually take two weeks to close because there is no lender. A faster closing means you can move out of your old home faster and into your new home more quickly. This is good for sellers who are relocating for a job or need a bigger home for their growing family.

Pro #2: Less Risk of Buyer Fall-through

A big concern with a typical buyer is they will not be approved for a loan. If this happens, the buyer backs out of the deal, and you start the selling process all over again. A cash offer is guaranteed money. This means a cash buyer must show proof of funds.

Pro #3: Fewer Contingencies

All-cash sales get rid of annoying contingencies. First, there is the financing contingency. This lets buyers back out if they cannot secure a mortgage.

No mortgage means no appraisal contingency. You might still consider getting an appraisal, though, so as not to get less than the home is actually worth.

Finally, you do not need to worry about a home sale contingency. This contingency lets buyers back out if they do not sell their current home.

Pro #4: Fewer Fees

Cash offers save fees for both buyers and sellers. There are no mortgage fees, no appraisal fees, and sellers can forgo repair costs. There are also no fees for a realtor or professional cleaning and staging services.

Pro #5: Less Work and Stress

All the time and worry a seller spends selling a home disappears with an all-cash offer. You do not have to be concerned with cleanings, inspections, repairs, staging, or walkthroughs. You skip back-and-forth negotiations with buyers and close fast.

Get a Cash Offer from a SolidOffers Investor

SolidOffer verifies all investors, so you always know they can pay what is agreed. Selling your house can be done quickly. You have the flexibility to choose your closing date within 7 days or less. Investors (or investment companies) will make a cash offer on the house, regardless of its condition. Their terms of sale are creditable and legal, and the interests of both parties are considered. You can feel good about the sale, get money fast, and offload your old house.

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How to Sell a House in 5 Days

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Sometimes life throws you a curveball, and you find yourself needing to pack up and move. It could be the family is growing, or maybe the kids move out, and now there is too much room; other times, it is a change in careers or relocation. Whatever the reason, you need to sell your home fast. Here are 5 tips on how to sell your house in 5 days.

Tip 1: Offer Financial Incentives

Buying a home can be just as stressful as selling one. Buyers can feel intimidated, especially if this is their first home. Offering incentives can help buyers feel more confident and satisfied with their purchase. Incentives can include paying the first year of the home warranty or the first couple months of HOA fees, paying for part of the closing costs or repairs found during the home inspection, or including furniture and appliances with the home.

Tip 2: Price Your Home Below the Market Value

Buyers who watch the home market in your area are more likely to jump at a property that is priced at least 5% lower than the competition. If you receive several offers, you might spark a bidding war to get the best deal, which might be above your asking price.

Tip 3: Stage the Home Properly

Nothing puts off buyers like a crowded home. Sell what you do not need and get rid of clutter before cleaning and staging the rooms. You want to depersonalize and decorate so when buyers walkthrough, they can imagine themselves living in the home.

Tip 4: Make Necessary Repairs

If a home inspector finds issues with your home, it can slow the sale progression or put a buyer off completely. Consider hiring an inspector before listing the home to identify and fix those issues that might deter buyers.

Tip 5: Sell to an Investor

Selling to a buyer can take more than 5 days since most homebuyers have to get approved for a loan, and there are other delays like the appraisal and home inspection. At best, you might get an offer from a buyer in the first 5 days you list the home for sale. If you want to sell fast and forgo incentives, staging, and repairs, consider selling your home to an investor. Most investors will make a cash offer on a property regardless of its looks or state of repair. A cash offer saves you the time spent waiting for a buyer to get bank approval, and you actually save money with zero closing costs, repair, or cleanup costs. You can enjoy a quick, flexible closing in as little as 5 days and transition to a new home for that next stage of life.

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What is a Real Estate Investor?

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You have probably seen television shows and advertisements, but what exactly is a real estate investor?

The better question is not what, but who is a real estate investor. Although an investor may represent a corporation, most of the ‘House Buying’ companies you might come across are small businesses owned by a local hard-working entrepreneur. Like any small business owner, they intend to provide for their family and positively contribute to the community in which they live.

