The question of “how do I get cash for my home” comes up a lot among the eight percent of home sellers who’d prefer to not use a realtor. It’s also a concern among individuals or families looking to get out of a house that’s costing them money.
In the following article, we give you the five steps you need to be taking to sell your house for cash. Let’s begin!
1. Know Your Final Number
Asking yourself, “how do I sell my home” without losing money? You have to start by knowing what it takes to get you in the black (or at least out of the red).
Determining your final number can be as simple as knowing the outstanding balance of your mortgage. You also might wish to factor in any investments you’ve made in home improvements. These could add anything from minimal to significant overhead depending on how long you’ve owned the home.
2. Calculate Your Vacate Date
Selling your home for cash without losing any in the process also requires you to know when to move out. If you own a mortgage, then each month is more out-of-pocket that there are no guarantees will be recovered in the sale.
Add in the fact that most of your payment goes to interest instead of equity, at least in the first half of the loan, and it’s tough to sell high enough without clearing what you owe. Do the math. Know how the price is affected by the time you have to stay in the house.
3. Advertise Your Listing
Selling a home for cash isn’t possible if people don’t know about it. Get signs made for your yard. Also, consider wayfinding signs showing you’re selling your home for your neighborhood.
You might also consider listing on local Facebook groups and discussing your desire to sell with anyone you know. They might not be ready to make an offer, but it’s probable they know someone who is.
4. Clear Your Schedule
How do I sell my home for cash if I’m always at work, you might be asking? Doesn’t a prospective buyer need to see the home in person?
Most would want to, though the rise of the virtual tour has made it possible to get a good look without being on-site. If getting rid of the home is a priority, look at your schedule and make yourself available for all interested buyers to come have a look.
5. Prep Your Home
How do I get a buyer to buy my home for cash when there are issues with the home? There are different ways.
Look to companies that buy houses for cash, as-is. You might have to take less if the home has significant repairs and remodeling that need to be done. Or, to make top-dollar, you might consider making those repairs ahead of time and pricing those costs into your asking price.
Follow This ‘Cash For My Home’ Guideline to Move Your Listing Quickly
Following the “cash for my home” guideline we’ve presented here will help you unload a house that’s costing you money. It could also help you turn a profit or at least stop the bleeding.
Just make sure you’re making time for the potential buyer, putting your best effort into preparing the home, and doing the proper calculations for when to sell, and finding the right price. Good luck, and for more real estate tips, check out some of our additional posts!