Recent housing market data shows that homeowners increasingly prefer to sell a house without an agent. Statistics from the National Association of Realtors show that private home investors accounted for 15% of all house sales in July 2020. This was an 11% rise over the same period the year before.
The cynicism tied towards “we buy houses” advertisement boards has contributed to many homeowners believing the misinformation peddled online. Before you brush off the cash offer from Cleveland home buyers, here are five myths about cash for houses that you need to drop.
1. MYTH: Cash Home Buyers Are Unethical
Many Cleveland homeowners fear being scammed by private investors. However, to cash home buyers, the home buying process is part of their business. Most real estate investors purchase property for flipping or increase their rental portfolio. Cash buyers are not out to defraud you. To quell your fears, take time to research the company before you sell your house for cash. Check out their website and physical office. See what other clients say about their services. Most importantly, ask for proof of funds before continuing with the sale.
2. MYTH: It Takes Forever to Sell Your House for Cash
Most homeowners worry that their property may have to spend months on end without a definitive buyer. However, the 2019 NAR annual report shows that home sales without an agent were complete within less than two weeks. Listed properties stayed on the market between 65 and 94 days before closing. If you sell your house for cash, you will receive an instant, fair cash offer with a closing date that you prefer.
3. MYTH: You Need to Carry Out Repairs and Upgrades Before Selling
Real estate agents often request their clients to conduct repairs and upgrades on their homes to make them more attractive to buyers. Some homeowners carry this mindset when dealing with a Cleveland home buyer. Most private investors do not care about the condition of your home. You can sell your house for cash on an “as is” basis. This defeats the common misconception that cash buyers are only after run-down properties or homes in perfect condition.
4. MYTH: You Will Only Receive a Low-Ball Offer
Some property owners think that the cash home investor is out to purchase their house for pennies on the dollar. While the cash offer may be slightly below the retail price, you get to enjoy the full amount. When you sell your home fast for cash, you do not have to worry about the 3%-6% agent fees, expensive repairs, photography, staging, and home inspection fees. A quick walkthrough of your property with the private home investor, and you will receive a fair, instant cash offer for your house.
5. MYTH: Cash Home Buyers Have Contingencies in Place
Anyone that has ever listed property through a realtor understands the pain of having to see a potential buyer back out on a whim. There is less risk of your deal falling through the cracks when you sell your house for cash. Private investors do not rely on mortgage approval to finance the purchase. You do not have to worry about any contingencies about the completion of the deal.
More homeowners are embracing the benefits of selling a home fast for cash. Don’t let these myths hold you back for a great deal. To receive a no-obligation cash offer for your home in Cleveland, reach out to Sell My Home Cleveland today.