Are you looking to sell your house in Colorado Springs as quickly and efficiently as possible? Unfortunately, the upgrading, listing, and selling process can cause your family much unwanted stress, particularly when you are in a hurry to move. When selling your home via traditional routes such as real estate agents or listing “for sale by owner,” you are faced with the cumbersome task of staging and inconvenient walkthroughs. If you have small children or pets, you can go ahead and check that off the list of chaos as well.
Thankfully, there is another option which you may not have considered. Selling your home to cash house buyers might be one of the most underrated selling methods. You have probably seen “I buy houses for cash” signs on the side of the road or at least heard about the concept. Many people don’t consider this option their first time around because it may seem scammy or suspicious. It seems too good to be true, right? The truth is that while you may not get the highest return in equity when selling for cash, it is still a reputable and profitable process.
Advantages Of Selling Your Home For Cash
I Need to Sell My House Fast!
One of the worst parts of waiting for offers on your home is the possibility that you will have to pay two mortgages or rental fees on your old and new home until final sales fall through. You may also be forced to move your belongings into a pricey storage facility where your most cherished possessions are cramped into a unit for an unforeseeable amount of time. In addition to these costs, you also have to consider if you are willing to move that many times with the help of friends, or if you are able to pay a pricey moving company several times.
Is your home riddled with issues that require extensive repair? Even worse, does your home have numerous small repairs that just seem to add up to unreasonable costs? The beauty of selling your house for cash is that the buyers will take your house as-is. You no longer need to worry that your home will not pass an inspection or that an inspector will find hidden costly repairs that you didn’t even know about. The cash house buyers will make repairs, or “flip,” your home to a desired condition for the market. Unless you are an aspiring home improvement guru, this is one of the greatest perks of selling your house for cash.
Avoid Realtor Fees
While realtors undoubtedly earn their keep, as they are generally hard working individuals, it may not be a fee that you are willing to pay. In fact, realtors charge up to five or six percent commission of the final selling price. If you are selling in a slow market where people are not paying over the asking price, a realtor fee can cause you to lose more money than you would when using an instant cash buyer. The other benefit to avoiding a realtor is that your home is guaranteed to sell immediately despite what the market and buyers are doing. No matter how hard your realtor works, they cannot change the market.
One of the reasons the home selling and buying process takes so long is because of the banks getting involved. All of the paperwork and approval processes that go into underwriting loans are the bank’s responsibility. On average, closing on a house can take 45 to 50 days. That is a long time to wait in addition to the amount of time it took to get a buyer for your house. If the banks reject any part of the process, that is 45 to 50 precious days wasted that you’ll have to repeat all over again with a new buyer. With a cash buyer, the sale is immediate and you only have to sign a fraction of the paperwork.
Forget about Staging and Showings
One of the most dreaded aspects of selling a home is the level of cleanliness and staging required that can make you feel out of place in your own home. If you have small children or pets, you are forced to clean up your home in a rush and stay out of the house until showings are over. What if you have company over for an extended stay? You are then forced to shove everyone out of the house to a nearby restaurant or park until showings are over. There is no denying the stress in these situations, which are altogether avoided when selling your home as-is.
Avoid Last Minute Financing Failures
One of the main reasons a house does not sell after receiving an offer is the buyer’s financing fell through. This happens after weeks or sometimes months of a grueling selling process and mountains of dreaded paperwork. At this point, you’ll probably become well acquainted with the bank and loan office employees. Nothing is more defeating than the thrill and relief of finding a buyer for your home, only to find out their financing fell through. Begrudgingly, you’re back to square one. The chances of this happening with a cash buyer company are little to none. It is very rare that financing is rejected with a reputable company.
The timing of selling a home often leaves the seller in a situation where they become homeless for weeks or even months. If you do not have family or friends close by, you could be stuck renting and moving all of your belongings multiple times before you can move into your new place. Although extra moving may be required depending on the timing of your new home, you don’t have to worry about an extra inconvenience of waiting for your current home to sell.
