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What to Expect When Selling Your Home for Cash

What to Expect When Selling Your Home for Cash

 

Everyone would love to sell their home for cash, but the reality is, it’s much more difficult than you might expect. Despite the obstacles however, the Economist Outlook blog via the January 2017 REALTORS® Confidence Index Survey Report said that 23 percent of home sales were cash sales in January 2017. They also note that buyers of homes for investment purposes, distressed sales, second homes, and foreign clients are more likely to pay cash than first-time home buyers, who typically opt for a traditional mortgage loan. The majority of people who pay cash for homes are real estate investors, not usually regular day-to-day families looking for their first or second home. However, don’t let these statistics scare you off. The decrease in cash sales is actually a good thing for those looking to sell their home for cash because that cuts down on competition from other sellers and may reap you more benefits as cash buyers become more and more of a rarity. However, this also means it may be more difficult to find a buyer for your house. 

 

There are also a few things to expect while selling your home for cash, and you have to broaden your understanding and expect to increase your patience in order to accomplish your goals. Here’s what you need to know:

 

Quick cash comes at the expense of a lower sale price.

 

If you are looking for a way to sell your house and are looking for cash buyers, be aware that you are making sacrifices for a quick sale and instant cash in your pocket. One of the main reasons that many sellers opt to sell their houses for cash is that it’s easier and faster. This is true especially if the seller has a dilapidated house that they do not want to repair or renovate. The incentive for cash buyers is that the seller will need to offer a much lower price than the home’s true value, so be aware that if you want to compete with other sellers, you’ll need to lower your expectations in this area. But on the plus side, you will save money on renovations and repairs, as cash buyers are usually looking to purchase “as-is”. 

 

Investment/Equity Purchase Companies will be the most likely buyers.

 

selling a home for cash

If you’ve ever driven anywhere, you’ve probably seen quite a few of those signs on street corners that shout in big, bold Sharpie: WE BUY HOMES FOR CASH! Call XXX-XXX-XXXX. You may be wondering, is that some kind of scam? After all, a piece of paper or cardboard taped to a light pole and scrawled on with marker isn’t exactly the most professional of advertisements. But interestingly enough, there are actually legit investment and equity purchase (EP) companies out there who will give you cash for your home, taking the pressure off of you and allowing you to make a quick profit. If you decide to go this route, ensure that you do your due diligence by carrying out plenty of research and background checks on anyone whom you are considering selling your house to for cash. Among the legitimate businesses, there are some individuals and even companies out there who are unfortunately looking to scam you. You should be able to easily find a website and legitimate reviews for these individuals or companies, and if you can’t, then do NOT sell to them! Be smart!

 

Many of these direct buyers will buy your home “as-is”.

 

An “as-is” home is a home that has been put on the market in the condition it was in prior to the seller deciding to sell. This means you won’t have to really do any renovations, repairs, or updates to prepare the house for success on the market, because you’re not really playing the market’s game. Because your main clientele will be investors and flippers, you have the benefit of being able to market your house “as-is”. And, of course, you don’t have to worry about the lengthy process of major repairs or renovations! Your home can be in any condition. Even if it’s dreadful and decaying, someone out there is likely to pay cash for it if you offer them a good deal. 

 

What many people don’t know is that “as-is” is actually a legal term that is used to absolve something of any implied warranty. Basically, what you see is what you get, and the you as the previous owner cannot be held accountable for any flaws in the product after it’s been sold. The responsibility falls on the buyer in that regard to thoroughly inspect the product or property so that they know of any faults in advance. This is another pretty big plus for you in terms of a cash sale. 

 

Again, most people who would be interested in an as-is home are those that are looking to flip the house, either for themselves to eventually live in or to sell for a profit. They seek out these low value homes to buy for cash so that they can make the investment for the repairs and renovations themselves. As we’ve learned from the definition above, as-is homes are perfect for those with an eye for design who are handy with carpentry. But if someone is just an average homebuyer looking for a deal, it’s unlikely they’ll find one in an as-is home unless it is a case of an owner death or you needing to sell quickly for reasons other than lack of funds. Because of this, it will be in your best interest to market your home as a true fixer-upper with plenty of potential to tap into this group of flippers.

