Reasons To Sell Your House For a Cash Offer
Cash offers are a very attractive option to homeowners who need to sell their home very quickly. This method of selling a home has become increasingly popular in recent years. In 2018, cash offers accounted for just about 20% of home sales. Let’s take a common look at the reasons and scenarios where someone might be able to take advantage of a cash offer on their home.
The Home Is In Need Of Repair
A cash offer is an attractive option if your home is in need of repair or renovation. Houston Capital Home Buyers will often buy homes that need repair. According to Rocket Mortgage, the average cost of a “move-in ready” home versus a “fixer-upper” is about $50,000. Depending upon the various types of repair or renovations that need to be done, you might not make as much money if you complete the work yourself. Consider the following various types of work that might need to be done to increase the value of your home compared to the actual ROI of those repairs:
- Bathroom and kitchen repairs/upgrades: You’ll recoup about 64% to 78% of the actual cost for renovating your kitchen or bathroom
- New flooring and repainting: These repairs will have an ROI of about 60% to 80%.
- Foundation Repair: You’ll likely not recoup any of the costs of repairing your foundation, yet it is still a major item that you may have to complete in order to sell your home.
The bottom line is that, depending upon the current state of your home, repairs and renovations might not help you make very much money if you are intent on selling your home. Also, repairs and renovations can take a tremendous amount of time and slow down the timeline for selling your home. With Houston Capital Home Buyers, you can get a quote within 24 hours and sell your home in as fast as 7 days.
You Are a Homeowner Who Has Had a Major Life Change
If you are dealing with a marriage, divorce, retirement, or a new job, you often need to change your living situation very quickly. Sometimes, two parties might not want to stay in a house after a divorce or the house needs to be sold to pay off debt. Sometimes, retirees may need to downsize. Additionally, new jobs sometimes require relocation. Selling a house quickly and without stress is possible through a cash sale.
You Are At Risk of Foreclosure
Foreclosures are particularly damaging to a homeowner’s credit and can make future housing opportunities difficult. A cash sale can help offer a way out by minimizing damage to your credit, avoiding eviction, and moving on to the next stage in your life. Selling your home for a cash offer is also an excellent way to avoid a short sale on your home.
Cash Home Offers Are Less Risky If They Come From The Right Place
Cash offers tend to originate from for sale by owner situations, from home flippers, and from real estate investors. Sometimes, cash-only buyers might withdraw their cash offer after an appraisal or a property inspection. Sometimes, home flippers might be waiting on the sale of another property before they can buy the cash-only property. Companies like Houston Capital Home Buyers offer the lowest amount of risk, as we can close on your home in as little as 7 days.
Accepting a Cash Offer Affords the Least Amount Of Hassle
Houston Capital Home Buyers offers the least amount of hassle in terms of selling a home in virtually any situation or condition. Let’s say that you are in a situation where you need to stay in the home a little bit longer. Houston Capital Home Buyers will occasionally offer leasebacks to clients, where they can lease the home for a predetermined time after the sale. If you are a landlord looking to sell a home with tenants, that is another situation that we can work with. We also will buy homes in need of repair or renovation.