How do I get the most cash for my house?
Are you wondering if you can sell your home for cash without getting a low price for it? Just because you want to sell your home quickly doesn’t mean you shouldn’t get the money you deserve for your home.
Continue reading this article as we give you tips to get the most cash out of your house.
Why Sell Your Home for Cash
You may have heard that selling your house for cash is a good idea when you want to sell quickly. But what are the benefits of selling your home for cash?
One of the biggest points is that fewer deals fall through when people have the cash to buy your home. If people have to get a loan to buy your home, the bank could decide against lending the money to your potential buyer, or something else might go awry.
When you sell your home for cash, you can avoid real estate agent fees and other fees that come from taking part in a traditional sale.
You’ll also find that sales often happen a lot faster when you’re dealing with a cash buyer.
Now that you have an idea of why you should sell your home for cash let’s get into how to get the most money when you’re selling your house for cash.
Improve Your Home Before Listing
Before you put your house up on the internet, make sure you improve it as much as possible. You don’t necessarily need to do a renovation on your home, but you should make sure anything that is in disrepair is taken care of.
If there are doorknobs that knock, boards that creek, faucets that drip or something similar — fix it!
No one wants to move into a home that isn’t in proper working condition. Even if someone loves the layout of the house, if there are too many repair projects to do, they are likely to look elsewhere.
If you’re selling to an ibuyer or a cash home buyer, you don’t necessarily have to fix up your home, so keep in mind who you are selling your home to. Find out why you might want to sell to a cash buyer instead of an ibuyer before considering your options.
Counter Offers at List Price
If someone is interested in your house, but they’ve come at you with an offer that is lower than your offer, you can show strength by countering at the list price.
Buyers often plan on going back and forth with the seller a few times, so don’t cave so easily and go down on the price. You might be surprised that you are able to get your list price because the buyer is afraid they are going to lose the house.
Reject Low Offers
If you want to be more firm than just countering at the list price, you can reject the offer altogether. While rejecting the offer could lose a buyer, it is definitely going to get people’s attention, and they will see that you aren’t willing to take less than what you’re asking for.
If you are serious about getting more money for your home, then you may want to try this strategy. If you do try this strategy, be ready to carry your mortgage a little longer since you may lose some potential buyers.
When people feel they have all the time in the world to get back with you about their offer, they might be playing the field and considering other homes. Show the buyer you are serious by putting a deadline on the offer.
Not only does a deadline make the buyer pay attention, but it helps you know when you’re going to get out of the legally binding negotiation. If you make a counteroffer on the offer they submitted to you, you can’t take a better offer even if it does come along.
Don’t make the deadline too short that it pressures the potential buyer too much, but you don’t want to put it too far in the future that you are going to be committed for too long.
Agree to Pay Closing Costs
If you really want to close the deal but you don’t want to lower your list price, you can agree to pay closing costs. People usually hate to pay closing costs because they feel like they aren’t getting anything for it.
While it might be the standard practice for the buyer to pay the closing cost, it could make all of the difference in the negotiation. The closing cost is usually 3% of the selling cost, so keep in mind that you need to have this cash when closing time comes.
You may consider raising the selling price to pay for the closing cost. The seller still won’t have to come up with the money at the beginning of the sale, but you won’t be out the money for closing costs. Depending on how high you set your initial sale price, this might be necessary for you to get the money you need out of the sale.
How Do I Get the Most Cash for My House – Now You Know
Now you have the answer to “How do I get the most cash for my house?” and you can get to work on putting the above tips to good use. You can get the money your house is worth and maybe even more.
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