When selling a home, you’re likely to get a bid from a potential buyer planning to use a home loan to cover the cost of the property. That buyer will provide a down payment in cash, then a lender will cover the rest of the price. While most buyers will use a home loan to purchase your house, some buyers may make a cash offer.
What Does It Mean to Get A ‘Cash Offer?’
If you receive a cash offer, it means the buyer is capable of paying for the house using cash instead of financing. Buyers will pay using a cashier’s check or electronic transfer. There are two benefits to getting a cash offer versus a normal offer:
- The buyer has the money – Buyers that make a cash offer have the money required to make the purchase. Many buyers haven’t actually applied for a mortgage (pre-approval). This means once you accept an offer, they need to be approved by their lender. If they’re not approved, the deal falls through and you’ve gotten your hopes up and wasted time.
- The closing time is shorter – Because a lender is not involved in the purchase, the closing time can be much shorter. It can take as few as two weeks to close if a cash offer has been made.
Keep in mind you’ll need to verify the proof of funds. Usually, the buyer will be required to provide 1%-2% of the price as earnest money along with bank statements or investment statements.
A professional real estate agent can help guide you through the process of accepting a cash offer. If you’re selling a home, contact us at Randy Lindsay for more real estate advice.
One of the challenges of selling a home is surviving showings, especially if you’re living in your house. Your real estate agent is going to schedule a fair amount of private showings. You always need to be ready. Here are four tips for managing showings:
- Ask for advance notice – Tell your agent that you need as much advance notice as possible so you can prepare. Cluttered countertops and sinks, unmade beds, and floor debris are turn-offs for potential buyers when selling a home.
- Keep valuables locked away – Go through your home and remove valuable items. Lock these “treasures” away rather than leave them out. This applies to small items showcased throughout the house and especially jewelry. The chances are minimal anyone will steal anything, but you don’t want to risk it.
- Keep your home clean every day – Because you may not have a whole lot of notice when a private showing is scheduled, try to keep your home clean at all times. One way is to limit your living space; make certain rooms and areas “off-limits.”
- Leave during a showing – You should plan to leave your home when a showing is scheduled. Homeowners that hang around can make the showing awkward for potential buyers as well as real estate professionals. Buyers might have enough trouble imagining themselves living in your furnished, decorated-for-you house, especially if they see you living there while they’re looking.
You can lessen the stress of showing a home by following these tips. For more advice about selling your home in today’s market, contact Randy Lindsay sales professionals.
When selling a home, the buyer will schedule a home inspection to evaluate its condition. If the inspection reveals serious issues – major repairs or replacements – the buyer can back out of the offer-to-purchase contract.
Because a home inspection is standard, you should prepare for it to ensure it goes as smoothly as possible:
- Check for issues yourself – You should make repairs where necessary before the home inspection takes place to avoid delaying the closing. Check the roof for missing tiles. Make sure all fixtures and appliances are working properly, replace light bulbs where needed, look for leaks, and take care of any bug problems.
- Clean the house – While an inspector won’t “punish” you for having a dirty house, it can leave the impression that you don’t take care of your property.
- Clear the perimeter of the property – The inspector is going to inspect the outside of your house, so clear the perimeter for easy access.
- Connect utilities – You’ll want to make sure all of your utilities are connected so the inspector can check lights, appliances, and HVAC (heating, ventilation, air conditioning) units.
- Make access easy – Ensure your home is easily accessible for the inspector. If the entry to the attic or the basement is blocked because of clutter, it looks bad on your part.
These are just a few tips for preparing your property for a professional home inspection. For more information about what a professional inspection entails or for tips on selling a home in general, be sure to contact us at Randy Lindsay today.
Homebuyers typically use real estate agents to help them find homes that fit their personal and budgetary needs. And if you’re selling a house, you should use an agent too. Some homeowners don’t think they need a seller’s agent. How hard is it to sell a house?
A seller’s agent provides services that are invaluable. Here are three things you should know about seller’s agents:
- They can help you find motivated buyers – Finding buyers can be more challenging than you might think. Simply listing your house may generate shopping interest, but not market-driven buyers. Seller’s agents have relationships with other agents in the area, which means that they can find motivated buyers to send your way.
- They can help you price your home accurately – Seller’s agents are familiar with local real estate markets. They use comps (similar houses that recently sold in your area) to determine demand and appropriate pricing. By not pricing your home correctly, you could lose money (if priced too low) or have a lot of difficulties attracting potential buyers (if priced too high).
- They can help you save time – Selling a house takes a lot of time and effort. A seller’s agent can help you save time by listing your house for you, scheduling open houses and walk-throughs on your behalf, guiding you through the paperwork process, and much more.
Selling a house is a lot more challenging than you might think. A seller’s agent will help guide you through the entire process to make it go as smoothly as possible and to help you sell your home quickly at the right price.
If you’re about to sell your home, then you’ll want to make sure it’s ready before you list it. If there are issues, it’s not only going to hurt the property value, but it can turn away potential buyers. Buyers that see an obvious need for repairs will leave with a poor impression of your house.
Even if they can see past smaller repair needs, the idea that they will have to put time and money into repairing problems themselves after buying their “new” house isn’t a purchase incentive. Here are a few things you’ll want to before you list your house for sale:
- Exterior siding – If your exterior paint is chipping away or starting to fade, repaint it. The siding has a big impact on your curb appeal and if it’s an eyesore, will leave a poor first impression.
- Fences/railings – Loose or broken fences and railings are easy to fix. Not fixing them can make your property look like an abandoned lot.
- Lighting – It’s not going to look good if a potential buyer tries to flip on a light switch and nothing happens. Make sure any lighting issues are addressed.
- Plumbing – Get your plumbing inspected and repair any problems you find with faucets, toilets, showerheads, and drains.
- Windows – Cracked window panes or worn, cracking window frames do not make your house look good. Plus, they can lose a lot of heat and air conditioning, which raises energy costs.
There are many reasons why homeowners decide to sell their homes without the help of a real estate agent. They often think too much of their home and assume that there will be tons of interested buyers. They don’t think it will take a lot of work to sell because they think that all they’ll have to do is create an online listing and buyers will come flooding in. The biggest reason is often that they don’t want to pay the agent fee. However, not using an agent can be a mistake. A real estate agent can help protect you as the seller in the following ways:
They can protect you from pricing your home incorrectly
An agent can help you determine what your home’s market value is. Underpricing your home will lose you money while overpricing it will scare away potential buyers. The longer your house is on the market, the less likely it will be to sell.
They can prevent you from losing a negotiation
Real estate agents understand the art of negotiation and have experience doing it. You’re going to have to negotiate with potential buyers at some point. Many sellers won’t budge because they’re too stubborn, resulting in the loss of a potentially fair sale, while others may budget too much and end up being taken advantage of.
They can make sure you don’t accidentally do anything illegal
An agent will make sure that everything you do during the sales process is legal. For example, you’re legally required to inform buyers about any issues your house has that you know about.
They can help you with the paperwork
Selling a house is not as simple as just signing a basic contract. There’s a ton of paperwork involved. If you don’t have the right paperwork or you don’t know what you’re doing, you could accidentally sabotage a sale. A real estate agent will help guide you through the paperwork process.
As you can see, a real estate agent can be extremely helpful when it comes to selling your home. To speak with an agent today, be sure to contact us at Randy Lindsay.