A lot of people think that professional home buyers are only out to make a buck and always make lowball offers. But the reality is, they solve people’s problems and get compensated for it.
Most sellers want retail prices and think Zillow is an accurate estimate of what their house is worth. Using those kinds of prices as a reference can certainly make it seem like you’re getting hosed when you get a cash offer from a professional home buyer – that’s why it’s important to compare comps.
But if you need to sell your house fast or have a property that needs countless repairs, selling your house to a professional home buyer can certainly be to your advantage. Here are 3 great benefits of selling your property to a professional home buyer you may not have considered, but should.
Hand Off Costly Repairs
When selling your home, both buyers and lenders can request repairs. Not only is fixing up your home yourself time-consuming, it can get very costly. Especially if you have mold, end up having to repair a roof, or open up a wall and find that there’s thousands of dollars in electrical or plumbing that needs to be replaced.
And if a two-month bid turns into a six-month bid, things such as property taxes, mortgage payments, utilities, insurance, and HOA fees will start to pile up. With a professional home buyer, you can sell your house for cash as-is. They take care of all of the repairs for you. Phew!
Avoid Obvious and Hidden Fees
There are a lot of fees involved with selling your property the traditional route. There are the obvious ones, like repairs, escrow fees, title fees, and real estate commissions. But then there are the fees you probably weren’t counting on…
Oftentimes, when selling a home, there will be seller concessions, which means the buyer will ask you to provide down payment assistance or to contribute towards their mortgage application fees or closing costs. Keeping your home show-ready at all times can also get costly. Then there’s the possibility you might get a low appraisal, which can end up costing you up to 5%.
In addition, if it takes a long time for a real estate agent to sell your house (it typically takes three months to a year), the holding costs can get hefty. You may be stuck with months of mortgage payments, insurance, HOA fees, property taxes, and utilities. Things like late tax fees and late mortgage fees can get expensive too.
When you sell your home to a professional home buyer you can typically close in 7 – 30 days. And you can bypass all the aforementioned fees.
Sell Your Home During Probate
Dealing with the loss of a family member is hard enough but handling an inherited property on top of that can make things unbearable.
Many people don’t know they can sell their inherited property before the probate process has been finalized. So rather than being stuck with making payments on the property and handling all the maintenance and repairs, you can cash out by selling your home to a professional home buyer. In addition to avoiding all repair costs, this can also decrease your attorney and estate fees.
Being able to sell your home fast can also be advantageous if you have a vacant property or are facing foreclosure, liens, or divorce.
Really, depending on your situation, the benefits of selling your home for cash to a professional home buyer can be boundless.