Last Updated on December 9, 2022 by Hammad Hassan
People sell houses fast for cash for many reasons such as going through a divorce, inheriting real estate, etc. While cash sales have been on a decline recently, there is no dearth of cash buyers willing to buy a house for cash.
If you are sitting in your home thinking ‘how do I sell my home by owner and that too fast and for cash’, you are at the right place to get some interesting information. When you want to sell house fast for cash, it is easier. But getting top dollar on that sale is a completely different story.
With the convenience to sell house fast for cash comes the condition of losing on your potential savings. Instead, you can sell your house fast for cash to home buyers by soliciting offers from them. In this way, you’d be able to receive a fair price while selling your home by owner and fast for cash.
Companies that buy houses for cash without an agent promise you to simplify the process and save you time. But should you sell your house to a cash buyer company? We feel you. The proposition seems too good to be true. But the fact is that the real estate industry has greatly advanced in recent years and because of today’s technology and data algorithms, it is possible to calculate the valuation of your home digitally.
If you are still thinking ‘how do I sell my home by owner’, let us get to the process of selling your house fast for cash.
How to Sell Your House Fast For Cash?
For reasons aplenty, you might want to sell your house fast for cash instead of going through the boring, drawn-out process of selling it on the real estate market. Also, your property may be unique in a way that it does not qualify for traditional financing and so you must sell it by owner and for cash.
Below are a few basic steps to sell house fast for cash by yourself:
- Determine the value of your home in your market
To know the exact value of your home can be challenging. Your home is worth exactly as much as some buyer is okay to pay for. However, you can figure out a range of your house’s worth. You can take help from many different websites to get an estimate of the value of your house. Such websites may show you different selling amounts, but you can make out the value of your house from such diverse data.
Another way is taking help from real estate agents. They do a comparative analysis to arrive at the value of your house. In the process, the agents check the selling prices of recently sold houses comparable to your house in your area. An agent could give you a better idea of the amount you should list your house for.
The above situations arise when you sell your house by owner. But when you want to sell house fast for cash to a buying company, the company would make you an offer that is at the lower end of your house’s price range. Because such companies mostly buy your house ‘as is,’ and leverage their ability to buy a house for a discounted price.
- Figure out if you want to sell your house ‘as is’
As mentioned earlier, ‘we buy houses for cash’ companies are mostly involved in buying the home as is. So, the buyer will purchase your home in its current state as the seller may not make any repairs.
However, that doesn’t mean that you don’t have to disclose the issues in your house. The disclosure laws differ from state to state and almost all states require the seller, to be honest about mentioning issues with their home.
If you don’t want to sell your house as is and make repairs in your house like structural repairs, asbestos repair, or fixing a leaky roof before selling it, you can improve your home’s valuation. But, of course, making repairs slows down your selling process as you have to remedy the problems with your home. And you also have to put money into rehashing your home before making the sale.
So, if you fix the big and small problems of your house, re-paint it, do landscaping, and hire home-stagers to make it appealing, you can get good money on the sale.
Alternatively, if you only wish to sell house fast for cash, you can avoid the hassle and expense on your part but lose on sale money.
- Look at other fast home selling options
You can sell house fast for cash without taking the help of fast cash companies. You can look for cash buyers at a number of places. One option is to market your home online, with realtors, on Craigslist, on Facebook, place a for sale sign in your yard, contact a home-buying company, or even attend real estate auctions. If you still want speed in your home sale, out of all the options, a home-buying company can give you the fastest TAT.
- Do not pay any costs upfront to any company or individual
If you have decided to sell your house for cash to a company, you must not pay any up-front costs to the company even if it feels legitimate. You must also not pay any application fee or apply for anything.
You must research companies you are considering to sell your home to. Home-buying companies are different and so it is important to find a reputed company. Don’t simply go with the first place that calls you. You can ask your friends and family for their reviews to make sure that the company you are going with is legit. Researching the owners of the company is a good way to start.
It pays to compare your options
Even when you sell house fast for cash, it is a good idea to slow down and evaluate all your options. Choosing a fast cash company too soon is leaving much money on the table. You might be adamant at selling your house for cash, but if you are not selling a distressed property unable to qualify for conventional financing, you must consider every offer whether or not it is cash.
Your real estate agent may specify that you are interested only in cash offers in your listing but it won’t make a lot of sense for you. There will probably be a lot of inquiries from probable buyers asking if the property is really only available for cash. In this way, you can turn legitimate buyers away who could have been interested in taking a higher offer.
You can easily compare cash buyers to a traditional home sale. Most cash buyer companies and iBuyers provide a no-obligation, free cash offer within a couple of days of getting your name and a brief description of your house. To know more about them check iBuyers reviews. What you must do is request multiple offers from many different companies and then speak to an experienced realtor. A realtor can help you even get an all-cash deal in the open market.
Even if it is not for sale, an agent can help you with several things. An agent can give you a free consultation in comparing your home to other houses in your area and doing a comparative analysis. She can estimate how quickly your home could sell based on the recent sales in your neighborhood.
With this information, you can choose a fast cash buying company that gives you the best value along with the speed of the sale.
Selling your house doesn’t have to be stressful and time-consuming. As you can sell it fast and get good value by working smartly. Don’t leave your home sale to happen by chance. Whether you request cash offers from different companies or work with a good agent to sell your house fast, you must make sure that you get the best value for your house.