 

But… most people won’t be interested. 

 

One of the biggest downsides of selling your house for cash is the lack of interest from buyers. Not many people can afford to shell out cash for a home. Even if you’re offering far below the home’s true value, the price will likely be something few prospective buyers have on-hand. And even if they do, if they’re not investors or flippers, they will probably see that your home is listed “as-is” or “cash only” and assume that something is majorly wrong with it, even if it isn’t. This is why you should take care to focus your marketing endeavors on advertising to investors and flippers. 

 

You get a quicker selling process.

 

Selling your home for cash will expedite the process wildly. Cash only means 1) no waiting on banks and lenders for approval on a loan for your buyer, 2) no appraisal process AKA the two most time-consuming elements of the process. 

 

Getting approved for a loan is one of the more stressful parts of buying a house, not only for the buyer but for the seller as well, as the financing step of the process is when most home sales fall through (if they do fall through). Fortunately, if your buyer has the cash on-hand, there is no need to twiddle your thumbs while they embark on the lengthy process of visiting a bank to try and get pre-approved, and then play the waiting game on the final approval. 

 

Also, since you’ll likely be selling your home as-is, you personally won’t be responsible for paying for an appraisal and going through the process. However, be aware that your buyer may hire their own appraiser to ensure that their investment will be worthwhile and that there are no underlying damages that will be costly for them to fix if they do not catch them during the tour with you. 

 

Watch out for scammers.

 

Unfortunately, the somewhat lawless world of selling your home for cash will bring out many lawless characters along with it. There will always be shady people trying to make targets out of the desperate. Since many cash sellers are often caught between a rock and a hard place, and thus are extra eager to get their homes sold, they are much more vulnerable to being taken advantage of by scammers. So you see one of those “WE BUY HOMES!” signs on the road, and you’re mulling over whether or not it seems like a good idea to give them a call. The first thing you should do when you see one of these signs is look for the name of a company. If there’s only a phone number scrawled sloppily in marker, it’s probably a sketchy practice. According to Express Home Buyers, “Many of these numbers are actually routed through Google Voice or other services that make them untraceable.”

 

The good news is, if the company has a name, it should be easy to access their website and customer reviews. The first thing you want to note, is if there’s even anything about them online at all. If the company is fake, you probably won’t be able to dig up any information on them. However, if they do have a website, look through it to make sure everything seems legitimate. But you don’t want to rely solely on the site, even if they post their “customer testimonials”, because they could be cherry picked or even fake. Try to find reviews from customers on unbiased sites like Google Reviews. You should also check in with the Better Business Bureau (BBB). The longer the company has been around, the better. This means that they’ve established a name for themselves and have plenty of satisfied customers to attest to. As long as you stay vigilant and only seek out reputable companies, you shouldn’t have too much to worry about in the way of scams. 

