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Originally Posted On: https://www.jaxhomeoffer.com/sell/the-benefits-of-selling-a-house-for-cash/
Did you know that about 65% of Americans own their homes? If you’re a property investor, selling your home at a profit is often more interesting than living there.
But when it comes time to sell your property, it’s overwhelming how many options there are. From finding an agent to getting all the paperwork ready, selling your home is an exhausting long-term process.
One of the best methods to sell your home is by selling it for cash. But what are the benefits of selling a house for cash versus other methods? Read on for a thorough guide on selling your home for cash.
Methods of Selling Your Property
Your first step in research is to find all the ways you can sell your home. By understanding your many available paths, you can make a more informed decision.
If you’re looking to sell for cash, we buy houses in Jacksonville, FL. We allow you to choose the closing date and will pay all costs. Simply fill out a brief form for a quick, free, no-obligation cash offer.
However, while cash is arguably the most convenient method, there are other ways you can sell your home. Here are some of the most common ways to sell or purchase a property.
One of the most common ways to sell homes is by listing them online. Dozens of online markets are easy, hassle-free ways to list a home.
By listing online, you open your home to a limitless number of customers to consider your sale. These homes are often sold faster than those listed in other ways. The most common platform is the MLS index, which sells across the United States.
If you prefer, you can limit your customers to cash house buyers. By opting to only receive cash offers, you can enjoy the perks of selling a home for cash and the benefits of selling online at the same time.
Most online platforms also have mobile apps which help you stay on top of your sale. You won’t need to glue yourself to your computer and refresh the listing repeatedly.
However, there are drawbacks to online listings. One dominant issue is that these often require a flat listing fee.
In Florida, this listing fee is about $400. While this pales in comparison to the profit you’ll make when you sell your home, it’s still $400 less in your pocket. If you need to sell your home urgently to pay the bills, you may not have the spare scratch for this fee.
Additionally, there are delays in listing your home online. Listing your home on the MLS index can take up to 48 hours. In rare cases, the delay may last longer.
Moreover, these services will sometimes pair you with a real estate attorney, title company, or escrow. While these are useful resources to have, you may not want the hassle of communicating with third parties.
Another common way to sell your home is with an iBuyer market. These purchasers are similar to typical cash house buyers but come with a few caveats.
iBuyer is shorthand for “instant buyer.” These are companies that make cash offers regarding a home’s FMV (fair market value).
As such, if you’re selling your home while the markets are up, these are excellent options. Some buyers purchase for up to 95% of a home’s fair market value.
However, when the markets begin to drop, these companies offer considerably less. An iBuyer company may only offer around 70% of the home’s value.
In such a situation, it’s sometimes best to hold onto the home instead of using an iBuyer. These companies also are rarely widespread. They’re typically restricted to metro and urban areas, which means some more rural parts of Jacksonville or Orange Park may not have an iBuyer company nearby.
Additionally, their offers are non-negotiable. Their strict eligibility criteria can make it difficult to sell your home as well. If you don’t meet their guidelines, they won’t do business with you.
Finally, these also come with service fees and additional costs. While you won’t pay an agent’s commission, the iBuyer may charge as much as 5% service fees. Additional costs include repairs and can be up to 8% or higher.
In short, iBuyer companies are convenient and can sell your home swiftly. However, their many cons have them a less popular option to cash house-buying companies.
If you’re looking to sell your home for cash swiftly, browse our services. We buy ugly houses or homes that need fixing as well.
Listing With Realtors
Arguably the most “traditional” way of selling a home is to list with a realtor. Realtors are expert agents that excel in getting you the best deal for your home.
The benefits of working with a realtor help make them one of the most common choices. For example, a realtor will handle most of the work of the sale.
These tasks include gathering photographs, conducting showings, holding open houses, and completing any necessary paperwork. If your home needs repairs or renovations, they often have a network of professional contractors that they can hire at a lower cost.
They also will seek clients and handle the listing of your home. If any marketing is necessary, realtors will typically handle this task in conference with you.
You’ll have regular meetings with your realtor and discuss your home. In doing so, you’ll stay up-to-date on any necessary changes in your home’s sale.
However, there are many drawbacks to using a realtor. One of the most significant is that you’ll need to pay them a commission on your home. Commissions average as high as 5% to 7%, which can reach into the tens of thousands of dollars.
Realtors are also often low on technology. As such, you’ll sometimes need to do manual, tedious paperwork. The paperwork picks up when your home is close to sale.
Finally, realtors rarely have a single client. That means you’ll have their attention split between yourself and other people selling their properties. In some cases, this can lead to a lackluster experience.
