If you need to sell your house quickly, you should sell it for cash. Cash buyers, also known as iBuyers and house-buying companies, are people or businesses that buy your house for cash without asking a lender for financing. Cash buyers provide sellers with convenience and a quick sale but frequently come at the expense of a higher transaction fee and a lower net profit. More information about:
Competition between home buyers
Buyers often compete to buy a house in a hot seller’s market, driving up the price of the house in a bidding war. When this occurs, a seller may realize a final sale price significantly higher than the initial listing price. However, you miss the chance to start a bidding war if you sell your home to a cash buyer.
Because cash buyers buy homes by the dozens, they will only buy your house if there is a deal. If a rival buyer offers you more, they will typically accept your offer rather than raise their price, which will reduce their profit in the future. In contrast to a family that fell in love with your large backyard and dreams of raising their children in your home, they are only motivated by dollars and figures in spreadsheets.
Set a reasonable price
The desire to control the entire process and save money on agent commissions draws many sellers. However, more responsibility comes with more control. You will need to promote and market the listing, set a reasonable price, and hold open houses and walk-throughs.
The analysis considers whether nearby comparable homes, or comps, sold at, below, or above the list price and how quickly they sold. It also considers the differences between your house and the house that sold (for example, if the house that sold had a garage while yours does not). Look at real estate websites for closing information and follow the same steps when researching your home’s market value.
What are online comparisons?
Online data is not always available for comparing the list price to the sale price. You might have to look through records at the county recorder’s office.
Follow up after people have visited your home! An agent might send a feedback form or contact the buyer’s agent for feedback. If they have any questions, contact them by phone or email.
You can ask them what they thought of the house, but since you own it, they might be hesitant to say anything negative because they know your position. Try to be detached and professional.