We have all seen the signs on roadside, and on poles, saying "We pay cash for your home". And it is tempting to call these people. But is this a good thing for sellers in general? And the answer in most cases is ABSOLUTELY NOT.
The goal of cash buyers is often to pay the the lowest price for the home. The goal of most sellers is to get the highest price for their home. And that is where the disconnect comes in. Unless you as a seller are prepared to leave a lot of potential money on table, please do not fall for this trap. It will hurt your bottom line.
Recently, Zillow has launched a pilot program called 'Zillow Instant Offers'. This is similar to "We offer cash" kind of deals. They offer a quick closing, for all cash, subject to certain conditions. And they take out hefty 9%. So unless there is a very specific reason to go this route, don't do it. There are better ways to test the market and get more.
Here are few suggestions:
1. Get a FREE market evaluation from a reputable agent or two. See what they say based on your needs and the condition of the home.
2. Put the home on the market by pricing it aggressively and let the buyers compete for your home and bid higher than asking price..
3. Take an offer that comes in without contingencies. There are many cash buyers out there who will pay a fair price. Competition creates the best scenario for you.
4. Compare the bottom line with the cash offer that you would get from the "We offer cash deals" to the other offers you are getting and then decide what works best for you. Do NOT feel pressured to make instant decisions to such offers. And always consult an attorney to protect your best interest.
5. Do make sure you exclude the cash buyer on your listing so that you do not have to pay commission in case you sell to the cash buyer on your own.
A good agent will guide you well and help you go the route that makes sense for you without worrying about their commission. So hiring the Realtor who puts your interest first is critical.
Thinking of buying or selling your home? Need a fast closing at best possible price? Call us and experience the difference. 732.494.2211
On Track Realty has been serving clients with honesty and integrity since 1994. Our promise is simple, if it's not good for our clients, it's not good for us!