5 Things to Know BEFORE Selling your House Fast, As-is for Cash
I get it. Sometimes you simply want to have things done and done now. You don’t want the hassle of a long escrow period. You don’t want to interview or deal with real estate agents. You don’t want people walking through your home. Perhaps your place is a mess and you haven’t the time or resources to fix it up for market. To solve your needs perhaps you’ll search online for people / companies that will make fast cash as-is offers on your home so you can move out and be done with it. Beware.
1. The Initial High $ Price Usually Drops Hard Before Closing
To get you hooked many of these companies will offer an initial cash dollar value for your home that sounds appealing, even reasonable, giving you hope that an easy, quick home sale along with a decent price is about to happen. However, most of the time the contract you sign is subject to their own inspection of your home. After they visit the home and conduct whatever inspections they have in mind, expect there to be a long list of reasons why they can’t really give you that same high initial price. Really, they can only give you this ____ low value.
2. The buyer wants to make as much money off you as possible, and there’s no one else in your corner.
The contracts we use in my industry are proven themselves thousands if not millions of times over. They are written to protect the interests of all parties and to ensure everyone plays fair. Key information is disclosed and made as visible as possible. Real estate agents are held accountable by their Realty Firm’s supervision and by the State of Oregon itself. Realtors must abide by a strict code of ethics to maintain their national membership, required to be a part of most Realty firms. This is not the case with the majority of companies offering cash as-is for your home. It is you vs. them. They have one goal, make as much money off your possession as possible, and they have no obligation to treat your interest fairly, no supervision to ensure anything like fair market value is given in trade for your assets.
3. If you really want cash as-is without buyers walking through your home (no showings) there is a way to make them compete against each other.
Private sales are low priced sales. According to national research, for sale by owner homes, often private market sales, lead to homes being sold for 14% less on average. Markets, where buyers compete, leads to higher prices, much higher prices than the cost of listing on that same market (for example we charge a max. rate of 4% total commission in Portland area). The bigger the market, the higher the price will go for any given item. This includes home sales. There is no doubt that putting your home on the public market and making it available for showings to all home buyers will lead to the highest price. However, if you really don’t want any buyers traipsing through your home for any reason, there is still a way to use the market to get a much higher offer than a private sale would provide.
Here are two different ways to make cash investors compete for your home:
- Put the home on the public market with a Realtor, but make all offers subject to interior inspection. You can consider adding a number of addition conditions to the sale to make your life easy: As-is offers only considered. Proof of funds required to be submitted with offers. Cash only. Do not disturb tenant or owner. Free rent back required after close. Buyer to accept personal property left behind at closing. Buyer must close in 14 days or less. Make them fight for it!
- Put the home on a private market filled with multiple local cash investors. My larger company, EXP Realty of 75,000+ agents, has created an investor network in all 50 states for this purpose. Basically, we come in and take a few pictures, get signed permission. Then we list your home in a private market with only cash investors listed and make them compete against each other for your home. Then we present the highest offer to you. This way your home is never listed on the public market. Now, this is not as good as option #1 above! But for those folks who absolutely don’t want their home listed on all the public websites out there, like Zillow, etc., this is a better option that a private sale. While a smaller market, it is at least still a market for your home.
4. Experienced Real Estate Agents are Non-Judgmental and Can Make Any Sale Easy
I’ve been licensed since 2003 and my team has closed over 2,000 home sales. I lived and worked through the last real estate crash (2008-2010) and have seen a lot. My goal is to help people make important transitions in their life by advocating for the highest value for their possessions and by making their transition as easy and stress-free as possible. I honestly believe the market will provide the best value for any homeowner and know how to use the available tools and tricks of the trade to make my client’s lives as easy as possible. Chat with the bot on my site or call my office direct at: 503-714-1111.
5. Your home may be worth more than you think, more than any investor is offering, because of the land beneath it.
The real estate market is a fast moving target. In addition to market complexities, Portland and surrounding areas have made a lot of zoning changes over the last few years. The land beneath your house, to the right experienced real estate agent, may be worth more than you know, more than the cash investor knocking on your door realizes. Don’t leave tens or even hundreds of thousands of dollars on the table. Talk with a licensed expert before making your next real estate decision.March 25, 2022