What Exactly Do Investors Do?

As you have likely surmised, real estate investors work with the homeowner directly to purchase their property. This direct connection eliminates the need to place your house on the market, make repairs, or hire a real estate agent.

Although there are several different types of real estate investors, which we will discuss shortly, they all tend to offer the homeowner the same incentives: a fast cash offer, an easy escrow, an ‘As-Is’ purchase, and a closing timeline that suits the seller.

How Does It Work?

Every legitimate investor aims to create a win-win situation with the homeowner. For the investor, this most often translates into a reduced purchase price on the property. For the property owner, this could mean:

  • Peace of mind of knowing their property is sold,
  • Not having to make repairs,
  • Being able to avoid caravans of traditional buyers walk through their house,
  • Not having to worry about a bank or lender as the reason their property falls out of escrow,
  • Not paying 5% to 6% of the house pricing to an agent,
  • And, unlike with a traditional sale, the owner can move on the date most convenient for them (be it in a week or a year) without having to worry about the buyer backing out.

Most sellers agree that the slightly higher price they may have gotten for their house on the open market is more than compensated for by the ease and stress-free experience of selling to a professional investor. Not all investors have the same end goal for your property; however, it is worth knowing the differences.

The Two Primary Types of Investor You are Likely to Meet

  • Fix and Flip… aka Flippers

Thanks to popular home-improvement TV shows, the Flipper is probably the best-known type of investor. These investors, who are often contractors or work closely with one, look for houses that need some TLC or have untapped potential. By remodeling or renovating, Flippers can raise the property’s value and (hopefully) sell for a profit. 

Despite what is so often portrayed on television, fixing and flipping a house, as a rule, is stressful rather than glamorous. Even with the most careful planning, construction costs always come in over budget. Issues arise with city permits and inspectors, and the renovation takes far longer than planned due to unforeseen complications. The housing market may dip. And every Flipper’s worst nightmare, the house sells for far less than projected. Meaning that the investor takes a financial loss of thousands to hundreds of thousands of dollars. For these reasons, flipping is a high-risk endeavor that is not for the faint of heart. 

  • The Buy and Hold… aka Rental Owners

Buy and Hold investors, similar to Flippers, often purchase properties in need of renovation. But rather than fixing the property to sell it, these investors renovate the property to turn it into a rental. This is a long-term investment technique since each property requires years of steady rent before the investor makes their money. And, as with trying to fix and flip a home, there is never any guarantee of success.

As any homeowner knows, a house requires constant upkeep and maintenance. Even with proper care, things go wrong. The furnace breaks, the bathtub overflows and damages the flooring and subflooring, the dishwasher stops working, and so on. Such expenses are part of owning property but add in tenants who fail to pay rent and/or intentionally damage the property, and the investor can kiss their revenue goodbye. Nothing is risk-free, and the investor knows this going in.

Finding the Right Investor

95% of real estate investors are local hard-working professionals who will take care of you every step of the way. As with every industry, however, there are going to be a few bad apples. These bad apples typically represent 5% or less of the industry, but you still have to watch out for them. And with so many investors out there, it can be hard to know who to trust. 

This is why SolidOffers.com works exclusively with a trusted network of real estate investors located throughout the country. These investors come with a proven track record and are thoroughly vetted to ensure they are experienced, professional, and the right fit for you. If selling your house through a local investor is an option you have considered, or would like to explore a little further, then reach out, or use the platform provided by SolidOffers, to find a trusted investor in your area.

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What’s the Process of Selling a House for Cash – Part 2/2

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This is part two of What’s the Process of Selling a House for Cash.

You got a cash offer! It’s always exciting to have an offer in hand, but you will want to make sure the offer fits your needs. There is no secret formula to figuring out exactly how much your house is worth and how much you should sell it for, but there are some things you can do to make sure it is a fair cash offer.