You can avoid commissions by hiring discount brokers or a flat-fee Realtor. However, some feel that these parties aren’t as effective as a realtor. If you’re hiring a discount realtor, it’s often better to abandon using a realtor altogether.
For Sale by Owner
If you don’t want to use a realtor or an online index like MLS, then selling your home FSBO is a good alternative. A home sold FSBO means it’s “for sale by owner.”
When selling your home as the owner, you won’t need to worry about the oversight of a third party. That means there are no fees or costs that’ll catch you off-guard. Once your home is sold, the profit is yours to keep.
About 77% of FSBO home sellers close within the first two weeks. However, this is often because an FSBO home seller knows whoever was purchasing the home. If you don’t already have a seller lined up, selling your home as an FSBO property is significantly more difficult.
The major drawback is needing to do everything yourself. Tasks that a realtor or iBuyer company may otherwise handle will still need doing.
For example, you’ll have no exposure from an online market or realtor. Due to this factor, you have a lower possibility of receiving online offers from investors or cash home buyers.
Without this exposure, you’ll need to market yourself. Word of mouth or yard signs are dominant ways to market an FSBO property. If you’re purchasing ads, you’re accruing extra costs.
Additionally, you’ll have no pricing assistance. You’ll need to negotiate for yourself and research the markets. Failing to do so can over or under-price your property.
In short, selling your home as an FSBO property puts an enormous burden of responsibility on you. If you’re thinking, “I want to sell my house fast,” we suggest browsing our process on how we purchase your home. With four easy steps, you can close your home in as little as a week.
A final way to sell your home is by auctioning the house. If you’re an investor, we don’t suggest choosing this path. However, if you want to get rid of a property, auctioning it is an easy way to do so.
Real estate auctions often take place online, though there are some in-person auctions. For an auction, you make a listing for your house to post before the sale. By doing so, potential bidders can view the property ahead of time.
The auction company will list your home as “with reserve” or “absolute.” A reserve is the lowest bid you’ll accept. “Absolute” means there is no reserve, allowing all bids and selling to the highest bidder.
Once a bidder wins the home, they receive the property “as is.” As such, you won’t need to complete any further work on the property once it’s sold.
The primary drawback of auctioning a home is how long the process takes. You’ll list weeks beforehand, during which you’ll still need to care for the home. While this month-long process is quicker than average, it’s faster to contact us as cash house buyers to take the home off your hands at a fair price.
Furthermore, if you list the home as absolute, you’re gambling on the property. If you’re attempting to sell your home with little effort and no care for your profit, this is a fine situation. Otherwise, you’re better off selling your home in another manner.
Auctions also aren’t guaranteed to sell. You could spend weeks of effort only to find no one wanting to bid on your home. Unfortunately, this is likely, as auction homes have small buying pools of customers.
Benefits of Selling a House for Cash
Now that we have an in-depth look at the many ways to sell a home, we can look at the benefits of selling a house for cash.
If you’re looking to sell your home quickly and reliably, we buy houses in Jacksonville, FL. We’re happy to make purchases from the city to Jacksonville Beach.
To see why contacting us is a great plan, read on to learn some of the many benefits of cash house buyers.
Selling a home is a massive risk financially. As a house seller, you could have several offers to process at once.
Dealing with the financing process can leave your house in your hands for longer than you expected. As your home stays in your hands, you’re continuing to pay upkeep.
According to State Farm, the average home’s annual maintenance is about 1%-4% of the home’s value. If you’re using a realtor, it could take you a full year to sell your home. Depending on what part of Jacksonville you’re in and the market’s state, this time may vary.
There’s also the cost of your time and effort. What recompense do you have if you spend a month preparing your home for an auction where nobody bids?
Depending on how swiftly you need to sell the home, these risks are magnified. If you’re selling your Middleburg home to move to Jacksonville, all these delays can drastically harm your plans.
Finally, many of these risks are from outside companies. While a client or customer can pose difficulties, a realtor or third-party iBuyer can also inconvenience you.
When selling your home for cash, you’re skipping all these risk factors. The only factors to consider are whether you accept the offer from the company buying the home. Contact us to see what sort of offer we’re willing to give your Florida property.
How long are you willing to wait to sell your home?
The average home stays on the market for roughly 71 days. Typically, a home sits on the market for roughly 22 days before an offer is made. From there, closing the offer can take about 49 days.
These numbers vary drastically depending on the time of year, the home, where in Florida you are, and more. Some homes can sit for upwards of a year. But why does it take so long?
