I Want to Sell My House As Is Fast | Buy My House Fast | Sell House Fast Houston
I Want to Sell My House As Is Fast | Buy My House Fast | Sell House Fast Houston
Have you noticed a sudden spike of cold calls offering to buy your house for cash? Have you received several postcards lately offering the same? And I am sure you’ve seen several bandit signs saying “We buy houses. Fast Cash” or “Cash 4 Homes. Any Conditions”. You can even see their large billboards along busy highways.
If you are in desperate need of cash or if you want to sell fast, their offers are quite tempting. Who would NOT want a NO commission, NO obligations, NO staging FAST CASH offer?
But before you make that decision, let us talk about the pros and cons of selling to a cash buyer.
Hello, everyone. I am Jennifer Yoingco of Texas Home Group. If you are new to my channel, welcome. I talk about all things real estate. Neighborhood tours and tips that are useful to first-time homebuyers, experienced homebuyers, home sellers, landlords, and renters who would like to relocate here in the Greater Houston area.
If you have plans of buying a home, complete my online homebuyers’ questionnaire. If you are a home seller, complete my online home seller’s questionnaire. I have a no-pressure approach. Think of me as your consultant. Make sure to watch until the end of the video to take advantage of my 7tips to a fast sale. It’s all yours for free.
Now, let’s proceed with our topic. So, you received an offer to buy your property for cash. Should you immediately grab the offer? Before you do, let me tell you more about cash buyers. Before the boom of social media, these cash buyers or investors are generally referred to as equity purchasers or EPs. Most of them were encouraged by the proliferation of TV shows about flipping houses and real estate wholesaling. Some of them may have not experienced buying a home yet, but there are large companies that have gotten into the game like Zillow.
They commonly target property owners that are in a rush to sell a property such as individuals in bankruptcy, spouses undergoing a divorce, a home in probate, homes in foreclosure, vacant houses, trashed properties, seniors, sellers with expired listings and homeowners who do not have enough cash to stage their homes.
These investors promise a no hassle, no commission type of transaction. Sounds like a really great deal, isn’t it? But come to think of it, if it is your first time selling a home or if you do not have the time to research current home prices, how would you know if the offer is fair and acceptable? In cases like this, it is highly recommended that you get a professional representation or someone who knows the market well and can get you a great deal. There are real estate agents who cater to quick sales if you are really in a rush to sell your property. The listing price may not be as high as what you could get in a conventional loan market, but at least it would be higher than a cash offer value.
Curious how much these cash investors offer? At the start of this conversation, I mentioned that cash buyers were previously referred to as equity purchase companies. And as we all know, equity is the value of the property less any debts owed on the property. Which means, these buyers are purchasing homes less than what it’s actually worth. Most of them will give you an offer of 70-90% of your property’s assessed value. Yes, you heard that right. The offer is usually based on your home’s assessed value and not its market value. Less the amount they would spend on repairs and renovation. Remember they promised that you do not need to spend anything on the house? That you don’t need to fix it or do some upgrades? It is because they will do it themselves. And they will deduct the home improvement costs from the offer. Let’s say, your property’s assessed value is $75,000. And it will take around $20,000 to bring it to its full potential to get sold in the market. So that’s $75,000 less $20,000. Less the profit margin that they would like to make, say 15-20% of the assessed value, and other expenses relative to the sale of the house. More or less, you’ll be left with around $40,000. What if, your house is still on a mortgage? The balance will be deducted from the offer. Probably, you’ll walk away with $5000 or less in your pocket. What if you have a tax lien on the property? That will be another deduction. And I will leave it up to you to compute how much you’ll be able to walk away with.
Now, let’s say you feel like you were offered a good deal, so you accepted it. You are lucky if the investor has the money to close the sale. These types of cash buyers really intend to close quickly so they can sell the property the soonest they can and get their return of investment in no time. However, there are cash buyers who would simply get your property under contract and shop around for deals where they can sell the property at a higher price. If they are unable to find someone in that time frame, then it will just be a complete waste of your time. So it pays to do your homework if you are interested in selling your home for cash. Make sure you are transacting with a legitimate company. Ask for their website. Check for customer reviews. Or better yet, check with the Better Business Bureau.
It is also important to note that there are other alternatives to home selling other than selling it for cash or listing it with an agent. If you are moving because of work-related relocation, why not consider renting out your home? The rent may not be enough to cover your monthly mortgage payments, but it is better than paying thousands of dollars on a vacant house. If your HOA allows renting properties by the night, you can try listing it over on AirBnB. If you’re selling because of financial reasons, you can try refinancing your home or doing a short sale. But before you choose these options, make sure to seek the assistance of a financial adviser first. Lastly, you can sell your house under market value. Just do your due diligence in finding the right price, then slash it to a price you can live with.
At the end of it all, the final decision is still yours to make. If you are really in a desperate need to sell the house fast, selling it for cash may be worth the gamble. The pricing may not be that great, but at least you can avoid costly repairs along with the convenience of a fast transaction and less paperwork.
But, if you want more for your home and you can afford to wait a little longer, you may try the alternatives I suggested. Moreover, if you need help in selling your home, do not hesitate to contact me and I’ll be glad to assist.
If you learned something new today, please do not forget to subscribe to my channel and hit that notification bell to keep you updated on my upcoming videos. Of course, do not forget to press that like button too. You may also comment on the neighborhood within Northwest Houston that you’re interested in. Who knows?! I might cover that in my next video.
As promised, download my 7tips to a fast sale and check out the gears that I have used in today’s video.
Again, this is Jennifer Yoingco. You are my priority for anything real estate and your guide to Greater Houston real estate living. See you in my next video. Bye!
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**Jennifer Yoingco is a full time licensed Texas REALTOR (#648293) with Texas Home Group. She has been helping first time home buyers, experienced buyers and sellers search homes for sale, houses for sale in the greater Houston area (serving Houston, Tomball, Spring, The Woodlands, Cypress, Conroe, Magnolia, Sugarland, Richmond, and the surrounding cities). She negotiates to the clients’ advantage by using cutting edge digital marketing technology. She is teamed with marketing professionals who can showcase the home to the best advantage. Contact her for any real estate needs. Email: [email protected] (832)286-8636**