How to Sell Your House for Cash - Essential Steps for Success

If you need to sell your house quickly for any reason, listing it with a real estate agent and waiting for buyers and closing the deal can be arduous and daunting. A cash sale is much quicker and hassle-free though you might get a little less money. However, you can make up a great extent by not having to repair and renovate your house and not paying any commission to the real estate agent. Some of the important steps to selling your home for cash:

Establish the Value of Your Home

The first and most important step in the sale process is establishing what your house can fetch in the current market. You can request a comparable market analysis from a real estate agent for an estimate of the value of your home based on recent sales of similar properties in your neighborhood. You can also engage a professional appraiser who will inspect the property and give you an idea of the price. You can also do it yourself if you have the skills and the energy. According to Forbes, almost a third of all house transactions in the US are cash sales.

Solicit Cash Offers

You can search online for reputed real-estate companies who are in the business of investing in properties or facilitate cash sales by identifying and liaising with prospective buyers. You can also respond to the “we buy houses Chicago Illinois” advertisements by companies that are in the business of buying properties and flipping them quickly for a profit. However, you must be careful about the many scammers lurking around. You can also ask local real estate agents to approach their cash-only customers.

Review Buyer Offers

You must make sure that the price set by you is realistic. While you should try to get the asked-for price, you can settle for a lesser price if the deal can be closed immediately. Typically, you will be dealing with companies that do not need financing, so they can transfer the money promptly. However, you can get a better deal by not accepting the first offer that comes your way. Generally, house flippers don’t want an inspection, but even if they do, they will not ask you to attend to the repairs.

Close the Deal

If you have come to an understanding with the buyer, you need to make it official by executing the contract of sale to enable you to proceed with the closing. Even if you have done everything so far all by yourself, it is at this time you should hire an experienced real estate attorney to make sure that the deal is watertight. Despite the additional expense, it is worthwhile to engage a lawyer to ensure that there are no loose ends and for extra peace of mind. In some states, the law makes it mandatory for a lawyer to be present at the closing.

Conclusion

Selling a house for cash offer undeniable benefits; especially, when you need the funds urgently. However, you must ensure that the buyer is a legitimate business that will offer a fair value for your property and not scam you.