When listing your home, you have a great deal of competition. Currently, the housing market in Florida is surging to incredible heights. The demand is much higher than the supply, leading to record-setting prices.
Additionally, you likely won’t accept the first offer you receive. Instead, you or your realtor may save their offer while seeing if better offers come in. In some cases, you may have to wait for renovations or repairs to finish.
All of these situations drastically increase how long you’ll need to care for and fund your property. Thankfully, each of these factors vanishes if you decide to sell your home for cash.
When selling for cash, you don’t need to worry about a listing or marketing. You also won’t accrue additional costs in caring for or repairing the home. A cash offer is for a home as-is, meaning no improvements or fixes are necessary.
If you’re thinking, “I want to sell my house fast,” there’s no better choice than a for-cash company. We can have your home sold and money in your pocket in a single business week. Read through our testimonials to see what customers had to say about our swift, fair offers.
When handling a sale through non-cash means (checks, loans, financing, etc.), these methods require a great deal of paperwork. In many cases, you’ll also need to contact banks, credit lines, loaners, and more.
All of these tasks are time-consuming, stressful, and easy to feel overwhelmed by. You also need to keep close track of the staggering paperwork.
When selling for cash, your sale will require significantly less paperwork. Typically, the most paperwork you’ll need to handle is signing off on the sale.
A reputable cash-for-home company will handle the closing and paperwork for you. Most buyers also waive contingencies, eliminating another hassle.
That said, this doesn’t mean you shouldn’t review the paperwork you’re given. Always keep a copy of anything you sign on file. Read and understand the paperwork thoroughly before signing anything, especially if you’ve never worked with the company before.
Are you intimidated by the enormous set of tasks facing you in selling your home the traditional way?
Studies show that a large percentage of homeowners experience extreme stress while selling their homes. CNBC reports that as high as 40% of homeowners were reduced to tears from the strain.
But what makes the process so stressful?
A misstep while selling your home can lead to financial strain or ruin. If your home sells for too little, you may have a net loss on your investment. It’s more common for this to happen during an absolute auction, as you need to approve other sales.
If you’re renovating the home, the stress of contacting investigators, surveyors, contractors, and more is stifling. For this reason, many people rely on realtors to handle the tasks.
Unfortunately, hiring a realtor is stressful as well. Can you trust the person you’ve left in control of your home, and are you secondary behind their other clients? Are you paying them too much in their flat rate or commission?
If you’d like to reduce or completely avoid this stress, selling a house for cash is the ideal way. You won’t have to deal with realtors, auctions, contractors, or any other third parties.
The only other party you’ll deal with is the cash buyer. Afterward, the home is out of your hands. Instead of stress, you’ll have your pockets full of a generous and fair cash offer.
Speaking of cash, how can you handle the fees of traditional sales?
Sadly, there are no traditional methods that won’t accrue fees. A realtor requires a commission or a flat rate and sometimes charges additional fees. You also need to pay for any improvements the home will need.
All of these expenses eat dramatically into your profits. If you’re flipping a home, every dollar in fees and costs can contribute to making the home a poor investment.
There are no fees when selling a home for cash. You won’t need a service charge from escrow, commissions, or any other hidden costs.
Read the contract with your chosen company carefully and ensure they haven’t hidden fees. Some companies will do so to decrease how much they pay for your home.
No Inspections or Repairs Necessary
Selling a home requires a great deal of paperwork, inspection, and upkeep.
Your first step is to have the home professionally inspected. These inspections confirm the home is safe to sell and will show any issues that the buyer should know about. Some severe problems can cause your home to take much longer to sell.
Additionally, many of the issues that an inspection will unveil require you to fix them. Issues with the roof, lighting, pests, or anything similar will stop the home from selling.
If you’re selling your home as-is, this is lessened. However, these problems will also lower the cost of your home. Damage to the property is a significant price drop, while more manageable issues will only impact the cost slightly.
If you’re selling your home for cash, none of these factors are as important. Inspections, repairs, renovations, and more are no longer necessary for a cash sale.
That said, if you’re selling your home to an investor or iBuyer, they may still request inspections. Selling your house as-is to cash house buyers like Jaxhomeoffer.com eliminates the need for inspections and fees. Not only does this make selling your home easier, but it will also hasten the process.
Little to No Marketing
Marketing a home is one of the most difficult factors in making a sale. In many cases, it also will increase the costs of your sale. Purchasing signs, advertising, or listing the home all cost a hefty fee.
