If you are planning to list your Florida home for sale soon (or are currently trying to sell your home), you’ve likely noticed the abundance of advertising out there for cash homebuyers. Whether on TV, in print, or on roadside signs, phrases like “We Buy Homes Fast!” are everywhere these days.
Selling your home can be an emotionally and physically taxing task. There are dozens of decisions to be made at every turn regarding how you handle the sale. So how do you know if the cash homebuyer route is right for you? Just like any other method, there are pros and cons.
The most obvious upside of working with a cash homebuyer is that you’ll receive a cash offer for your home. It will be transparent and straightforward.
No waiting to see if the bank will finance your buyer. No need to worry about the possibly harmful effects of an unfairly low appraisal. No going through the hassle of deducting realtor fees and commissions from your final sale price. What you see on the offer sheet is what goes in your pocket!
Ease and Speed
With so few hands in the pot, selling to a cash homebuyer is markedly faster than selling via the traditional real estate route. You won’t have to deal with realtors, banks or lenders, home inspectors, appraisers etc. It’s often just you and the company rep, one-on-one.
Selling via a realtor can take months or even years depending on the condition and location of your home. If you’d prefer to sell your home quickly and be done with it—or you’re in a situation where you absolutely have to sell quickly—cash homebuyers can be a great alternative.
Before selling on the traditional market, most homeowners will need to do some work to their home. Whether it’s updating rooms that might feel dated to buyers (typically bathrooms and/or kitchens) or repairing damaged items (leaks, electrical or plumbing issues, foundation cracks etc.), a realtor will want the home in tip-top shape to maximize your asking price.
Unfortunately, you often won’t see much return on that investment; you may spend thousands of dollars to update a room, only to see your home sell for under market value. Cash homebuyers, however, aren’t worried about those things. They gladly buy your home as is, saving you money on potentially costly repairs.
Selling to a cash homebuying company is unlikely to net you the full market value of your home. Investors are taking a chance by buying your home as is, and the lack of costs to you (such as commissions and fees) will be factored into their offer.
Remember, too, that you’re being handed cash, oftent days or weeks after your initial contact. That convenience and speed will cost you.
There are a lot of honest, reputable homebuying companies across the United States. Unfortunately, there are also some very shady ones. The industry is rife with abuse, and if you’re not careful, you could easily be taken for a ride.
Just as you would with any business you’re considering patronizing, do your research! Make sure to investigate the company before turning over any of your information and to read reviews. Look for BBB ratings and positive reviews from real customers.
Keep an eye on your credit score and accounts, and be very wary of any company that requires upfront application fees. Cash homebuyers can be lifesavers—especially if you’re in a bind—but remember first and foremost to protect yourself and your property.
Meridian Trust is Florida’s number one home buyer, with more than 10,000 houses purchased. In most cases, our team can close on your home quickly with no extra fees, no closing costs, and no waiting. To find out more about selling your house for cash to Meridian Trust, contact our team today.