The average number of days it takes a house to sell in America is 68 days. Depending on whether it’s a buyer’s market or a seller’s market, and a few other house specific factors, that number can go up or down. The house selling process has been rated by a daily mail report to be one of the most stressful experiences one can go through.
Therefore, it is not surprising to wish for it be over quickly. However where there are clear advantages attached to the practice of selling a house quickly, there also are almost an equal number of disadvantages at the same time.
One of the most obvious upsides of a quick house sale is you sell to a cash home buyer and receive a cash offer for the property. The process is simple and straightforward.
Dealing with a cash homebuyer will ensure that you do not have to wait to see if the bank will finance your buyer or not. There are no apprehensions about the chances of an unfairly low appraisal either. Moreover, there is no added hassle of paying out realtor fees and deducting commissions from the final sale price. The amount that is in the offer sheet goes straight into your pockets.
The quick sale route through a cash homebuyer, is comparatively hassle free and a great degree swifter than the traditional route of selling through the real estate agents. There is no need to deal with a plethora of third parties such as the realtors, lender, appraisers, banks or home inspectors, when selling to a cash homebuyer. It’s usually just you and the company representative, one on one.
Moreover, selling via a realtor usually takes months and could even extend to years depending on the state and location of your property. Cash home buying companies can offer a great alternative in a scenario where you must sell the house quickly for any number of reasons such as moving out quickly to take up a career opportunity, or due to health reasons or a divorce or financial woes.
It’s most usually the case when selling on the traditional market that most homeowners will need to patch up their property before making the sale. Refurbishing kitchens and the bathrooms is a common practice as they might seem outdated to the potential buyers.
Furthermore, the repair work is a must and you will need to patch up and fix even the most minor of leaks, plumbing issues, electrical faults and foundation cracks around the house. The realtor would wish for the house to be in top condition so he can maximize the asking price.
Unfortunately, many a times these last moment investments do not pay off in terms of the returns. Cash homebuyers, on the other hand, are least worried about the repairs and refurnishing. They will purchase your property as is, saving you all those last minute investments.
As mentioned earlier the quick house sale option comes with both its Pros and Cons. Being informed of the potential cons that this quick sale option entails, can help you along the process to make better informed decisions.
The most obvious of the con of trying to sell your house quickly to a quick sale company is that it sells for a price that is lower than the market value. Since the investor is taking a chance by investing in your property and the lack of costs such as the commissions, fees and repairs will naturally be factored into the offer by the buyer.
Moreover, you’re being paid cash just a few days after the initial contact with the buying company and that ease and convenience will also be reflected in the offer. The buying company will usually pay you 20%- 25% lower than the market price of your property.
There are many reputable and trustworthy businesses in this line across the United States. However, there may equally be bad and shady ones as well – businesses out to make money at your expense.
Therefore, before giving out any information, do your thorough research into the company that you’re dealing with. Read up on reviews online as well as try to get reviews from real customers that you might know. Also, ensure a good BBB rating for the company you’re dealing with.
Keep your credit scores and accounts in check, and beware of the companies that require any upfront cash fees.
The most famous of the quick property sale cons are the last minute price reduction scams. The unscrupulous and shady businesses we earlier talked about use this as the most favorite trick in their arsenal. They would deliberately put off survey till the last moment to use it as a convenient excuse to justify reducing the price.
Once you have agreed to deal with a company, request early survey and seek a copy of it to be aware of your position as early as possible.
There are both pros and cons to quick sale. All in all, the challenging process of selling your house quickly can be made easier when you’re equipped with the knowledge and keep the above things in mind. To really help yourself with stress inducing task of house selling, visit our website.