The quickest and easiest way to get your home sold FAST is to sell your house for cash. Unlike a conventional sale, you won’t have to wait for the lender to close. Which may take between 30 – 45 days to close with the possibility it could fall through at the last minute. Also, most investors who are willing to pay cash for houses fast and are also willing to cover any additional expenses to buy the home, such as back payments, tax liens, closing costs, etc. Cash buyers will buy the home AS-IS.
The downside of a cash buyer is that they are buying the home to make a small profit, which means they need to cover all their expenses and still have room to make money. Here’s what this means to you:
Closing Costs on the purchase are approximately 2%
Resale Commissions will be approximately 6%
Closing Costs on the resale will be approximately 3%
Monthly Carrying Costs will vary but may possibly be around 5%
Cost of repairs is the hardest to estimate but could be $5K, $25K, $60K, maybe more
Without the cost of repairs, the above example factors a cost of approximately 16%. For the cash buyer to make a profit on their home, they have to offer somewhere between 50% – 65% of current market value.
Cash offers are ideal for anyone who has equity in their home and needs to get out FAST. For a seller, with little to no equity, this option means bringing a large sum of money to closing which likely is not an option. Of course, if this option is not ideal for you, there are numerous other options that may meet your needs.