There are times when you have the time and money to get your home ready to sell, find an agent, go through a bunch of showings, and wait months for an offer and closing. And there are times when you don’t. Maybe you inherited a property that you need to get off of your hands as soon as possible. Or maybe you don’t have the health or finances to do needed repairs. Whatever the reason, those are the times that selling to a home buying company for fast cash is your best option.
Today’s typical home buyers are finicky. They seem to forget that an older home has been lived in, loved, and worn down in spots. They want a house that is in perfect repair, and once they find things that aren’t, just wait for the negotiations to start rolling in. Bottom line, standard buyers want everything fixed. Unfortunately, these repairs can be extremely costly. Depending on what needs done, you might have to cough up tens of thousands of dollars, out of pocket. Most cash buyers will buy your home as is, saving you a lot of time and money.
Between taxes, closing fees, prepayments, insurance, attorney’s fees, and other services, you can expect to pay 2-4% of the price of your home in closing costs. Add both the listing and buyer’s realtor commission of 6%, and you have now lost 8-10% off the sale of your home. However, this is only true with a traditional sale. When you sell your home for cash to a home buying company, you pay zero closing costs. That is a savings of up to 10% of your home’s worth!
The faster you can sell your home, the sooner you can stop making payments on it. Even if your home is paid off, you still have insurance payments to consider. If you think about the time it takes to make any necessary repairs on your home, find an agent, have your home listed, and accept an offer, you are already out at least a few months. Add to that the 45 days it takes to close, and you have had to make extra payments on your house for half a year. With a cash offer, you can be done in a matter of weeks—start to finish.
It may feel like you are losing money by selling to a home buying company. However, when you break it down and tally out the savings in repairs, closing costs, realtor fees, and many months of extra payments, selling to a cash buyer can save you money.
If you don’t have the cash to make repairs and want to save money on the sale of your home, click here for your no-obligation consultation!