Tammy Hetrick
Tammy Hetrick
23:39 12 Sep 22
Friendly service. Great chips and salsa. We came for the margaritas. We've been here a few times for dinner and always enjoy the food.
David Stanley
David Stanley
23:05 12 Sep 22
Spam company, keeps calling and texting to buy a home that I don't own & won't stop
Mike Straub
Mike Straub
23:33 29 Aug 22
Kip came over & offered to steal my beautiful home for a terribly low price, then made an appointment to come back with his partner a few days later, but didn't show up or even call to let us know he wasn't coming
Tyler Smith
Tyler Smith
22:19 04 Jul 22
An amazing team to do business with! Highly recommend!
Tiare Johnson
Tiare Johnson
15:50 08 Jun 22
I didn’t have to worry about a real estate agent, closing costs, & a lot of things that you have to take care of when you sell a house in a traditional way. I like the fact that it was fast, easy, & everything went great! Jamie is fantastic to work with!
Christopher Jenks
Christopher Jenks
19:38 31 May 22
Very communicative and trustworthy group of professionals. The selling process was transparent and fast. Definitely worth considering...
Karen Wheeler
Karen Wheeler
18:31 22 May 22
Great team to deal with
Kailey Bowman
Kailey Bowman
07:08 22 May 22
Mo F
Mo F
23:51 20 May 22
We had an awesome experience!! Jamie Kirk is amazing and made our experience great!!
Jcbbowman1987
Jcbbowman1987
18:42 20 May 22
The best in the business!
peter maiers
peter maiers
04:13 20 May 22
Easy fast and I trusted them ever step of the way !! great team of people all interested in doing everything correctlyPeter B
Connie Bowman
Connie Bowman
02:38 20 May 22
Fantastic Company!
Britne Salsbury
Britne Salsbury
02:34 20 May 22
Casey and his team and are amazing! They are organized and have great follow up. A really great group of people to work with!
Denise Klein
Denise Klein
01:43 20 May 22
Casey Ryan is an incredible professional when it comes to the needs of sellers that need to sell their homes off market. As a real estate agent I always recommend Casey to anyone looking to work with an off market buyer. He is honest, trustworthy & always looking for win-win solutions for everyone involved! The real estate market is better because of Casey & his company, We Buy Any House
jose moran
jose moran
22:43 19 May 22
Chandler Gentry
Chandler Gentry
21:56 19 May 22
This team is so amazing! Makes everything so easy and super reliable!
Amanda Jones
Amanda Jones
21:30 19 May 22
Alex Moses
Alex Moses
20:09 19 May 22
Best company to work with in the real estate game. ABSOLUTELY BEST CUSTOMER SERVICE IVE EXPERIENCED!!
Kyle Mellies
Kyle Mellies
20:06 19 May 22
Donald Gibson
Donald Gibson
19:41 19 May 22
Great communication and pleasant to work with! Everything went smoothly!
Josh Wathen
Josh Wathen
19:40 19 May 22
The team at We Buy Any Vegas House are extremely thorough and very kind. They go above and beyond to help you through the process. I would highly recommend.
Devin Flynn
Devin Flynn
19:34 19 May 22
Jamie was an absolute rockstar for us! She went above and beyond all our expectations, do not hesitate to go with them!
Blake Friedman
Blake Friedman
18:26 19 May 22
Casey Ryan and his team from We Buy Any Vegas House are the best in the game! Highly recommend!
Andrew Brannick
Andrew Brannick
18:12 19 May 22
Worked with Ryan on the sale of my Vegas property, I thought it was going to be a little difficult being out of town in Arizona. Ryan walked me through the process of selling and was able to get me an offer that was higher than I was expecting. He handled everything for me and made the process easy and really quick which was what exactly what I was looking for! Would 100% recommend for anyone looking to sell their house
Jared Vidales
Jared Vidales
17:50 19 May 22
Great service, great pricing. Sold my mothers house to them, and they handled it with care.
Kathy Hallett
Kathy Hallett
17:49 19 May 22
Jamie immediately helped me feel comfortable and the whole process was quick and hassle free! 5 stars
Melani Kirk
Melani Kirk
17:33 19 May 22
Jake Groves
Jake Groves
16:29 19 May 22
Local to Vegas and they are the best. I spoke to every cash home buyer in Vegas. Most of them just low-balled me over the phone. Ryan met me at the property and made an offer, which turned out to be the highest. He also agreed to close with the difficult hoarding tenant still there. Jamie supported me through the escrow process, she was very responsive to any questions I had and kept me informed during the closing. Less than a 30-day escrow. I spoke to a few of the team members over two months as I was getting other offers and all of them were easy to talk to and patient. They have a great team and make sure you include them in your decision-making.Thanks againJG
