Homeowners today have several options to choose from when it comes to the path they take to sell their houses. They could go the traditional route of listing it on the market, selling it on their own, or doing a rent-to-own agreement (a lease with an option to buy or a requirement to buy after a specified period of time). There’s also a faster, easier way than all of these options: sell your home for cash to a home investment company.
Home investment companies buy properties “as is” for cash. That means you don’t have to make any costly upgrades just to sell it. The process is also typically faster than listing it on the market.
Here are nine benefits of selling your home for cash.
1. Quick and Easy Process
The process of selling your house with a real estate agent or by owner is typically much longer and more stressful than selling it to a home investment company. When you sell your property on the market, you have to create a listing and complete showings, a home inspection, an appraisal, and deal with mortgage applications that end up falling through. There’s also a number of applicable state laws you must follow. Home investment companies, like Meridian Trust, allow you to skip the hassle and sell your home for cash in three easy steps.
2. Sell Your House “As Is”
Fixing up your house just to sell it can be both expensive and frustrating, whether you’re doing it yourself or hiring a contractor. For example, redoing your roof with asphalt shingles might cost an average of $28,256 and have an average resale value of $17,147, according to the Remodeling 2021 Cost vs. Value Report1 (www.costvsvalue.com). Even smaller jobs, such as installing new counter tops, can run between $1,858 and $4,177. It’s also rare to recoup the full amount you paid for the renovations at the time of home sale. Additionally, projects don’t always go according to plan, especially if you hired a contractor. There have been many cases where contractors didn’t finish the job properly — or at all. When you sell a home for cash to Meridian Trust, you sell it “as is,” which means you don’t have to make any repairs or updates at all.
3. No Inspection Necessary
When you sell your house on the market, the buyer may request a home inspection. During this process, a home inspector will do a visual assessment of the house’s structure and systems, including the roof, ceilings, walls, floors, windows, and doors. Based on what the home inspector finds, the buyer may ask you to either fix the issues before they’ll buy it or they’ll use the issues to help negotiate a lower price for the house. By selling your home to a home investment company, you can forgo the home inspection process altogether. At Meridian Trust, for example, we don’t conduct inspections. If you opt to sell a property to us, we simply choose a scheduled day and time and have one of our representatives take pictures of the interior and exterior. This allows us to ensure the house aligns with what was described to us over the phone. We’re typically in and out in less than 30 minutes and the entire process costs you nothing.
4. Skip the Appraisal
During a home purchase or refinance process, a certified or licensed appraiser hired by the lender will come to your property to do a home appraisal. This is essentially a value analysis that helps lenders ensure they aren’t giving too much money to the buyer. If you’re selling a property on the market and it appraises at less than what a buyer offers, it can create an issue. It will either reopen the door to negotiations — potentially driving down the final sale price of your house — or it will prevent the buyer from getting enough loan money to pay for the house, causing the deal to fall through. If you sell your property to a home investment company, you don’t need an appraisal at all. When you first call Meridian Trust, for example, we ask you a series of questions and then make a cash offer using our advanced buying tools. The price we tell you is the price you get at sale, no hidden fees or surprises.
5. The Deal is Less Likely to Fall Through
There are a variety of reasons why deals don’t work out when you’re trying to sell your property to a homebuyer. Their credit might not be as great as you thought, they failed to qualify for a loan, or there’s a title complication. Any of these scenarios can be major setbacks, forcing you to start the entire process of finding a homebuyer over from the beginning. Meanwhile, your home sits on the market, which may drive down its final sale price. Selling your house to a home investment company is often much more efficient, allowing you to avoid the disappointment of a deal that fell flat.
6. Faster Closing Process
It can take 30 to 45 days from submitting a mortgage application to the actual closing day when you sell a house on the market, according to NerdWallet. Financing, inspections and appraisals can often bog down the home-selling process. By selling your home for cash to Meridian Trust, you forgo these time-consuming steps and close faster. As an example, Meridian Trust can typically get payment to you as quickly as 10 to 14 days after receiving a signed contract. Our process is so efficient because we have an in-house title agency and we’ve fine-tuned each step over the 15-plus years we’ve been in business.
7. No Surprise Fees Or Closing Costs
Real estate agents work for commission. Some may charge a flat-rate fee, but it’s most common for them to receive a percentage of the property’s final sale price. That percentage is typically around 5 to 6 percent. As an example, if your home sells for $400,000, the real estate commission might be roughly $24,000. That amount likely gets split between the two agents if both you and the buyer have an agent. Then the agents give a certain amount to the real estate broker who oversees the deal. Certain home investment companies, like Meridian Trust, don’t charge additional real estate commissions and we take care of the closing costs for you.
8. Stay In The House For Up To A Year
You might have an easy time selling your home, but a challenging time finding your next place to live. That’s the dilemma when you’re both selling and buying a house in a seller’s market. If you go the traditional route of selling your property on the market, you’ll likely be expected to vacate after closing so the new homeowners can move in. Some home investment companies, like Meridian Trust, offer greater flexibility. In fact, you might be able to sell your house and then stay there for up to a year. This gives you the time necessary to find a new place, pack up and move without feeling rushed. If you do want to move immediately, you also have that option and then you can get the cash sooner.
9. Get Paid in Cash
The most exciting part of selling your home to a home investment company is getting paid — in cash. At Meridian Trust, we let homeowners decide how they want to get paid: bank check, money wire or certified funds.
Want to find out how much your house is worth? Give us a call for a free, no obligation cash offer: (954) 807-9087.
© 2021 Hanley Wood, LLC. Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
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