Putting your home on the market?

You’re not alone. Every year, about 5 million existing homes get new owners, which means millions of people are always looking to sell their homes.

You have your reasons. Perhaps you want to upsize or downsize. Or maybe you’re moving to another neighborhood, state, or country. Or you’re facing a financial challenge and selling the property will help you raise the money you need.

Regardless, you have one clear preference: selling the home for cash. It’s easy to see why that’s the case. Cash deals typically complete faster, unlike when you’re selling to a buyer who has to get a mortgage.

But how do you sell a home for cash? We’ve got the complete scoop.

Read on!

Prepare the Home for the Market

Whether you’re selling the home to a mortgage buyer or a cash buyer, there are things that don’t change, especially if you want to make the most money from the sale. You have to prepare the home for the market.

You don’t just decide one more and erect a “for sale” sign outside your gate. Preparing the home for the market means moving out, giving it a deep clean, repainting the walls, making necessary repairs, and manicuring the yard or lawn. Generally, you want to improve the property’s curb appeal; otherwise, not many prospective buyers will find it attractive.

Sure, it’s possible to sell a home as is and for cash, but unless you’re in a situation that calls for that, such as not having money to make repairs, it’s in your best interest to prepare it adequately for the market.

You might also need to stage the home, especially if the local market is fiercely competitive. Staging costs time and money but it can increase your chances of selling the home quickly and at the highest valuation.

Put the Home on Sale

Now that the home is ready for the market, the next step is to put it on sale.

Erecting a “for sale” sign is okay, but it’s not the most effective way to catch the attention of potential buyers. These days, to sell a house you need to post it online. Millions of Americans are now hunting for homes on the web.

You can post it on your social media channels, but the most effective place to post a home for sale is on real estate classifieds. Popular sites like Zillow will give your home the exposure it deserves and requests to view it will start streaming in.

However, this is where you need to specify that you’re strictly interested in cash buyers. In your online posts, make it very clear that only cash buyers should contact you. This way, you won’t have to waste your time dealing with prospective buyers who are relying on mortgages.

Find Cash Buyers

You can advertise the property as usual and wait for interested cash buyers to contact you, but this can take several days or weeks or even months.

Instead, why not go directly to the cash buyer? You’re probably wondering how this is possible. Well, it is. If you’re selling a house, you’ll almost certainly need to buy and move into another one. You may get the best price for your property by selling it immediately to cash house buyers in Dallas. They are buyers who can purchase your house without the need for repairs, an agent, or any other costs or inconveniences!

There are individuals (investors) and companies that are in the business of buying and selling houses. They could buy the home, sit on it, and wait for its value to increase, then sell at a profit. They could also buy the home, fix it up or remodel it, then sell at a profit.

Just go online and search “cash home buyers near me” and contact a handful.

Here’s the thing with these cash home buyers, though. They’ll likely give you a lower offer since they’re interested in reselling the property. To increase their profit margin, they need to buy the property as cheaply as possible.

Hire a Seller’s Agent

If you’re not an experienced house seller, selling a home for cash can be complicated. You could end up accepting a lowball offer. Even among equal offers, you still need to know how to choose the right cash home buyer.

This is why it’s advisable to hire a seller’s agent. This is a real estate agent or realtor who will do the job for you. This professional will help you in multiple ways.

First, they’ll help you prepare the home for sale, ensuring you’re making repairs and improvements that will yield the most return on investment. Second, they’ll advertise the home for you. Third, they could reach out to cash home buyers directly.

When offers start coming in, your agent will choose the best prospective buyers and negotiate with them. With an agent negotiating on your behalf, you can rest assured that you’ll get the most money from the sale. For their services, you’ll pay them a commission, typically about 5 percent of the closing price.

Handling the Closing Paperwork

Selling a home for cash exposes you to greater risks.

For instance, you could fall victim to scammers; people who will lure you into transferring property to them before they make full payment. You need to know how to handle a real estate closing properly and safely.

If you hire an agent, you won’t worry about this as they will do everything that’s needed. Your only job will be to sign the paperwork. But if you’re on your own, you’ve to be extra careful. Be sure to use escrow services and have a real estate closing attorney on your side.

Don’t transfer ownership unless the sellers have paid the entire amount into an escrow account or into your own account.

Sell a Home for Cash the Right Way

Selling a home for cash has its advantages. But it also has a number of risks. You have to be diligent and know what to do every step of the way. With this guide, you now know what selling a home to a cash buyer involves.

Stay tuned to our blog for more real estate tips.