Evaluating the Cash Offer

  • Take a look at the real estate market in your neighborhood. Keep in mind, your neighbor’s house may currently be listed at an attractively high price. It is only worth what someone ends up paying for it. For this reason, focus on the properties that have recently sold. What kind of condition were they in? Did they remodel or fixed up before selling? Were they larger or smaller than your home? Comparing these homes to yours, and adjusting for repairs, can give you a ballpark figure of your house’s value.
  • What is your situation and circumstances? Maybe the money is less important to you than just selling the house and being done with it. This often occurs when troubled tenants are in place or unforeseen issues have arisen that require an expedited sale.
  • Hire a professional appraisal. Although hiring a professional appraisal company costs money ($300-$750 on average, depending on the size of your property), they can provide an estimate of your house’s value. However, this is only a ballpark figure, which may or may not have an impact on your end sell price. If a professional appraisal is something you want, be sure to find a trustworthy company that will take all the necessary steps to provide you with the most accurate value possible. 

For an investor to buy your house, it has to be a good fit (and a fair price) for them as well as for you. This means they must consider the costs and expenses they will incur to purchase the house, fix it up, and then either rent it or sell it.

For your part, consider the expenses you would incur if you were to sell it traditionally. These include repair costs, mortgage payments, utilities, taxes, real estate commission fees, closing costs, etc. 

Asking Questions

An offer in hand is great, but that is just the start. There is much more to selling a house than just the price. Asking your buyer’s right questions will help ensure your expectations are met throughout the entire selling process.

  • Can the buyer close in the timeframe you want?
  • Will the buyer be using a local Title and Closing company to ensure the transaction is handled properly and legally?
  • Will there be an earnest money deposit?
  • What kind of contract/purchase agreement will they be using?
  • Did they ever back out of a deal after the paperwork was signed?

The questions above are a good start, but they are only that. If you are not clear on an issue, ask. A professional house buyer will be able to answer all of your questions without hesitation.

Signing the Contract

If the cash offer sounds fair to you, the next step involves signing the contract/purchase agreement. Purchase agreements come in all lengths and sizes. If you don’t understand a clause, ask. If there is something on the contract you don’t like, bring it up with the buyer. More often than not, changes can be made to the agreement to fit both parties’ needs. If you disagree with terms or clauses, don’t sign it until those issues are resolved. It is always your right to have an attorney review it before you sign it.

Every contract, regardless of length, should include the purchase price, the length of the escrow (the final closing date), the agreed-upon earnest money deposit amount, and the name of the title or escrow company that will be used (if this has been agreed upon). Once the contract meets your approval and both parties sign, then it is almost time to celebrate the sale of your house. First, however, comes the closing process.

The Closing Process

Once the price is agreed upon, and the contract is signed, the process’s remainder mirrors any traditional home sale. The agreed-upon title/escrow company will search the county records to ensure there are no liens or encumbrances on the property and that all parties involved in the transaction are who they say they are. 

The only difference you may notice between a traditional home sale and selling to a cash buyer is the time involved. Without a lender in the middle, a cash buyer can close within seven to fourteen days. On the day of closing, you will sign the final documents with the title/escrow company and hand over any keys to the property. Once the documents are all signed by the buyer(s) and seller(s), the title/escrow company will make certain you receive your funds for the property. Most companies will either wire the money directly into your preferred bank account or issue a check that can be either picked up from their office or delivered via a certified carrier. 

That’s it! Congratulations. You SOLD your house, and the money is in your pocket. 

After the Closing

Take your money and relax in your new home. Or, if the opportunity arises, go on vacation. Selling your property can indeed be a lengthy, complicated, and drawn-out endeavor, but a cash buyer means it doesn’t have to be. Within a week or two of deciding to sell your house, and with the right house buyer, you can have it sold and the experience nothing more than a pleasant memory. 

Of course, selling to an investor for cash isn’t for everyone. Make sure to ask the right questions and pick the buyer that is the right match for you.

