Should You Sell Your House for Cash?
You’ve probably seen the signs posted on telephone poles and light poles around your area offering to buy your house for cash now. Maybe you’ve been considering putting your house on the market, and have seriously thought about calling the number on these signs, or are drawn to a commercial for one of the many direct buyers out there who offer to buy your house for cash.
You can answer your own question, should I sell my house for cash by doing your research, weighing the pros and cons, and then making an informed decision instead of rushing into things because the house is too small or you’re just ready for a change. In this article, you’ll find a few pros and cons of selling your house for cash to help you make the right decision for you and your family.
Fast Home Offers
The biggest benefit of going through an organization offering cash for your house is that you can get instant offers for your home, especially if it has the right amenities. For example, if you have recently contacted a swimming pool builder in Bradenton FL to install a pool in the backyard of your Florida home, then decided to move, you will probably get one of many instant offers. An inground swimming pool can raise the value of your property quite a bit.
No Repairs or Home Staging Needed
The best thing about selling your home for cash with many buyers is that you don’t have to repair anything in the home or stage the home to sell. The home is sold as-is. When you’re in a hurry to sell or you’re short on funds, even the little repairs can seem overwhelming and unreachable. Selling your house for cash puts money in your pocket and stops you from having to repair things or stage the home in order to get potential buyers to come and see it.
For many people, putting the property on the market, repairing, staging, and waiting for a buyer to come along is not worth the stress. If you’re constantly stressing about the bills and upkeep of the home you’re trying to sell, then it quickly gets to the point where you just want to get the property off your hands. In this case, a cash offer can work wonders for your bank account and your stress levels. If you’ve gotten to this point in the sale of your home, then selling for cash might be your best option.
With all of this in mind, you may think that there are no reasons not to sell your home for cash. Despite all of the above pros, there are some cons as well.
This is by far the biggest disadvantage of selling your home for cash. If your primary goal is to get top dollar for the home you’re selling, then selling it for cash might not be the best way to go. The companies who buy homes for cash usually buy low and sell high, because they wouldn’t make much of a profit if they didn’t.
So, if you’re looking to get enough money to buy a new home, plus order those full coverage bras and panties you saw online and have enough left over to purchase some of the T-shirts as well, then selling your home for cash might not be the best option.
Improvements and Repairs Deducted
Another disadvantage of selling your home for cash is that you don’t get off scot-free with the repairs and improvements that might be needed on the property. The company that is buying your home for a cash price will deduct the cost of any repairs and improvements needed to your home from the actual cash they give you.
For example, if it was going to take $10,000 to bring the home up to where it’s ready to be sold to a potential buyer, you can pretty much be guaranteed that $10,000 is going to be subtracted from the offer you get for the home. Also, you don’t get competing bidders for a home that is being sold for cash.
You need to do your research extremely careful when searching for a company that will buy your home for cash. There are companies out there who are scam artists, who will take your home without you ever seeing a penny in return. If you’re dealing with a reputable company that has a stellar reputation, then you don’t have to worry. However, if you’re considering selling your home to someone who called you or sent you a postcard in the mail, you need to ask for proof of payment before signing on the dotted line. As with anything else in the world today, there are scam artists in the housing market as well, so just be careful who you deal with.
Should you or shouldn’t you?
Now, that you know a few of the pros and cons of selling your home for cash, it’s time to do your research even further. If you’ve decided to sell your home for a cash price, then you need to be careful who you sell it to. You can do this by talking to other people who have sold their homes in this manner and asking for referrals from them. Make sure to ask if they would use the company that bought their house again in the future.
Once you have a few companies to choose from, go to each company’s website and read the reviews from customers who have used them before. However, you don’t want to stop there as reviews on websites can be a little bit biased. Once you’ve finished with those reviews, head over to a few social media sites to see what customers are saying. Facebook, Twitter, and other social media sites will help you determine how happy, or unhappy, people were with the company you’re considering selling your home to.
These are just a few of the pros and cons of selling your home for cash. Weigh them carefully, then determine if it’s the right choice for you and your family, as it will be affecting them the most.