When selling their home, most people will go down the traditional route of finding a realtor, listing their home, and then waiting for someone to make an offer. While this is more common, many people are beginning to turn to cash sales and are specifically selling to home-buying companies. This is a highly beneficial option in many situations, but understanding the cons is still valuable.
Accepting a Low Offer
In most cash sales, you will typically receive a lower offer on your home than you might expect. Cash buyers are prone to buying homes in their current condition which removes the responsibility of making repairs or renovations from your shoulders. Unfortunately, this is reflected in the price. Cash buyers will buy a home for lower than what you could have made if you fixed up the home. Additionally, they factor in how much it will take for them to make repairs and they deduct this from the offer they make. Selling to a cash buyer, and a home buying company specifically, can make for a fast and easy sale, but you won’t be making as much money.
Potential Scams
There are plenty of reliable home-buying companies out there that routinely purchase homes for cash. However, cash buyers are not always what they seem. There is a high risk of potential scams. Some buyers are not actually legitimate buyers. Scams include buyers who renegotiate the price after you’ve made a contract or they’ll keep making changes to the contract. You may also encounter buyers who don’t have the funds for a sale at all. This is a waste of your time and you have to begin your search all over again.
Not Knowing Your Buyer
When you sell your home, it’s comforting to know who will be buying the property. You’re selling a place that was important to you and you want to know it will be taken care of. Additionally, you have friends and neighbors you’re leaving behind and you want to make sure they’re respected as well. When you sell to a home-buying company, you have no idea who will actually end up with your house and how the sale will affect the surrounding area. This doesn’t necessarily affect you, but it does leave an impact on others.
A cash sale is a great solution for anyone who needs to quickly sell their home. It’s an easy process and home-buying companies are a reliable option. However, there are drawbacks that you should be aware of.
If you choose to sell to a cash buyer, you want a reliable option. Click here to get a quick offer from Offer Hut on your property.