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What’s the Process of Selling a House for Cash – Part 1/2

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Not everyone can come up with all that cash to buy your house. Still, several individuals and companies, typically investors, have both the experience and expertise to do exactly that.

Who buys houses for cash?

Most house buying investors fall into one of two categories (though there certainly may be overlap).

  • The investor may be looking to Buy and Hold. This type of purchase is especially popular amongst those investors who buy properties to rent them out to suitable tenants.
  • The second type of investor is known as a House Flipper. This is the kind of investor you may have seen on a TV show. As the name suggests, he or she will purchase your house at a discount, make repairs or remodel completely, and then sell the property in the hopes of making a profit. 

Depending on the investor and your particular selling needs, the buying/selling process will vary. There are, however, several steps that tend to remain the same and which you can expect, no matter who the cash buyer is and what your selling needs are.

Finding your Cash Buyer

Selling your house is a big deal, and you want to sell it to somebody you can trust. Here are a few great ways to help you find the right cash buyer for your property.

  • Network of Trusted Buyers: One of the best ways to guarantee you are dealing with a reliable buyer is staying with a trusted network. SolidOffer.com provides a simple online form to match you and your property with a trusted local cash buyer. Each buyer has been thoroughly evaluated to ensure they have the qualifications and experience necessary to purchase your house. There are absolutely no obligations on your end, and the best part is that it takes mere minutes to find you the perfect match.
  • Google/Yahoo/Your favorite search engine: It will take some work and research, but you can find cash buyers by searching online. Not all, but most investors will have a website where you can find out more about them. However, having a website doesn’t make them trustworthy. Be sure to look for legitimate reviews on each company before calling them.
  • Ask Around: This may sound old fashioned, but sometimes the best way of finding a cash buyer for your house is by talking to friends and neighbors. If someone you know and trust has had a positive experience with a local cash buyer, then the odds are good that they’ll be a good fit for you as well.

Once you find your cash buyer, whether through a trusted network or a friend, you’re going to want to review the next steps of the process carefully.

Meeting your Buyer

Once you contact your buyer(s), they will want to know more about your property. They may want to schedule a visit or ask for photos. This generally happens within 48 hours, though most investors are happy to work around your schedule.

Don’t worry about the condition of your property. Investors are accustomed to dealing with all kinds of properties, whether lovingly care for, needing repairs, or rented out to tenants from hell. Typically, the buyer will walk around the property, ask you a few questions, and make an offer on the spot.

Remember, just because they make an offer on the spot doesn’t mean you have to accept it. 

The next step is Evaluating Your offer. Continue reading in part two of this article.

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Top 3 Reasons to Sell Your House for Cash

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As nice as it might sound, selling your house for cash doesn’t mean that someone is going to show up at your door with a duffel bag full of greasy cash. A cash purchase means that the buyer, who is usually an investor, has the funds available and does not need to borrow from a lender to buy your house. Is that good? It sure can be! Why is that good? Glad you asked.

Here are just a few reasons it can prove advantageous to sell your house for cash.

  1. Banks only authorize a loan after appraisal, inspection, and contingency meet the requirements. With a cash purchase, you won’t need to worry about any of that. It’s just you and the buyer agreeing on a price.
  2. Banks and lenders don’t care if you’re in a rush or want to sell your house and be done with it. On average, the loan approval time is 45 days (if nothing goes wrong). In a cash deal, the seller and buyer can close as quickly as they like.
  3. Without a lender in the middle, you can avert many unknowns and potential problems, for example:
    • The bank can decide not to lend to the borrower, and the deal falls through.
    • The house can fail inspection and not qualify for the loan.
    • The lender may require certain items on the house to be fixed to meet their loan requirement.

However, with a cash deal, you don’t have to worry about any of the things a traditional home seller does.

You have the peace of mind knowing that the deal isn’t going to fall through. No worries that the lender decides your house isn’t worth the purchase price, or they do not think the borrower should qualify for the loan.

Want to know how to find a cash buyer and the process from offer to closing? Then read our article about the process of selling your house for cash.