Will you get less money selling your property to a cash home buyer? The short answer: yes.
However, as with almost everything, a simple one-word answer leaves a lot of questions to be asked. While you will most likely get less money (based on estimated market value if it were in great condition) from the actual sale of your house compared to listing it on the real estate market, selling your home for cash means a lot less work to be done and, quite often, a LOT less money to be spent.
So, of course, your next question is:
How Much Less Will I Get Selling to a Cash Buyer?
The first thing home sellers want to know is how much less they’ll get for their Bridgeview home by skipping the long, drawn-out process of selling their home the “traditional” way. We’d love to give you a concrete number or percentage, but there are far too many variables involved, and setting your expectations without knowing the situation would be a disservice to you.
However, there are some general guidelines that can give you an idea of how much your home could sell for “as-is” when you need it sold quickly.
First of all, and no surprise, it depends on the property’s condition and location. If your home is in pretty rough shape and it would take a lot of work to fix it up, you can expect that to factor into the cash offer you receive.
But if your home, no matter the condition, is in a desirable location or neighborhood, you can expect that to increase the overall value of your property.
It Also Depends on Who You Choose
There are many cash home buyers whose goal is to find reasons to give you the least amount of money possible. These are typically the nationwide franchises you see advertised everywhere; or actually, it’s basically every cash home buying company out there.
Except for Homes to Harmony.
We actually care about your situation and will empathize with you about why you need to sell your home quickly for cash. Maybe you need to move your parent closer to you, you just received a pre-foreclosure notice, or maybe you’re just ready to move out and move on. We can help.
Let’s discuss your goals for the sale of your home and then we’ll lay out all the options so you can decide for yourself which is the best offer for your personal needs.
We’re not a computerized algorithm or a representative of a huge franchise. We’re a tight-knit group of people from the Chicago area who have the desire and ability to help people get out of difficult and complex situations.
“I will forever be grateful to Jaffer and [Homes to Harmony]…I told him my situation and what I need to get out of the home. Jaffer came back to me and agreed to purchase the home for the price that I wanted. All business is about making money, however in my case, Jaffer was my saving grace and cared more about helping me than making a quick buck, and that makes all the difference!” – Nicole C.
Can I Save Money Selling to a Cash Home Buyer?
While you may be accepting a lower offer from an as-is cash home buyer compared to what you could potentially get on the traditional market, in the long run you can actually save money. Selling a home in the traditional way can cost many thousands of dollars to the seller.
Here are just some of the ways you can save money by selling to a cash home buyer.
Consider the Cost of Holding Your Home
Each month you pay expenses related to your home. These are known as holding costs. They are bills you pay to own the home and keep living in it.
For example, you’ll pay the mortgage, homeowners insurance, maintenance costs, utility bills, and taxes simply to live in your property and call it yours.
So, if your mortgage is $1,200 per month and you also pay $200 in taxes, $150 in homeowners insurance, and $100 in maintenance, your overall cost for holding your home is $1,650 per month.
Now, imagine you list your home on the market and are waiting for a fair offer from a buyer. Depending on the market’s condition and the details of your home, you could be waiting months to receive an offer.
If your home is on the market for four months before a buyer comes along, you have already spent $6,600 on your home just waiting for an offer that could potentially fall through.
Consider Preparation Costs
Most times, sellers cannot simply find an agent and put their homes on the traditional real estate market as-is. They often need expensive repair work done and cosmetic maintenance to make the house look sellable.
Some real estate agents may request that you stage the home with new furniture and move some of your belongings into a storage unit during open houses and showings, too.
These costs can really add up, and for what? So you can wait for a decent offer from a buyer who still needs to go through hoops with lenders? (while still paying that other $1,650 a month)
Consider Closing Costs
Another expense you will save when choosing to go with a cash home buyer is the closing costs. Typically, cash buyers do not work with real estate agents, so you can expect to save 3% in commissions at the time of closing.
On average, a seller pays 8-10% of the property’s sale price just in closing costs. For a $200,000 house, that’s $16,000 – $20,000!
You can reduce this cost to zero when you accept a fair offer from Homes to Harmony to buy your Chicago area home for cash.
Save Valuable Time
When selling your home, time is money. Each month that passes, you’re spending more and more money you probably prefer to keep in your pocket. If you can sell your home as-is in just a week to Homes to Harmony instead of waiting for months, accepting a lower cash offer doesn’t change much in the grand scheme of things.
Selling your home on the traditional real estate market can also be very stressful. From strangers touring your home on the weekends to dealing with real estate agents and negotiating offers and scheduling inspections, it’s another layer of complication added to your already hectic life.
Your time is more valuable than you may think. When you can save time and conduct a quick and seamless real estate transaction with little to no complication, it’s a huge win for everyone.
Is It Really Worth It to Sell Your Home for Cash?
Even though you may get less money for your home, is it really worth it to sell it to a cash buyer?
We can’t make that decision for you. Since each seller has their own standards, expectations, and situations to consider, we can only give you the straight facts and let you determine the best course of action for you.
If you feel that you can benefit from saving thousands of dollars in holding, preparation, and closing costs and want to sell your home quickly, then finding a cash home buyer in Bridgeview may be the right thing for you.
See How Much Cash You Can Get for Your Home
If you want to sell your Bridgeview home quickly, then look no further than Homes to Harmony.
We have worked with countless homeowners and families who needed to sell their homes quickly and for a fair value price. Our mission is to help people first and acquire properties second.
You can always trust us to listen to your situation and concerns while coming up with the best solution for your situation. Whether you’re facing pre-foreclosure or need to sell an inherited property, or for any other reason, we will make you a fair offer focused on your best interests.
Get a FREE, absolutely zero obligation consultation on selling your home for cash.