The Dangers of Selling A House for Cash
It can be very tempting to want to sell a house for cash; after all, cash is king, right? You have probably noticed those strange little handwritten signs on the side of the road declaring, “We buy houses for cash!” It sounds so easy— so magical!
But stop right there—it sounds too good to be true because it IS too good to be true.
For every possible reason to consider entertaining one of these sharpie and posterboard offers, or even one of the glossier postcard offers in your mailbox, there is another, more legitimate reason why you should think twice.
Buying a house for cash means that you do not list your house with an agent or even attempt to list it on the MLS yourself. Instead, you fill out paperwork and sell the house to an investor. This may be an individual, a person who buys houses in order to fix them up and “flip” them for a higher price, or a corporation, which does the same thing, but in greater volume.
Selling a House for Cash is Convenient, But is It Best?
You will never make as much money as your home is worth by selling a house for cash as you will if you simply fix a few things and sell for a good price.
- If inconvenience alone is your reason for selling a house for cash, rethink!
We get it; you may not want to take the time to keep your house ready for viewing. It can definitely be an inconvenience to have to keep the toys and laundry out of sight, the carpet perfectly vacuumed, and fresh flowers and fruit always arranged oh-so-artfully on the kitchen counter. It also gets old having to gather up all the kids, throw them in the car, and drive around for an hour because you have a showing and MUST LEAVE! This is one of those experiences like childbirth–not much fun as it is happening, but SO worthwhile when you have had the baby or closed on the house for a decent price.
- You may have problems that need improving in your house and not want to invest the time or money to fix them yourself before putting the house on the market.
Cash buyers will buy houses “as is,” but that doesn’t mean that they will ignore the problems when they offer you a price. You still have to disclose the issues, and they will lower their offer accordingly–even more than they would have anyway.
There is another way!
The Griffin Group’s Property Concierge Program will advise you on what improvements can help you get the best price for your house. They take on the cost and perform the work quickly, but skillfully, and then sell the house. You don’t pay upfront for anything, whether you need minor improvements or serious work. The costs are deducted when the house is sold.
Because you have made quality and thoughtfully planned improvements, you will sell your house for a higher price than you imagined. That’s getting value for money— with no risk to you.
- One of the biggest drawbacks to selling a house for cash is the fact that you have no idea if you are dealing with a reputable or trustworthy buyer.
Unfortunately, scams happen. If you do decide to take this road, ignore those scribbled corner signs, and look for a trustworthy and experienced company to partner with you, like The Griffin Group.
It is true that you are more likely to sell your house and close escrow extremely quickly on a cash deal than on a traditional agent and MLS listing procedure. In some cases, you may have legitimate reasons to need to sell for cash immediately. If that’s the case, we can certainly work with you to make this happen.
Why not schedule a consultation so we can see how we can help you make the most money possible out of your house sale without being taken advantage of? We will carry the costs of transforming your property into a stunning show home that buyers will love— and you don’t pay until we sell your home.