You’ve decided you want to sell your house fast, and are looking to make a deal with cash buyers. You have several offers in hand from different buyers. This is a good place to be, but many sellers fall into pitfalls and deals get dropped because they make a few common mistakes. You can sell your house fast and have cash in hand if you don’t fall into these traps and think smart when selling to cash buyers.
Leave Your Emotions at the Door
A house isn’t just a house, it’s your home and reflects your style. It may be a dream house you’ve worked for and the house holds memories. However, when you think about selling your house fast, you need to detach from the emotional aspects of your house and think of it as property. A business frame of mind is needed to get the best deal and ensure that you don’t make a decision solely based on your emotions. Remember that you have decided to sell your house, and now it is a matter of ensuring that you get the most value for your property. Don’t let second doubts sway you from making a solid deal.
Make Sure Your Buyer Can Follow Through
This seems simple, but you want to make sure that the buyer who is offering you cash can actually follow through and close on the deal. Screening your buyer is just good business. You can check out their reputation with the Better Business Bureau, the local Chamber of Commerce and with local licensing agencies if they run a business. Nothing is more frustrating when you want cash now and spend time and energy working with a potential buyer only to have the deal fall through because they simply don’t have the funds promised before signing on the agreement.
One way to make sure your buyer is qualified is to ask for references. Don’t just assume the references are good, actually take a few minutes and make a phone call to validate the reference. Another way is to ask what title company the buyer works with. Having a reputable title company to get the sale documents approved and signed means your buyer is qualified, thinking ahead, and prepared to make the purchase.
Leave Wiggle Room in the Asking Price
Cash buyers are looking for investments that they can turn around for a profit. It is different than selling to an individual or family that intends to actually live in the house. You should educate yourself on the fair market value of your home and homes that have sold in the area. This gives you an upper limit, but you should be aware that you are unlikely to get full market value for your house when negotiating with a cash buyer.
Cash buyers offer the convenience of selling your home fast without having to do listing photos, deal with a realtor, or make repairs. You don’t have to worry about a sparkling, clean house that is move in ready. However, you also don’t want to try to hide any areas needing repair, which can kill an honest deal. With a cash buyer you are going to have cash in hand, often within 24 hours of signing the papers, and this is a service that you pay for by being a reasonable seller who has considered the fact that full ask is simply not on the table when selling your home fast to a cash buyer.