Whether you’re downsizing, looking to relocate, or have an inherited property that needs work, selling for cash may be the best option for you. However, there are several things you should know before getting started.
Get a Fast Offer
One of the biggest reasons sellers want to sell their home for cash is speed and convenience. You might need to move quickly because of a job transfer or an unexpected financial crisis. Or maybe you’re facing a tough divorce, or just need to clear some debts. A house-buying company can buy your home without any repairs or inspections, and they can close in as little as 10 days.
A Non-Negotiable Offer
When a cash buyer comes to inspect your house, they’ll make you a non-negotiable offer that’s usually 70% of the market value of your home. They’ll also deduct any necessary repairs from that price, so you won’t be overpaying. For more info https://www.kcpropertyconnection.com/
Paying in Cash
Buying a home with cash is less expensive than purchasing it with a mortgage loan, so if you have the extra money, this might be the right decision for you. You’ll avoid the hassles of waiting for a mortgage lender to approve your loan, and you’ll have more money available for closing costs and other expenses.
Don’t Forgo a Real Estate Agent
When you sell your house for cash, you can go it alone if you have the time and energy. However, a real estate agent can provide valuable advice about the homebuying process and help you avoid scams or overpaying for your property.
Consider Local Companies
If you’re looking for a quick sale, you can also contact iBuyers or local cash buyers in your area to get an offer on your house. These are venture capital-backed businesses that use computer algorithms to estimate your home’s value.
They can often give you a free, no-obligation offer within 24 hours of receiving your information and description. You can then compare offers to decide which is the best fit for you and your situation.
Don’t Forgo Getting Pre-Approved for a Mortgage
If you plan to sell your house and purchase a new one with a mortgage, you can get pre-approved by Rocket Mortgage(r). They’ll help you decide how much of a down payment and additional closing costs you should have, then they’ll help you apply for a loan with a lender.
You can also check out online mortgage calculators to find out what you might qualify for if you had to borrow a certain amount. You’ll need to include your income, and any debts you have.
Then, you’ll need to factor in your monthly housing costs and expenses. These include property taxes, insurance, utilities and other costs.
Don’t forget about your down payment, which should be a percentage of the total purchase price. Having this amount in hand can be a big help when it comes to negotiating the final deal with a cash buyer, especially if you need to make a move soon after closing on the sale.