Are you looking to sell your home that's in poor condition, and you have been made an offer by a buyer with an all-cash offer? If so, you'll definitely want to know the following things before you accept any offer.
Know If You Could Find Another Buyer
One of the reasons that people take a guaranteed cash offer on their home is because they are worried that nobody else will buy it. If a home has problems, the owner may be worried that they are going to waste time showing the home and never make a sale. The all-cash buyer comes in and their offer seems mighty tempting.
It may be worth taking the time to see if you can find another buyer. Host an open house, have potential buyers walk through, and make notes about what people say. If the response is overwhelmingly negative, a guaranteed cash offer may be your best bet.
Know Your Home's Market Value
One of the reasons that a home buyer is able to make you an all-cash offer is that they are offering less than the market value. You need to know how much your home is actually worth to determine if the offer being made is fair. It can be difficult, but you'll want to do research to find similar homes that have recently sold and how much they have sold for. You can also get an appraisal done to determine your home's value.
Know What Can Increase Your Home's Value
If the offer is less than what you would like, you'll want to find out what you can do to increase its value. Are there repairs that you can do yourself to save money, and increase the cash offer as a result? This can be worth taking the time to do so if your buyer will give you a better offer once repairs are finished.
In addition, know that you can also negotiate a better offer for your home. If the buyer is really interested in buying your home and won't budge on the price, then they'll likely come back with the original offer.
Know The Terms Of The Sale
An all-cash offer on a home can move quickly, especially without there being a lender involved to get a loan. It's important to know the terms of the offer, and what the buyer expects of you. Is there a contingency where you can walk away from the sale? Do you need to be out of the home earlier than anticipated? These terms can play a big role in accepting the offer.
Contact a local real estate service to learn more about selling homes for cash.