It's not every day that you sell your home, but when you do you should ensure that you can get the most for your home and have a successful and smooth sale. The sale of your home in an all-cash sale is usually a shorter process and less likely for the sale to fall through, which makes it such an attractive option when you need to sell your home. The following tips are helpful in selling your home for cash.
Get a Home Valuation
Your home has perceived value to you based on it being your personal residence and protection from the elements, but it also has monetary value. It is the monetary value that is going to be the focus when you list your home for sale. You don't want to lose out on its value by selling your home for a too-low price, but you also don't want to price it too far above its actual value. Overpricing a home is a common pitfall that some homeowners get stuck in, and they lose out on attracting a cash buyer, so make sure you understand your home's true value.
Contact a local real estate agent to find out how much your home's value is. They can complete a market analysis on your home, the area, and nearby homes to calculate its value. When you know your home's current market value, you can approach any cash offers armed with this knowledge to help you secure the best deal after negotiations.
Review the Offer
Evaluate any offer you receive and remember to consider all the details included in the purchase contract. In addition to the actual purchase price for the home, make sure you evaluate if it is an all-cash situation. An all cash-offer won't be dependent upon a mortgage loan so there is no potential for the deal to fall through if the loan does not close.
Also, take notice of any contingencies that may be included in the offer contract. One common contingency you may come across is an inspection contingency, which allows the buyer to complete a full home inspection by a specific date listed in the contract. They may also want to include an appraisal contingency to make sure the home appraises at least for the amount they are offering to buy it for. Sometimes an all-cash sale may be contingent upon the sale of the buyer's current home, as they will need the cash proceeds from their own home to pay you the funds for the purchase of your home.
For more information about how to sell your home for cash, contact a local buyer.