While making repairs help preserve or increase your property’s value against the fair market value, there’s no guarantee to it. Additionally, hiring a real estate agent may help you get a maximum price for your house, but expect to pay for inspection, staging, repairs, and agent’s commission. On the other hand, listing your property by yourself can be time-consuming and physically exhausting because you’ll need to make several phone calls and attend to potential buyers yourself.
So, how do you avoid repairs and sell your house in its current condition? By reading below, you’ll find some expert tips to sell your property fast and hassle-free.
Sell Your House To A Direct Cash Home Buying Company
The short answer is that you can avoid repairs by selling your house as-is to real estate investors. These professionals come from reputable home buying companies who are looking for properties in any condition and paying quick cash with zero hassle. You’ll often find them advertise their services, for instance, ‘We buy houses in any condition anytime in Long Island for quick cash and close in as little as seven days on the seller’s terms at a fair price.’
Who are cash buyers? A ‘cash buyer,’ in real estate terms, buys a property without getting a loan or mortgage. Cash buyers are also called fast cash home buyers, which is a type of real estate investor, usually perceived as ‘low price property’ buyers. While it’s true that cash buyers offer lower prices for properties they want to purchase, they have good reasons for doing so.
Cash buyers calculate their profit based on different factors, including your home’s market value, the projected cost of repairs, taxes, and other costs. Of course, you’ll also reap tons of benefits dealing with a cash buyer, such as:
- Save Money: There’s no need to pay out of your pocket for inspection and repairs because cash buyers won’t ask you to pay anything. They’re capable of paying cash, saving expenses on closing costs, mortgage applications and fees, bank appraisals, title insurance, and others.
- Save Time: Unless the seller causes the delay, most, if not all, cash buyers can close a deal within a week and no longer than a month. Most direct cash buyers also resell properties and don’t want to keep holding properties too long so they can sell more.
Usually, cash buying companies have a network of investors with whom they’re partnered to resell houses they bought from private sellers. Real estate investors prefer to buy directly from cash buying companies to eliminate the time delays and hassle of dealing with private sellers.
- Save Energy: Instead of processing documents and attending to major repairs to sell your house, save energy and move on with your next project by selling your property to a reliable cash buyer. You can use the money from the house sale to start a business or invest in stocks, bonds, or a new property.
Sell Your Property To A Flipper
A flipper or renovator is another type of real estate investor who aims to attract a wide demographic by renovating, staging, and interior designing low-cost properties they buy, making the property more appealing. Most flippers offer cash, like cash home buying companies, and they either flip and sell them or hold properties as rentals.
Like direct cash property buying companies, flippers can save you time, money, and effort because they can buy your house in any condition without making repairs. However, flippers can be more selective in properties they buy in terms of location. They tend to offer lower prices because flippers can be private individuals who are independent investors trying to make a huge profit by flipping properties.
Take a look at the following recommendations when selling to flippers:
- To get a better deal, choose flippers from reputable real estate investment firms.
- Get multiple quotes from different flippers and compare them apples-to-apples.
- Determine the projected closing dates and terms of the offers.
Sell To Private Buyers
You’ll also encounter private buyers who might be interested in buying your property. These buyers are usually one-time buyers, such as retirees, who want to tap their savings to prevent mortgage financing costs.
While dealing with private buyers can give you a higher price for your house than cash buyers and flippers, you might end up paying for listing, inspection, and other fees. Also, this route can take longer if you decide to sell on your own and not seek professional help from a realtor.
Below are some tips when dealing with private buyers:
- Set proper scheduling: If you received several offers from different buyers, make sure to set a proper schedule for an open house.
- Ensure health and safety: Because of the new normal brought about by the current health pandemic, be extra cautious by asking potential buyers to wear protective face coverings if they want to see your house. But the pandemic isn’t cooling off house market gains this year. Instead, it’s even better in 2020 compared to way back in 2005. As an extra safety measure, you may also offer a virtual tour to prospective buyers via live streaming or a recorded video of your home. Doing so may attract millennial buyers.
- List and promote online: Take clear photos of your house’s exterior and interior and write a good description of your home, living condition, the neighborhood, and the local community. List your house for sale in major marketplaces, like eBay and property finder websites. Also, promote your listing across your social media channels to get more offers.
Make sure to set a reasonable price by checking the fair market value (average price of similar properties that buyers are willing to pay) of your property in your local area.
You can avoid repairs and sell your house as-is to a cash buyer, flipper, or private buyer. Each sales option has its own advantages and disadvantages.
Now, your choice would depend on how quickly you need cash, the time element, and whether or not you’re willing to pay out of your pocket for inspection and other fees. For a successful sale, apply the tips shared above so you can make the best decision.
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