What You Need to Know When Selling Your Home For Cash in Greenville, South Carolina
If you’ve been thinking about selling your home for cash, you probably have a lot of questions. Have I explored all my options? How does the cash sale process work? What should I be cautious of? How do I know I’m getting a fair price?
Greenville is a great place to own a home. We haven’t been subject to the housing bubbles that other cities have faced, and the area is seeing strong, consistent growth. If you’re ready to sell your home or a house you’ve inherited in Greenville, you’re in a good place. This guide will walk you through what you need to know about selling for cash in the Greenville area to ensure you’re fully informed and don’t get conned into selling for less than you should.
What Is Selling a House for Cash, Exactly?
Selling a house for cash is both simple and quick. When you sell for cash, you’re avoiding listing fees, commision expenses, and closing costs. You cut out the time it takes to market the home and to wait on the buyer to arrange financing. You don’t have to spend time or money fixing up the house and creating curb appeal, because cash sales are as-is. Typically, with a cash deal, you’ll be done with the process within a few days.
How to Avoid Being Taken Advantage Of
While selling for cash is attractive for the above reasons, you need to be cautious. Do your research and watch for unscrupulous investors who seek to take advantage of people who find themselves in an unfortunate situation.
Know what your home is worth. Get an appraisal, if possible, and look at what similar homes in your area have sold for in the last couple of months. Due to the fact that the buyer is taking on significant risk, you won’t make as much from a cash sale as you will via a conventional sale on the open market. But you should prevent yourself from accepting an offer that’s lower than it would be from a reputable buyer.
Be sure to protect yourself in a cash deal. Always ask for proof of funds from your prospective buyer before agreeing to a sale. And don’t allow contingencies for a clean inspection or a certain appraisal value if you’re selling for a deep discount.
When to Consider Selling a House for Cash
You’ll almost always make more money on the sale of a home on the open market. So why would you consider selling for cash? Here are a few situations when selling for cash is a smart decision.
1. You Need Flexibility
Cash buyers are sometimes willing to work with buyers who are in difficult situations. If you’re underwater on your home, if you need to move on a specific date, if you’re dealing with special considerations as a result of a divorce settlement, or if you need flexibility for some other reason, many cash buyers are willing to provide options to accommodate your needs.
2. You Don’t Want to Market the Home
If the house is vacant, you’ll have a more difficult time selling it on the open market without having it furnished and staged. You’ll need to think about curb appeal, including fixing up the landscaping and planting flowers. If you don’t want to deal with the hassle of everything that comes with marketing a home, selling for cash can be a welcome option.
3. You Have a Distressed Property
It’s nearly impossible to sell a house as-is on the open market. Conventional buyers need to feel good about the home to envision themselves living there. A distressed home in need of significant repairs or cleanup will fail to attract buyers. Distressed homes often sit on the market for years, unsold.
4. You’re Facing Foreclosure
If you’re struggling financially and you can’t afford to keep your home, selling for cash will prevent you from going through the painful foreclosure process. Avoiding foreclosure will also prevent your credit from being damaged. With a cash sale, you’ll be able to sell quickly and eliminate the stress of overdue mortgage payments and the threat of foreclosure.
How Does Selling for Cash Work?
How the process of selling for cash works will depend on the buyer. Fast-cash buyers share a reputation with payday lenders for good reason — many are unscrupulous and try to take advantage of people who are in a compromised emotional state due to a difficult circumstance. These buyers will try to offer as low as half of what the home appraises for, with the promise of quickly relieving the seller’s emotional distress.
While reputable cash buyers will offer less than market value because they’re taking on risk that conventional buyers aren’t, they typically pay between 70%-85% of a home’s appraisal value.
National buyers, even if they’re reputable, will usually offer less than local buyers, simply because they don’t know the market as well and are unsure what they could sell the home for. Local buyers understand what’s going on in the local market. They know each neighborhood intimately, and they know the potential of each area. They’re also typically more invested in the health of the community, because they live there.
All cash buyers will be ready to close quickly, so the process shouldn’t take more than two or three weeks.
Precision Realty’s Process
Precision Realty’s process is focused on win-wins. We won’t do a deal if it isn’t good for the seller as well as for our own company. We’re extremely invested in our Greenville community, and one of the reasons we do what we do is to conserve homes in our town that would otherwise further deteriorate. Our vision is to see our neighborhoods, and the people in them, flourishing.
For this reason, our specialty is distressed homes. We’re especially looking for homes that have mold issues, termite damage, fire damage, electrical issues, roof problems, water damage, structural issues, and homes that are in need of major repairs. After we purchase these homes, we create a design plan to completely transform them into beautiful homes that will be an asset to the community.
Our process is simple:
- Contact us — We’ll talk with you about what you need and learn your constraints.
- We visit the property — We check out the property to see what we’re dealing with.
- Get a cash offer — Based on what we see, we’ll present our best offer to you and tell you what we can do to work with your individual situation.
- Close within two weeks — Assuming you’re ready to vacate the property, we’ll close within two weeks.
While selling for cash isn’t the first thing you should consider, with the right buyer, it’s an excellent option for many situations.