The Cost of SellMyHouseForCash Offers
You see the yard signs, the websites, the billboards: SellMyHomeFast*, WeBuyHousesForCash*, CashForHouses*, etc. They seem to be everywhere, even here in Salisbury and Rowan County. The competition is intense. For a home seller the temptation to respond to these companies is great.
But before you do, think about these questions: Who are these cash buyer companies really looking out for? Will they really stick to their original offer? Are they giving you a fair deal? While quick cash buyers may seem like an attractive option for selling your home, there are several important reasons why you might want to think twice before choosing this route.
Lower Sale Price
Quick close cash buyers often seek deep discounts on properties in exchange for that fast close transaction. This means you’re likely to sell your home for less than its fair market value, sometimes far less. Don’t ‘sell’ yourself short. Ask a qualified real estate agent for a complimentary Comparative Market Analysis (CMA) so you can make the comparison.
These companies at times target the financially challenged. The claim is they can help you avoid foreclosure. This may or may not be true. And there is the question: at what cost. If you are facing financial difficulty and feel a home sale is the resolution, you should seek to get the most out of the sale, not the least. Contact us here and we can help you see the real value in your Salisbury home or property.
What Our Clients Say
These companies often provide a take-it-or-leave-it offer, giving you limited to no room to negotiate. That may sound easier. But it will likely leave you short thousands of dollars.
Keep in mind that many companies that make fast cash offers don’t want ‘you’ to negotiate. Yet most of ‘them’ will come back after inspections requesting reductions from the original offer based on some ‘newly discovered’ issue. While that also may be true with traditional offers to purchase, your real estate agent will help prepare for such potential during the listing and negotiation process.
Lower sale price and limited negotiations will limit your ability to get the best deal for your property.
Lack of Market Exposure
Selling to a cash buyer means you won’t have the opportunity to market your property to the widest possible audience, potentially missing out on competitive offers from other interested buyers. Real estate agents can get your property in front of thousands of buyers avoiding missed opportunities for higher offers.
Be cautious when dealing with cash buyers, as there’s a higher risk of encountering scams or fraudulent offers. Cash buyers, especially those who are not licensed real estate agents don’t have the ethical incentive that state licensing promotes and enforces.
Check the background of any buyer who may say they have interest in your property. You can check our background and profile here.
Fewer Legal Protections
Traditional real estate transactions involve contracts, inspections, and various legal safeguards to protect both parties. Many of those protections are built into the contracts real estate agents use on a regular basis.
When selling to a quick cash buyer, you may have fewer legal protections due to documents that don’t cover the necessary detail to protect parties. The documentation used by quick cash buyers may come off as much easier to understand, but with no protection for you the seller.
Unpredictable Closing Timelines
While quick cash offers promise a fast closing, this isn’t always the case. Delays can still occur due to unforeseen issues on the buyer’s end, and because of the over-simplistic contracts sometimes used, there may be fewer protections for the seller to deal with delays.
Quick cash buyers may charge various fees that are not properly disclosed, reducing your net proceeds from the sale. After inspections, they may seek additional reductions, further decreasing your profits. It’s essential to carefully review the terms and conditions of any contract to understand the complete financial implications. This is especially true when considering a quick close cash offer.
Before making a decision to sell to a quick cash buyer, it’s essential to weigh the advantages and disadvantages, as well as explore other options. That includes comparing the profit difference between a quick cash offer with no marketing exposure and a full marketing plan seeking the highest possible offer. In most cases, working with a traditional real estate agent can help you achieve a more favorable sale price, ensure a smoother transaction, and provide greater peace of mind throughout the process.
*Some names may be copywrite protected. Names are included to illustrate examples of quick cash buyer and are not intended to single out any specific cash buyer.