One of the many curveballs that you’ll encounter when selling your home is being presented with an all-cash offer. This is not as rare as you think. According to the National Association of Realtors, 21% of property sales are paid for in all-cash.
There are many benefits to closing with an all-cash transaction. There’s less paperwork, fewer parties involved, and closing time is generally faster. However, there are also several pitfalls to an all-cash offer. If you’re not vigilant, you can be taken advantage of or fall into a scam.
Here’s a quick guide on how to get the best deals from cash home buyers.
3 Tips to Get More Money from Cash Home Buyers
1. Hire a Real Estate Agent
It’s tempting to close an all-cash offer by yourself and not work with a real estate agent. However, this could be a big mistake on your part.
Real estate agents have the skill set and experience that will help you get the best deals on your house from cash offers. For instance, they can help you prepare the property and increase its value. Plus, they’re your best friend when it’s time to negotiating and closing the deal.
Thanks to the changes in the house market landscape, finding cash home buyers is now possible with real estate agents. The agent can simply check the recent MLS sales to find all-cash buyers who have purchased other listings. All-cash offers are usually coming from investors and landlords, and they might be interested in your listing.
It’s a home-selling tip as old as time, but many sellers seem to overlook the step of staging a property. To get the most out of an all-cash offer, make sure you don’t skip this step.
Staging your property will cost you around $2,000 to $2,400.
Now, this step will depend if you’re getting the all-cash offer from a commercial home buyer or an actual cash buyer. Actual cash buyers will likely want you to make the necessary repairs and updates before closing. On the other hand, professional home buyers will purchase your property as-is.
3. Due Diligence
The goal is to make as much money as possible when there’s an all-cash offer on the table. You don’t want to fall into an elaborate real estate scam that sells you short.
Having said that, make sure that you do your research. While you could leave it all to your real estate agent, it’s also a great idea to make sure you educate yourself when it comes to the people who are making offers on your home.
There’s no shortage of legitimate cash buyers and investors that can buy your property. However, some people are up to no good and looking to take advantage or outright scam property sellers.
To avoid getting the short end of the stick, do your due diligence. When an all-cash offer comes, google the investor, call their references, and analyze their form of communication. For example, some so-called investors only communicate via phone or email.
Make the Most Money from Cash Home Buyers
Getting the best deals from cash home buyers doesn’t have to result in your get shortchanged. Hire a real estate agent for your team, stage your home, and do your research. These tips and tricks are sure to get you the best offer possible for your home and will save you the headache and heartache of doing it all on your own.