Does Selling My House to a Cash Investor Make Sense Right Now?
To be totally honest, there’s a very particular script for selling a home. You put your home on the market, and a few days later the perfect buyer comes along to enjoy your house in the same way that you’ve enjoyed it for the past several years. It’s a great story, of course, but it isn’t the only one out there.
It’s become increasingly common for sellers to get offers on their homes from people that buy houses for cash, the individuals and companies who flip homes for a profit or rent them out to new tenants. These cash home buyers may not be what first came to mind, but they can be perfect partners for some property sellers.
Before you decide to work with a investor or turn down an investor’s offer, it’s good to learn a little more about the pros and cons of working with these home buying companies in the Phoenix Metro Area. Below is a bit of information that can help you to make an informed choice.
Working with an investor can often feel much easier than working with a traditional buyer. Unlike traditional buyers, investors don’t have to wait on financing. This, in turn, means that you’ll be able to sell your house faster and you’ll be able to avoid the lengthy waiting period that typically comes before closing.
Investors are also in the business of working with owners. Some might allow you to sell your home and rent it out as a tenant, for example, while others might offer a flexible timetable that allows you to stay in your home until you purchase a new property. Since investors have the luxury of time and money, they can afford to wait with you.
Finally, investors are more interested in the property as a whole, than the aesthetics. Investors won’t nitpick the little flaws and many will even offer to buy a home as-is if there are problems. If you know that your home has foundation or disrepair issues that could impact a sale, an investor might be your perfect partner.
Investors are definitely looking at your home to make a profit. This isn’t a bad thing, of course, but it does mean that they’re not likely to have the same emotional attachment that you have. In fact, your investor is likely to rehab, wholesale, or sell your house to another buyer in the near future.
Because investors are working to make a profit, they’re also unlikely to pay a premium for your home. They’ll give you a fair as is price, but it’s unlikely to be your ideal asking price. You might make a profit, but it might not be as large as you expected.
How to Find an Investor
Once you’ve determined if an investor is a good fit, you’ll have to do the legwork to find one who wants to work with you. Most investors are usually looking for properties that they can buy for below market value, usually in areas that will allow them to turn a profit in the future.
In most cases, you’ll hear from an investor if you list your home. Real estate agents would usually let investors know if you’re interested, but even those who list homes on their own will usually get a call if the price and the area are right. If all else fails, you can also check the website of an home buying company like DougHopkins.com to get to get a quick cash offer for your house.
Investors aren’t the right fit for everyone, but they can be incredible allies to those who really need to sell. Always look at the offer critically, but try to be open to working with an cash home buyer if you feel like you can’t get a motivated buyer to take a look at your home.