You’ve just lost your job and you in a tight spot financially, maybe you just have gone through a divorce and is forced to split the property, or maybe you just inherited your uncle Tom’s house and need it sold quickly.
There are dozens of reasons why you need to sell your property today, tomorrow, this week, or this month. I get it! I’ve seen it all and sometimes shit hits the fancy and you have to sell.
But before you hit your keyboard and Google “sell my home quick” or “sell my home for cash” and go through the list of all the cash for property buyers.
How does selling your property for cash work anyway?
Selling your property for cash is not magical, it’s a simple process that bypasses all the standard or traditional methods of selling your property with a real estate agent.
By selling your property to an “investor” for cash you avoid:
- Paying realtor commission fees
- No open houses and showing headaches
- No need to list your property
- In some cases, no need to pay to fix up your property
- No need to wait for mortgage approvals.
- And you can avoid appraisals to appease the lender all together which can pro-long closing days.
- And skip the hassle and additional fees of paying for things like staging, renovation, and getting the pictures done.
Sound pretty good right?
Well, not exactly…
I’ve been in this game for a long time while getting a cash offer for your home is very attractive but it is only good for homeowners who want to sell QUICK!
If you can afford to wait for a few months or even a year to sell then listing it with a realtor is a better option as you’ll be able to maximize the value of your property.
But like I said if you need to sell quickly than calling up an investor who is going to make you a cash offer to buy your property as is can be a great option.
But you MUST be very careful. Just remember… not all-cash buyers and investors are alike.
You sell your property to an investor and bam cash appears in your pocket. On top of that, you do not have to go through with any hassles I’ve listed above.
But beware! What you need to watch out for are the shady cash buyers that are looking to scam and mislead you with their dirty little tricks.
6 dangerous mistakes you should know about selling your property for cash
1) Watch out for scams
Not all investors or cash buyers are the same and unfortunately, investors unlike real estate agents are not required by law to have a license when buying or selling properties.
This is a common problem when selling your property for cash as many investors are not realtors and will operate with deceptive and misleading intentions.
I’m a realtor and have a license to operate which brings a lot of comfort for homeowners but if you’re a first-time seller you want to very careful to either work with investors like myself who is a licensed real estate agent or investors with a proven track record and a solid credit history.
Selling your property to shady investors or businesses can cause you more harm and leave you more desperate than before you even looked into selling your property for cash.
2) You may have other options
I’ve helped countless homeowners to sell their home quickly for cash but I have also work with property owners who want to sell their property for cash but don’t really need to.
While it is in some investor’s interest to take advantage of desperate sellers. A good investor will dig deeper into your current situation and possibility prove alternative solutions that may be a better option for you.
Here at Offer Haste, through our network of investors and realtors, we always provide property sellers with multiple different options to sell their property including listing their property the traditional and getting market value.
3) Providing inaccurate evaluations of your property
One of the biggest issues working with cash buyers is that they will often provide you with offers and evaluations of your property without thoroughly analyzing your property first.
A good cash buyer should be clear and upfront about whether it is a final offer or a more tentative offer based on the information and picture you provide them.
Investors who provide you with a miscalculated offer just want to make you excited will often try to low ball you later. And as you get closer to closing the deal, they all of a sudden give you hundreds of different “XYZ” reasons as to why their initial offer is no longer valid.
Often time cash buyer companies or investors will do this because they want to secure your house before other investors who may be willing to make a better offer for your property.
4 Trying to lower their offer due to external factors
Another dirty little trick to beware of when selling your property for cash is that sometimes the investor will try to lower their initial offer by telling you that “there have been some external factors or market value changes”.
While on a very rare occasion, this can be legitimate, but in most cases, this is just another lie!
The reality is because cash buys are so fast, it is highly unlikely that any external factor or market change will cause your property value to drop.
5 Be Vary of Any Hidden Fee’s
I’ve briefly covered this in the second point but some cash buyer companies and investors will often pull a quick one on sellers by adding in ‘hidden’ fees.
Some of the more common hidden fees these investors or companies will use are:
- Upfront application fees
- Survey fees
- Appraisal fees
And any other random fees the shady investors may try to add.
As a general rule of thumb, unless the investors are upfront and can justify the fees, they want to charge you, don’t pay them! Be very careful before signing anything to make sure there are no hidden fees that you’re not aware of.
6 False promises on completion time
Many cash buyers claim that they will buy your property in 7 days. This is very much do-able but only if they are true cash property buyers.
Make sure the company you are selling to have the cash reserves to buy your house as this is the only way they can complete a sale within 7 days.
If the investor cannot meet the deadline they have set (whether that is 7 days, 14 days, or more) then alarm bells should start ringing on your side.
It could be that the investors are trying to sell your home on the open market or sell your details onto real cash house buyers.
The Bottom Line
If you cannot wait and must sell your house right now then just be very careful about who you’re selling your property to and make sure there are no hidden fees, terms, and most of all beware of shady investors/companies.
I know, it can be a difficult process…
But our team here are Offer Haste can help!
If you are serious about selling your property quickly and don’t want to weather all the uncertainty. Let us find you multiple fair offers from investors in your local area and all you have to do to get started is to take our free cash offer quiz here.
There is absolutely no risk or obligation to get started, our online quiz is FREE. And if you can prove a better deal elsewhere, we’ll match it.
So take this quiz right now, and get your property sold right away!