Many home sellers would prefer to avoid the lengthy process and mountains of paperwork involved in a traditional real estate sale. This might make you ask yourself, “How much can I get if I sell my home for a cash offer?”
Unfortunately, the answer to that question isn’t as straightforward as you might expect. The final amount you’re offered for your home will depend on several factors, and no two sales will be exactly the same.
Let’s break down what you should know about cash offers to help you find the right buyer and receive a valuable offer!
How do you get paid when you close a cash sale? Well, selling a home for cash isn’t as literal as it sounds. In the vast majority of sales, there’s no exchange of physical currency involved. Instead, a cash offer means that the buyer will pay the full amount for the house through an electronic funds transfer or cashier’s check.
Cash offers are appealing to sellers because they eliminate many variables from the process of selling a home. When a buyer purchases a house with a mortgage loan, the lender may back out if an inspection reveals unexpected problems or if the buyer’s finances are not in order. A cash sale comes with the reassurance that the buyer will complete the purchase and close quickly.
If you hire a realtor to sell your house, many of your potential buyers will intend to finance the purchase. That’s not to say that a realtor can’t connect you with cash buyers. Some realtors have networks of investors looking to purchase homes that align with the contingencies in their “buy box.”
There are various methods to connect with buyers directly. One option with a relatively low barrier of entry is advertising your home on online marketplaces and social media. To maximize cash offers from online marketing, consider hiring a real estate photographer to take photos of your house that will portray it in its best light.
The quickest way to sell your home is to contact an instant buyer like Simply. Simply provides all-cash offers for houses in the communities we serve. Request an offer with our quick online form and you’ll hear back from us in 30 seconds!
Since there are several types of buyers, offers on the same home can vary across a wide range of values. However, you can get offers that are close to the fair market value of your home from the right buyer.
Private buyers are often among the highest-paying homeseekers. This is because they’re actively searching for properties that meet specific criteria and will pay a premium for them.
If you sell with the help of an agent, remember to take real estate fees into account. Agents and brokers involved in the transaction may take around five percent of the sale value in fees. Other methods allow you to avoid these fees.
On the lower end of the spectrum, you have house-buying companies called “house flippers.” These businesses make the lowest offers they can to maximize their profit when they resell. Flippers usually operate on the 70 percent rule.
Rocket Mortgage explains that, “The after-repair value, or ARV, of a property is the amount that a home could sell for after flippers renovate it. When buying a home to flip, investors need to estimate how much they think the property could sell for after it’s been renovated. They can then multiply that amount by 70% and subtract it from the estimated cost of renovating the property.”
Simply is a real estate investing company that does things a bit differently. Unlike other instant buyers that strive to minimize their offers, we buy houses as close to fair market value as possible.
Simply analyzes recent comparable home sales and performs a free in-home assessment. This helps us determine the true value of your property. You don’t have to worry about cleanup or repairs, either. We buy houses as-is and take care of the repairs ourselves!
When you receive an offer from Simply, you can close in a matter of days. You’ll pay no real estate fees and have money on-hand to facilitate your move. Moving out is on your timeline—take two days or up to 60. Click here to learn more about Simply and request a free, no-obligation offer for your home!