Joe Skaggs
Joe Skaggs
16:14 02 May 22
S Holt
S Holt
19:49 27 Apr 22
The first person I met was Allen. He immediately made me feel comfortable and confident in dealing with this company. I'm chronically ill. Allen is the only real estate person I'd let in my home.Throughout the process I ended up dealing with the whole team. Jamie deserves a medal for the hurdles she can overcome. Ryan is great at fixing problems and handling the big stuff, with a whole lot of support from Jamie. Allen was always available for me and checking in. He is great at answering questions in a way you understand and I always felt comfortable talking to him.Here is the actual email I sent the team today: "Hi everybody. Just wanted to thank you all again. I'm already able to do so much more for myself, I feel like a new person. I love my cute little house. I love the cold. It even snowed my 3rd day here. Because I'm able to move around, go outside, see people, clean the house, run errands, etc I'm starting to walk much better and even breathe better. And I haven't even seen a doctor yet. I don't feel like I'm a prisoner in my house anymore. Just wanted to let you know how much of a difference you make."My sale hit a few snags. But I'm the end, everything worked out just as they promised, for the amount they promised. These are great people to trust. (PS… Don't worry if they use O.D. I thought it was a scam of some kind. It wasn't. I just didn't understand).
Anabel Alvarez
Anabel Alvarez
17:05 12 Oct 21
Thank you WBAVH! Charles and Ryan were professional, personable, and patient with our needs and requests. The process was a breeze and they answered all of our questions in detail. They made us feel comfortable and part of their family. Will be recommending to everyone I know!
Steven Kaplan
Steven Kaplan
07:40 18 Aug 21
jerry gallegos
jerry gallegos
16:18 09 Aug 21
Very nice and helpful, responded to any questions very quick. I will do business with them again when I buy my next house.
Christopher Kampshoff
Christopher Kampshoff
00:30 07 Aug 21
Thank you so much guys, my brother was in a tight spot I appreciate you coming through. He's in a much better situation now. Again thank you.
Kelly Brown
Kelly Brown
18:48 27 Jul 21
I attempted to work with Allen, from this company. He seemed very nice and I was curious about what their company would give me for my home, if there were no realtors commissions involved. He said he needed to see the house. He came over and took a bunch of pictures and said he would talk to his partner Ryan, (the numbers guy), and get back with me in a half an hour. I didn’t hear from him that day. The next day I received a text from him, saying he would contact me on Monday. On Monday, he texted to see if I could talk at 12:00? I said, yes, he never called. Tuesday I receive a call from a random realtor telling me that Allen’s company has referred me to him. I call Allen, of course, to ask him what the heck is going on and he says yes, I work with this realtor, but I didn’t give him your information, he pouched it from our website!! I then say, so are you going to work with me and I find out, exactly what I already knew, they couldn’t offer enough money for my house, so they are not going to make an offer, HUGE SURPRISE!! #1, if you want your personal information safe, do not work with this company and #2, if you want a good offer on your home, don’t work with this company. I bought my home 3 years ago, it’s in great condition, in a great zip code and the market is through the roof!! If you can’t buy a house and get close to what someone needs financially right now, I don’t know when you can! Pick another company besides this one!! There are many!! Stay far away from this particular WE BUY HOUSES FOR CASH!!! You have been warned!!!
Carolyn Gobel
Carolyn Gobel
18:16 22 Jul 21
This company helped keep us from foreclosure. Thank you!
Carlos Caballero
Carlos Caballero
19:15 23 Jun 21
Thank you guys for your help with my Grandmas home. It was in rough shape and she left so much stuff. We couldn’t have taken on cleaning it out and the project.
jesse phalin
jesse phalin
01:29 18 May 21
Thank you, Thank you, Thank you! Went above and beyond assisting me through this process. Helped me move my things and even let me leave what I wasn’t taking with me. Thanks for all of the hard work.
Kelly Stewart
Kelly Stewart
21:27 08 May 21