Avoid Nitpicky Buyers
Depending on what type of person decides to buy your home, they may find even more things wrong with your house than an inspector. If you are not in the position to turn down their demands, you may be stuck with additional home repairs in order to please your buyers. For instance, if your floors are outdated and less than aesthetically appealing, a buyer may request a flooring allowance, which can deduct anywhere from $10,000 to $20,000 from the asking price. This depends on the square footage and condition of your home, but instances like this are extra money, time, and inconvenience.
Immediate Financial Recovery
You may find yourself in a time where you are going through a divorce, or have been faced with a job loss or sudden illness. Perhaps you just got a new job and do not have time to deal with the stress of relocating and adjusting to your new role at work. Selling your home may be your only form of liquid cash to help you avoid taking out loans or lines of credit. Whatever your circumstances, selling your home as quick as possible may be the best financial option for your family.
Cons to Selling your Home Quickly for Cash
Be aware of every detail that goes into selling, especially when it comes to final hidden fees. Some cash home buyers will rack up the price towards the end of the process due to home repairs and other costs. They may also surprise you with offering you even less than they initially did after the inspector pays a visit. While you still get a lump sum of cash, it may not be worth losing extra equity and more. However, if you are in a rush to move, the overall cost may still be worth it to you in desperate circumstances.
Last Minute Price Dropping
Although this is uncommon for larger reputable companies, there are some buyers who will drop the price on your home at the very last minute. They will do this after they have made the offer, signed contracts, and usually wait until it is too late for you to dispute the change.
While realtors are often professional, flexible, and accommodating, you may not find such satisfactory customer service when going through a cash buyer. Realtors are often warm, inviting, and usually care about building lasting relationships with their clients so that they will either repeat or refer their business to friends and family. To a cash buyer, it is simply about the numbers and you are just one of thousands of seller requests they may receive online. While there are certainly a good amount of friendly and professional cash buyers out there, they are notorious for merely getting the job done. If you’re in this process to make friends, selling for cash may not be your favorite option.
False Property Values
Unfortunately, people are cheated out of their home’s full earning potential by some cash buyers. Some companies will go so far as to provide a false property value, risking your market value and your wallet.
It seems like common sense to shop around for the best cash home buyers; however, many buyers require you to sign a contract that will bind you to just one buyer. This eliminates all competition for other quick sell buyers and locks you into whatever offer they make. Make sure to inquire ahead of time as to whether or not your buyer requires a zero competition contract.
Beware of Scammers
While there are numerous reputable cash buyers out there with a simple internet search, there are an equal amount of crooked individuals who may not even possess proper licensing and credentials to buy your home. A sure sign you are being scammed is being forced to fill out detailed applications and paying fees before the process even begins. It is always a good idea to protect your credit and your identity by ensuring you have investigated every company you contact. A great way is to look them up on the Better Business Bureau website.
More Research on your End
While you may have to do a bit of research to initially find your own realtor, they will do most of the remaining work for you. They research market costs, list your house on the web with fancy marketing and verbiage to attract competing buyers, and so on. However, without the leg work of a realtor, you are confined to one home buyer and there is little room for haggling on your end. The upside of selling your home traditionally here is the fact that you can attract several, if not hundreds, of interested buyers who are willing to pay over asking price depending on the location and desirability of your home. You have to be meticulous when researching the home buyer’s credentials and credibility. Thankfully, many large real estate companies have turned to buying homes for cash so you can rest easy knowing you are less likely to be scammed.
Find the Fun in Moving
After weighing all pros and cons of using a cash home buyer, selling your home for cash can help you focus on the carefree and exciting moments of finding a new home. Why relinquish all of your mental focus towards selling your house when someone else can easily do the work for you? The last thing someone needs during a divorce, relocation, or financially stressful occurrence is the hassle of listing and selling their home. With a reputable cash home buyer, you can continue to make memories in your old home while dreaming of your future in the new one.
If you live in Colorado Springs and need to sell your home fast during these uncertain times, it may benefit you to consider a cash house buyer. With the right amount of research and knowledge of your home values, selling your house for cash may prove to be an excellent choice.