If you want to sell your house fast, you might be wondering, “How do I get a fair cash offer on my home?”
Cash offers typically close quicker and are less likely to fall through.
But if you’re considering a cash offer, it’s important to ensure your buyer is offering a fair offer for your home.
What is an all-cash offer?
An all-cash deal is an offer to purchase your home for cash. In other words, the homebuyer offers to buy your home without a mortgage loan or other third-party financing.
Cash offers allow sellers to avoid many hurdles associated with the home selling process, such as a home inspection or home appraisal contingency and the risk of the buyer backing out or being denied financing, etc.
Because lenders aren’t involved, it takes less time to sell your home with a cash sale. Once you accept the offer, you can usually close and get your money in as little as two weeks.
What is a fair cash offer on my house, and how do I get one?
One of the first things you’ll need to do is determine a fair price for your home. That starts by finding out how much your home is worth.
If you have a real estate agent, they can help by running a competitive market analysis. This looks at similar homes in your area to see their list price —and what they ultimately sell for.
While this won’t give you the exact value of your home, this can be very helpful in understanding a reasonable asking price for your home.
A home appraisal is another more specific method you can use to determine the value of your home before it goes on the market.
Are cash offers common?
Cash offers are more popular than ever. According to a 2022 study, nationwide cash sales are at a seven-year high and made up more than 34% of all single-family homes sold in the first quarter of this year. That’s the highest it’s been since 2015.
While they can occur in almost any situation, there are a few common scenarios where sellers can experience a higher chance of cash purchase offers.
- Competitive real estate markets where buyers want their offers to stand out
- Houses in need of renovations and would make a good “flip” house for investors
- Buyer with cash proceeds from the recent sale of a property
- Sellers contacting an iBuyer about getting a fair cash offer on their home
How do you make a fair offer on a house?
If a house is on the market, the seller’s agent receives a fair offer through the buyer’s agent, the same way they would receive an offer from a prospective buyer with a home loan.
A fair offer from an investment company or iBuyer usually follows a property review.
At Simple Home Offer, we work with iBuyers to provide a fair offer to sellers within a day or two of their home inspection.
If an inspection turns up some minor repairs that need fixing, the seller can opt to make the repairs themselves, or they can request the iBuyer network of home repair professionals complete the repairs and adjust the purchase estimate.
Once the repairs are completed, owners pick their closing date—in as little as seven days—and start packing. Simple Home Offer takes care of the rest.
Is a cash offer worth it?
It’s important to consider your cash offer carefully to ensure you get a fair deal for your home.
While a cash purchase is undoubtedly less complicated, closing costs are still part of the selling process.
You’ll need to sign closing documents and pay fees, such as title company fees, property taxes, real estate agent fees (if you’re working with a realtor), and so on.
Is a fair cash offer right for me?
With a cash deal, the entire process of selling your home is simplified and virtually stress-free and offers several advantages to a seller.
The homebuyer either has their own cash and can make a fair offer for your home, or they don’t. So once a home seller has verified proof of funds, you can relax knowing you’ll close on the deal.
Without the need for underwriting—underwriting can take up to 60 days for some lenders—cash purchase offers close quicker.
If the buyer works with an independent title or escrow company, sellers can still expect a streamlined closing with fewer documents to review and sign.
Most lenders require a home appraisal to ensure the home’s value equals or exceeds the amount of their mortgage offering.
With a cash offer, the sale is not contingent on your home passing an appraisal, and your home’s value is determined by the amount a buyer is willing to pay.
You may also avoid other contingencies, such as the property needing to pass a home inspection or potential buyers securing homeowners insurance on the property.
Every homeowner’s situation is different, and a cash sale could be the perfect solution for you, but it may not be the right choice for your neighbor.
Let Simple Home Offer help you get a fair cash offer for your home
If you want to get your house sold—or are thinking about selling your home—a cash offer might be something you’re looking into.
A quick closing, no financing risks that the deal might fall through, and cash in your pocket in under two weeks can all be very appealing.
Simple Home Offer specializes in helping homeowners get cash offers and can help you without the inconvenience of listing or showing your home. Offers to buy usually come in less than 48 hours.
To see if your home qualifies, just tell us a few details about your home and get your offer.
We work with investors (also called iBuyers), wholesalers, and realtors to help homeowners get a fair cash offer on their homes.
We take time to learn about your situation so that we can make recommendations that make sense for your situation—without the hassle of a traditional home sale process.
Not quite ready to apply? Still have some questions? Great!
Contact us today.
Photo by Alena Darmel