My husband handled the process but felt good dealing with this local company and they did not try to change price after seeing the house. They actually offered higher once they saw our home. Had 5 companies come our to give us bids and they all were bait and switch. They beat everyone’s offers too. We tried to list before and couldn’t sell. I don’t know why anyone would work with head aches of real estate agents and paying commissions, banks, inspectors and the time to close only to walk away with the same money. Thank you Ryan and Jamie.
degan Stewart
degan Stewart
21:23 08 May 21
Thank you guys so much. Jamie is so sweet and on it. Ryan Is one of the most genuine people I’ve met in Vegas. They did what they said they’d do when they said they would and kept us in the loop the whole time
Brian Higgins
Brian Higgins
22:00 04 May 21
Thank you guys so much for everything. Ryan and Jamie Helped me find a place to get out of our old place. It was so nice to have the moving company just handle everything for me.
Sheila Winn
Sheila Winn
19:05 09 Apr 21
I struggled with the idea of selling my house to a "flipper". This company was fair, professional and extremely helpful every step of the way. I never had to wait for a response from Kelly Schnippel when I had a question or concern.I personally would recommend them to anyone looking to get a fair price for their property all the while getting kindness, professionalism and assistance from the buyer.Thank you Kelly Schnippel! I appreciate YOU and your team!Sheila Winn
Valerie Grijalva
Valerie Grijalva
17:30 27 Feb 21
Casey and his team will handle your transaction with the upmost professionalism and class like no other. Their knowledge in real estate will exceed your expectations and you won't be disappointed from beginning to end with their communication and systems to ensure your goals are met. I highly recommend Casey and his team!
Ann Reback
Ann Reback
18:51 25 Feb 21
Thank you for your professional and personal help in this process. You and your team have been so knowledgeable, responsive, courteous and kind...understanding my goals and executing each step in a timely and professional manner! THANK YOU! I will recommend you and your team to friends and others in our community.
Aviv Ben Shimon
Aviv Ben Shimon
16:38 25 Feb 21
Jess Lapensee
Jess Lapensee
16:31 25 Feb 21
From start to finish the selling process was quick and easy!
Lynne M
Lynne M
04:52 24 Jun 20
I have nothing but positive things to say about this company! I needed to sell a house quickly after a death in my family. I spoke with several Cash for Houses Companies in Las Vegas and settled on We Buy Any Vegas House. Everyone was very sensitive about my situation, helpful, answered all my questions and extremely responsive when I called. Ryan and Kelly were awesome!After we settled on a price everything went super smoothly in escrow and again if I had any concerns or questions there was immediate feedback. Also the fact that I was able to do this remotely as I live in California was extremely helpful! I am so grateful for all the help I received during a very challenging time in my life.
Freddy Aleman
Freddy Aleman
18:47 27 Dec 19
My wife and I recently bought a home from Casey Ryan. The home we purchased is located in Centennial Hills. Gorgeous remodel. Casey and his team did a great job of designing the home. We ran into a couple of issues shortly after moving in. Casey had his people out quickly during Christmas week to make a couple of repairs. He gave my wife and I peace of mind during a chaotic holiday week and for that we will always appreciate him. I would recommend a Casey Ryan home to my friends and relatives.
Angela Rienstra
Angela Rienstra
21:06 26 Dec 19
I needed to sell my house from out of state ASAP. I looked into some other larger name companies and was disappointed with their turn-around time and lack of customer service. I'm so grateful to have found Ryan (and Kelly)! They understood my time crunch and moved heaven and earth to buy my house at a fair price and closed by the promised date. They were with me every step of the way and offered world class service! 100% would recommend to anyone!
Sue Kuckelmann
Sue Kuckelmann
17:02 16 Nov 19
We couldn’t be more pleased with the service provided. From start to finish the team was professional and extremely helpful. All the deadlines were met or exceeded even when I was in Arizona and my husband was in Las Vegas. I would recommend them to anyone who is looking to sell in Las Vegas.
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