5 factors to consider before selling your house for cash
Did you just recently accept a job out of state and need to sell your home quickly? Are you looking for a way to get the best offer for your home without having to touch it up in any way? If so, then you should consider selling your house for cash.
Doing so can give you a way to sell your home without having to hire an agent, pay for repairs, schedule a pre-home inspection, list your property, or anything else.
See below for the factors that you should consider before you sell your house for cash. Be sure to apply them all as you go through this process.
1. Your Situation
There are many different situations in which you might be wanting to sell your home quicker. Maybe you’ve moved recently and are trying to sell your place in Chicago. Perhaps you inherited a home and you want to get a fair offer in cash.
Whatever the case might be, you need to take a look at your situation and assess what selling process fits your needs.
Can you afford to wait around for the right buyer if you list your property? Can you justify making renovations to your home (some more costly than others) just to have the home in selling conditions?
If you’re wanting out of a home for whatever reason and time isn’t on your side, selling to a cash buyer such as We-Buy-Houses-For-Cash-in-Chicago.com is the right choice. They’ll give you an offer rather quickly and give you the money in-hand shortly after finalizing the transaction.
2. The Condition of Your Home
Now’s not the time for sugarcoating. Now is the time for you to take a hard look at the current condition of your home and all of its issues.
Some of these issues might be from years of neglect. Others have been caused by the simple wear and tear that every home goes through. Whatever the case might be, buyers and their agents will use it as a strike against you if you list your home.
The shortcomings of your home will either cause interested buyers to redact their initial interest in the home or use it as a negotiation tool to lower your asking price. Neither outcome is ideal for your situation.
Maybe you’re not sure of where your home’s condition currently stands. If so, then you might consider hiring a home inspector to come to take a look and compile a report on what they find.
If the home inspection report comes back with many red flags or you simply don’t feel like making the necessary repairs, then it’s time to call a cash buyer.
We’ll make you an offer on the home as-is. No need to make any repairs or tweaks, we love the property just the way it is!
3. Your Budget
That’s right, ladies and gentlemen, even though you’re the one selling the house, your budget plays a factor in the process. Why? Because listing and selling a home on the open market requires you to spend before you sell.
There are things such as realtor commission fees, staging costs, a pre-sale home inspection (which is recommended, not mandatory), ongoing utilities, closing costs, and home repairs, to name a few.
The costs to sell your home can add up quickly. Before you know it, you’ve spent thousands of dollars on this process before selling the house.
That’s less than ideal for anyone, but especially those of you that are currently spending money elsewhere for moving costs, a new house, and so on.
Start this process by creating a budget. Add up all of your monthly expenses, then subtract them from your take-home pay. If you aren’t comfortable with the amount of wiggle room in your budget (or lack thereof), then reach out to a cash home buyer.
There’s no reason to put yourself in a sticky financial situation if you don’t need to. You have other options that can get you the cash you need without any financial strain.
4. How the Price is Determined
By now you know that cash buyers will make you an offer on the property as-is. But how do they come to that point? What factors do they use in order to determine the price they’re willing to pay for your house?
First is the location of your property, as well as what other homes are going for in your neighborhood or community. Be sure to research that.
They also look at how many repairs they’ll need to make after they buy the house, the current condition of the home, and how long the repair/renovation process will take.
5. Your Timeframe
Too many people put their homes on the market without looking at the timeframe of their situation. This often creeps up on them and sets them back financially as a result.
Look at the calendar and decide when you need to have everything sorted out. For example, say you’re starting your new job one month from now.
That means that you have that long to sell your current place, buy/rent a new place, and make moving arrangements before that time. Not an ideal time window. Reach out to a cash buyer to take care of the first need quickly and efficiently.
Selling Your House for Cash: A Worthwhile Option
Now that you have seen all the different factors to consider when selling your house for cash, be sure to use it to your advantage.
Start by weighing out how long you need for your timeline, what the condition of your home is, and which route you should explore.
Be sure to browse our website for more articles on selling homes for cash, as well as many other helpful topics.