Do you need to sell your house fast in Denver, Colorado? Perhaps you have decided that the recent influx of people to the local area is becoming too much, and you want to move. Or you may have decided to move to another state because you recently got a great job offer. Whatever the reason you need to move fast, selling the traditional way may not be ideal. On average, homes for sale in Denver may take about 60 days or more to change hands from seller to buyer. This includes the time it takes to market your home and the time it takes for buyers to go through the closing process.
Unfortunately, you may not have over 60 days to close on a home. You also may not have the money to fix your place to get it in sellable condition. So when faced with such challenges, what should you do? Selling your house for cash may be an option, but here are a few pros and cons.
First, The Disadvantages
When you have to make a quick move, time is of the essence. But not so fast. You don’t want to make moves that could cost you your home entirely. Here are a few reasons you may not want to work with a “we buy houses for cash” company.
It Could Be a Scam
This is one of the worst-case scenarios, but it is still a real possibility. Many cash home-buying companies today have earned a solid reputation over the years for being legitimate. They provide customers with a fair deal on their houses. Remember that they aren’t like traditional real estate agents and don’t represent your best interest, however. On a brighter note, they will try to give you fair market value for your home “as-is.”
Unfortunately, as with all businesses, there are a few bad apples in the bunch. So to avoid getting scammed out of your home, you’ll have to try to look for sketchy businesses posing as legitimate cash home buyers. Here are a few ways to know that the company you’re working with may be scammers.
- The company avoids putting an offer in writing and prefers only to make verbal agreements.
- They want you to sign over your title to your home before selling the property.
- The company requires you to pay plenty of upfront fees.
Keep in mind that many cash home buyers are legitimate businesses that can get you quick cash for your money. Just don’t be taken by unscrupulous dealers looking to steal your property.
You May Not Make As Much Money as a Traditional Sale
When you put your house on the market for a traditional sale, you may have to put a lot of money into staging it and making it look its best. While this could be a lot of money out of pocket upfront, these changes could substantially increase the percentage you sell over asking. So, not only could you make your money back on the improvements you make, but you could also have a little extra to line your pockets.
Selling your house for cash may seem like a more lucrative option, but in some cases, it all depends on your needs. If you need money immediately for a specific reason, then selling for cash is the more enticing offer. However, you may not get as much bang for your buck since you’re selling your home “as-is.” This means the company will offer you the home’s value minus the amount it will take them to get it in sellable condition. Essentially, they are flippers and are in business to get the deal that works to their advantage.
Ultimately, the value of their offer will be based on what you need the money for. If you want cash because you think it will make you more money than a traditional real estate sale, you may want to rethink your strategy. But if you want cash because you think you may lose more money than it’s worth if you go the traditional route, working with cash buyers may be a better option.
Now, The Advantages
Ok. Enough with all the bad news about working with cash home buyers. Here’s the great news.
You Can Sell Your Home Faster Than 30 Days
When you need cash immediately, especially to purchase another home, waiting for the traditional process could take a long time. It can take even longer if the sale is a short sale. You will first have to meet with a potential agent. Then the agent will recommend fixes you need to make to ensure your home gets the most possible viewings. You will have to make the fixes and put the house on the market.
After a while, a buyer or two may show interest and decide to put in an offer. Then, you will begin another waiting process as the bank decides if they want to grant the buyer funds to pay for your home. So, not only do you have to consider the logistics of the marketing and sales process, which could take over 60 days, but you also have to include the weeks or months it may take to get your home in salable condition. Overall, you could spend three to four months just trying to sell a home.
When selling your home for cash, you could get the money you need within ten days or two weeks. This cuts your wait time down drastically.
The Offer is Guaranteed
When you work with a cash home buyer, they typically assess your property and provide you with a no-nonsense offer on your home “as-is.” Once you agree to the cash offer, they will work to secure the funds for you as quickly as possible. No gimmicks and no tricks. The offer is guaranteed.
You Don’t Have to Fix Up Your Home
If you don’t have the money necessary to fix your home to get it ready to sell, you should consider selling it for cash. They will give you the best value for your home based on its condition, which may not net as much as a traditional real estate sale. But, at least you won’t have to invest in repairs that may not bring as much return on investment as anticipated.
It May Help You Avoid Foreclosure
One of the biggest reasons cash home buyers started their business is to take distressed homes off the seller’s hands. While this is still a large segment of their business, it is not their only business model. But if you are facing financial difficulties, know that such companies may be able to help take this burden off your hand and minimize the chances of credit problems from foreclosure.
