If you have opted to sell your home to a cash buyer rather than a traditional buyer, you may be wondering if the process is different when it comes to preparing your home for the sale. The answer is, yes, it is different. But it also depends on the type of cash buyer you are working with. For most cash buyers, you have the option to sell as-is or, in other words, without the need to make repairs yourself. But here are three things you should keep in mind if you want to sell as-is to a cash buyer.
Inspections Are Still a Thing
In a few cases, the cash buyer may not feel the need to inspect the home; however, this is not common. While you probably won’t need to worry about getting a private home appraisal, do expect the cash buyer to want to see your home before giving you a cash offer. The buyer will inspect the home’s condition to get an idea of how much repairs will cost them. They will take the home’s condition into consideration when crafting a cash offer for the home.
Selling for Less
The reason why cash buyers are interested in purchasing homes as-is is because they intend to make a profit on the home. If they couldn’t make a profit by fixing up the home and selling it for more, then there wouldn’t be much of a reason to do what they do. But selling for less doesn’t mean that you get the short end of the stick: It means that you get to bypass the hassle of selling your home the traditional way, including making costly repairs.
Be Sure to Disclose Problems
Finally, if you choose to sell your home without making all the necessary repairs, you will still need to be honest and transparent about your property’s defects. So, whether you started a renovation project that never got permitted, have a mold or termite infestation, or merely require some cosmetic maintenance, disclose all details asked for by your home buyer. This will allow them to make a fair offer on your home.
So, are repairs necessary for an all-cash home sale? In most cases, no. But just because repairs aren’t necessary doesn’t mean that you should conceal any important information about your home’s defects. Furthermore, expect that the buyer will inspect the home and ask for a discounted price.
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