As a property owner, you may need or want to sell your house quickly. Cash buyers are an easy out, allowing you to offload a property with very little negotiation, paperwork, waiting, or inconvenience. Whether relocating, downsizing, or needing the cash, you don’t need to go through traditional channels to sell a house. Cash offers are fast and easy.
Here are some tips for selling a house to a cash buyer.
Tip #1: Know Who Cash Buyers Are
Most cash buyers are property investors, either individuals or companies, who buy properties to convert into rentals, fix up, and resell later for profit.
Tip #2: Seek Out Cash Buyers Yourself
Look online for cash buyers who want to invest in houses. They are not hard to find. There are entire networks of cash buyers with money potentially willing to do business. By seeking out cash house buyers, you can speed up your sale and even have offers compete against one another, negotiating to up the amount offered.
Tip #3: Find a Reputable Cash Buyer
Ensure you aren’t short-changing yourself. Reputable cash buyers are out there, but do your research and make sure what they’re offering you is fair and legal.
Tip #4: List Your Home Everywhere
Advertise your home on online listings, in local publications, and all online and offline avenues. The more exposure your house has, the more likely you will find the right cash buyer to close with.
Tip #5: Cash Buyers Buy As-Is
A cash buyer will typically purchase your property as-is. There is no need to dress it up or complete every last home repair. In many cases, a cash buyer may want it purely for its location or want to complete their renovations. There is no reason to sink money into those repairs until it’s something that’s absolutely in need of being home.
Tip #6: Declutter And Tidy
If a cash buyer is coming by to visit, clean up the clutter and tidy your home. The more presentable everything is, the more this communicates care and value to a guest.
Tip #7: Don’t Bother With Home Staging
Real estate staging is big right now. For selling a house to a cash buyer, it’s entirely unnecessary. It will be a wasted effort that won’t result in a bigger offer. There is no need to bother with it.
Tip #8: Have Essential Documents Ready
Have the deed, recent tax bills, utility bills, and any relevant paperwork tied to the property ready to provide copies to a cash buyer. As mentioned, they’ll want a quick sale as much, if not more, than you do. Be prepared.
Tip #9: Reduce Your Asking Price
A high asking price you won’t negotiate can hinder a quick cash sale for a house. Review similar properties in your area and arrive at a competitive asking price that you know won’t turn away a potential buyer. If a cash buyer returns with a lower offer, there is always an opportunity to counter.
Tip #10: Don’t Expect Contingencies
Cash buyers will rarely ask for a contingency or appraisal. Don’t be caught off-guard if they want to purchase your property and move quickly.
Tip #11: There Will Be A Home Inspection
Most cash buyers want a full understanding of the property they are about to purchase, often requiring a home inspection and a title search to verify that what you’re telling them is accurate and that there are no surprises.
Tip #12: Cash Buyers Want A Deal
Know your home’s worth, and don’t drop your asking price too low. Have a realistic price based on current market conditions. If a cash buyer offers less, ask why and consider their answer if you’re serious about selling.
Tip #13: Advertise to Cash Buyers Only
Explicitly state that you want cash offers only. This can filter out other parties and attract cash buyers if advertised in the right places.
Tip #14: Be Ready To Move Quickly
Cash transactions can be completed in days or weeks instead of months. Cash buyers often want to move quickly, so be available and prepared.
Tip #15: Don’t Hire A Real Estate Agent
You don’t need to hire a real estate agent because their services aren’t required. They’ll take a commission you won’t want to give up. After all, many cash buyers exist. They aren’t looking at how your house is marketed. All they want to know is its true value, its location, and what potential, if any, exists with it.
Tip #16: Review the Terms
Carefully examine a written offer, including its sale price, earnest money deposit, and requested closing date. Proof of funds should also be included to verify they have the money to purchase your house. Doing this with a real estate lawyer present is best to ensure the contract is legal and fair.