Written By Souki Fournier | December 10, 2021 | 4 minute read
If you want to sell your home fast, your best bet is to sell for cash. And the best buyers to target in these situations are property investors. Still, navigating a transaction like this can seem intimidating.
The entire process can sound too good to be true, and how can you tell if someone is a legitimate property investor?
Don’t worry; we have the answers you’re looking for in this article.
Property investors buy real estate from sellers to either resell for a higher profit or to rent. They generally purchase properties for cash, and selling this way doesn’t require any repairs, fees, or commissions.
Their offers are based on your property’s as-is value, which they assess themselves by walking through the home. Once they’ve completed their inspection of the interior and exterior, they’ll make you a cash offer on the spot.
If your home is outdated or in need of extensive repairs, don’t worry. Property investors buy houses in any condition. That’s because, unlike the traditional real estate market, their business model is more streamlined, which allows them to complete transactions in just a few days.
When it comes to selling your property, there is no right or wrong way to do it. While the traditional method of working with a realtor and listing your house on the market seems like the only way to do things, it’s not.
You can also sell your home for cash to a property investor. But before you decide which path is right for you, you’ll need to evaluate your needs as a seller.
To do that, you should think about things like:
Selling your house on the market can take time because you’re dealing with realtors, repairs, home inspections, showings, appraisals, and closings. Considering all of these factors, it’s not surprising that the average home sale in the U.S. takes between 55-70 days.
And that’s just the time it’s on the market. Actually, closing on the house and sealing the deal can take an additional 30-45 days.
Unfortunately, selling your home doesn’t just mean you’re making a profit. Before it even sells, you can expect to invest some amount of money into the sale. This usually includes upgrading the appearance of your home.
This can include things like new fixtures, fresh paint, flooring, and even décor to make it more appealing during showings.
Your budget will include renovations, but it doesn’t just affect how much money you’re spending. Renovations can also impact the timeline and even prevent the home from being legally occupied.
If your property has things like outdated wiring, plumbing, or foundational issues, you can expect to spend a good chunk of change to fix it.
If selling your home on the market seems like a hassle, selling for cash might be the solution you need. This option comes with a few key benefits, like:
If your house needs repairs, but you don’t want to—or can’t—invest in them, you can sell your property as-is to a property investor. They’ll purchase your home in its current condition and make an offer based on that.
As we mentioned earlier, selling on the market can turn into a lengthy process, and that doesn’t even include closing times. If you want to sell your property fast, closing with a company like Simply can take as little as ten days!
Sometimes properties need to be sold due to tax liens or delinquent mortgage payments. Situations like these can make things even more stressful, but selling to a property investor can allow you to avoid legal repercussions.
A property investor will meet you at your home to assess the home and make their offer. This won’t be as thorough as a traditional home inspection, but they will determine if cosmetic renovations or serious repairs are needed.
Once this step is complete, they’ll provide an estimate after repair value (ARV). That means they’ll estimate the property’s value at the time of resale as well as any necessary TLC to prepare it for resale.
Although selling for cash doesn’t come with the same fees and costs associated with selling on the market, it’s not without its expenses. The reality is that any real estate translation comes with at least some amount of closing costs to pay before you can get your cash in hand.
Selling to a property investor can be the right solution for many people, but it still comes with some cons.
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