When selling your home for cash, no marketing is necessary. Instead, you’ll reach out to the cash buyer, fill out a small form, and receive an offer. The lack of marketing is one of the greatest benefits of selling a house for cash, as it saves you money, time, and effort.
Less “Impressive” Homes Sell Quick
Are you worried that your “ugly” home won’t sell quickly? Given how crucial marketing is, it’s understandable to hesitate to sell an unimpressive home.
Some consider a house ugly if it’s in disrepair or needs improvements. For example, a bad lawn that needs care or a home that needs painting and refurbishment.
If you’re selling your home as-is, this lowers the cost, as buyers will need to see to these improvements. You’ll also struggle to attract buyers who would rather find a home that didn’t need these improvements.
Attract More Buyers
Finally, one of the greatest benefits is that selling your home for cash attracts more buyers.
While reputable cash-for-home buyers are the best bet, there are plenty of others available. Some investors choose to buy a home for cash. They’ll do so to avoid fees, have a home as-is, and expedite the process of having the home.
With traditional sales, your customer pool is limited. Should you choose to auction your home, the client pool is significantly smaller than any other method.
If you’re struggling to sell your home, consider selling it for cash instead of the traditional methods. You’ll attract more buyers that want to buy the home quickly instead of people thinking for weeks about sending an offer.
How to Sell a Home for Cash
Now that we understand some of the countless benefits of selling a house for cash, how can you get the most out of your home?
If you’re looking to sell, contact us at Jaxhomeoffer.com. We buy houses in Jacksonville, FL, as well as many other cities across the Sunshine State.
To get the greatest offer for your home, read on.
Your first step is to decide how quickly you want to sell your home.
Most people will sell their home as a for-cash offering if they’re selling urgently. You may have an urgent need for the funds or are finding the house a burden. Whatever the reason, deciding how swiftly you want to sell the home is crucial.
Do you have no restriction on time or funds? You may receive a higher price if you go through the hassle of traditional sales.
For a quick sale, auctions or iBuyer homes are best. But these are only quick in comparison to a traditional listing.
The fastest way to get your home sold is with cash house buyers. We buy ugly houses or properties you’re struggling to get rid of. You’ll have your home sold in less than a week.
Another way to improve your home’s cost is through minimal marketing. Simply listing your home on social media, such as Facebook, can help increase your pool of buyers. Studies show that social media is one of the most effective marketing tactics for realtors and those selling homes.
If you’re selling your home for cash, a small amount of marketing can help increase the cost. Having several buyers can help you negotiate for a higher price. Remember that iBuyers or cash-for-house companies usually give non-negotiable offers, though the number of competitors for the house can increase this offer.
Your first step in a traditional path is often to find an agent. When it comes to selling your house for cash, realtors or agents are optional.
Realtors can help you find cash house buyers, which can quicken the sale. For some, this is worth the cut in profit from flat rates or commission fees.
However, there’s no need to hire an agent or realtor when selling your home for cash. Find your buyers, set your price, and choose if you’d like to negotiate.
Are you curious about how to improve the offer that cash companies may offer? One of the best ways is to improve the property you’re selling.
Consider sprucing up the building in whatever way you see possible. Try to aim for low-cost ways, as these can improve the offer without costing you much money or time. If you fully renovate the house, you may have better luck selling through traditional means.
Some quick fixes include:
- Replace weathered windows, doors, or frames
- Seal the concrete garage floor
- Paint the house
- Make exterior improvements such as a new roof
- Hire a landscaping company to keep the outside pristine
- Make minor renovations to interior rooms, such as retiling restrooms or kitchen floors
- Make improvements to patio or pool spaces, such as new pool tile
These improvements can increase how much a company will offer but don’t go overboard. Highly expensive improvements may cost more than they add to the value.
Finally, you should do your best to find reputable and trustworthy candidates when selling your home. Finding cash house buyers is often easier than finding buyers in a traditional home. Many people are interested in investing, house flipping, renting, and more.
Due to there being a larger pool of customers, you have a higher risk of finding a scam buyer. Some may also waste your time with ludicrously low offers.
When researching companies, search for buyers that have a long history of pleasing customers. You can learn more about us and how we serve our home city of Jacksonville. We’re also transparent about our funds, forthright about our process, and happy to give you the best offer for your as-is property.
We Buy Houses in Jacksonville, FL
The benefits of selling a house for cash make it the best way to sell a home buy far. You’ll enjoy a low-stress, no-maintenance, swift sale for your home. Best of all, the money goes to you instead of splitting it with third parties or realtors.
To sell your house fast, be sure to contact us today. We buy houses in Jacksonville, FL, and several other Florida cities.
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