Should I sell my house for cash? You may be hearing conflicting information when deciding the best way to sell your home. The reality is, there’s not a one-size-fits-all approach that will guarantee you the most money or least hassle when selling. This article was inspired by a recent article posted by an Atlanta news source about cash buyers who are taking advantage of elderly and inexperienced sellers.
You can review the article here.
The article leads by explaining how important this home is to the owner, Debbie McGauley. Debbie was targeted by a cash investor, offering her $95,000 for her home while the same home could have been sold for approximately $120,000 through a realtor (the traditional way to sell a home). These are scary numbers for any of you who may be considering selling to a cash investor for the added convenience. Do these investors really have your best interests at heart if they are offering you this much less than market value for your home?
Lets take a more detailed look at the numbers above:
Sales price: $120,000
Realtor fees: – $7,200
Excise Tax and Closing Costs: – $3,600
Average Lost Through Inspection Negotiations: – $2,000
Selling with a realtor in this scenario would result in a net profit of $107,200. This process takes between 30 and 90 days depending on your region. Here in Snohomish and King County Washington, that means it will take you an average of 45 days to see that money. Additionally, this $120,000 is a forecast. A realtor is not promising that you will receive an offer of this amount.
Sales price: $95,000
So when should I sell my house for cash? Notice the main difference, there are no fees. The number you’re offered from an investor is often the number you get. There are no hidden fees and taxes that inflate the offer, only to disappoint you later. I’m sure you noticed as well that this number is still lower than the number you would see if selling on market with a realtor. This is because of the added convenience you get by selling to an investor. An investor will be able to offer you the following perks that you will not see if you sell traditionally:
In the case of Debbie McGauley, she felt like she was cheated and had to fight to win back possession of her home. We pride ourselves in our honesty and ethical work and will never force anyone to sell their home. We have never worked with someone who wasn’t 100% happy with our service and transparency.
The referenced Atlanta article is attempting to scare people away from non-traditional selling methods like us, and trying to convince them to stick with the traditional methods. We acknowledge that selling with a realtor is a great option for most people looking to sell their house. However, it isn’t the best option for a lot of people, and we can be honest about your options if you contact us for help.
Should I sell my house for cash? Give us a call and learn all of your options so you can make your own decision instead of following what everyone else is doing.