Selling your house for cash can be a good, even preferable, course for any homeowner looking to sell quickly and still make money. There are a few things to consider:
1. The Buyer. If you’re considering a cash sale, be sure to sell to an individual or company willing to give you enough to cover the remainder of the mortgage plus an amount similar to the equity you’ve built with the home. Property investment forms are out to buy and then flip your home, which isn’t a bad thing; however, national investment companies will usually offer a lot less than local companies (such as fastmoneyhomebuyer.com) due to enormous overhead costs and small profit margins.
2. The Situation: If you can afford to wait months for listings to potentially turn into offers, and you feel like the market is climbing in your favor, you may consider standard real estate agencies as a selling venue. Just remember that, when selling through a real estate agency, you may pay 10’s of thousands of dollars in various fees, costs, commissions and taxes. When you sell for cash, you don’t have to pay any of that, and a local property investor may be able to give you more money than what you’d end up with after paying those standard fees.
3. The importance of selling to a local company can’t be understated. National investment companies look at data sheets, and have pre-set percentages to offer that cover their marginal needs as well as their overhead. Local companies have far less overhead and an intimate understanding of local markets. This makes them a preferable option if you can find them in your area.