If you’re selling your home for cash, you can do many things to get the best price. You can also lower the asking price of your home to reflect the investment of the buyer. Many sellers don’t bother marketing their home at all. You can get help selling your home from many places. Below are 5 tips for getting the most money when selling your home for cash. Read on to learn more!
FSBO
While selling your home for cash without an agent may seem like a good idea, it can also leave you with a lot of costs, including commission fees. Even if you do it yourself, you must still account for costs such as posting your home on the MLS, paying a buyer’s agent commission, and closing the deal. FSBO homes typically sell for 6% less than those listed with an agent. Furthermore, FSBO homes take longer to sell, and FSBOs are more likely to fall out of contract after accepting an offer.
Short sale
Before submitting your application for a short sale, you should ensure that you have all the required documents in order. This includes the tax returns for the past two years, recent bank statements, and employment paycheck stubs. If you have multiple loans, it is important to contact each lender separately as some are very proactive, while others are very noncommittal. In addition, make sure to include any corroborating material, such as medical bills or termination letters, and be prepared to explain your disability if needed.
All-cash offer
A cash buyer can close quickly. While a loan requires at least 30 days, the all-cash transaction can be completed in seven to ten days. This can speed up the sale, and you can be in and out of your home sooner. But beware of the misconceptions of an all-cash offer. A cash buyer will still have to pay for closing costs, which cover the paperwork and filing.
Reverse engineering buyers’ attention
The traditional way to market a home is to sell it before you even look at buying one. It allows you to know how much you can spend on a new place, and it allows you to see what kind of mortgage payment you’ll have each month. However, reverse engineering the process means you’ll begin at the opposite end of the process, selling your current home after you buy your new one. This is a risky and intimidating process for many homeowners, so it’s essential to get some coaching.
Organizing your closets and cabinets to maximize your offer
While you might not be in the market for a new wardrobe, you should still organize your closets and cabinets to maximize your offer. Most prospective buyers will open closets and cabinets during a walkthrough of your home. Organize items into piles by category and make them easily accessible. Consider adding additional lighting and fresh paint to storage spaces, which will improve the look and feel of the space.
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