Selling a defective house is a big challenge. Most people fear that they will end up being stuck with the property, either because they will have spent so much time trying to fix it or because they will have lost a vast amount of money that could have been used in repairing it.
It may not be economically viable at times. However, all hope is not lost when dealing with cash home buyers in Charlotte, NC, since most of them are real estate investors or other companies that specialize in acquiring houses “as-is.”
For this, you can contact Chris Angel Home Buyers, as our cash buyers are happy to make offers on homes that are defective structurally. How will cash buyers help in the sale of your defective home, and why will this deal be of value to you?
8 Ways Cash Buyers Can Help to Sell Your House With Structural Problems
1. Quick Offers Without Lengthy Inspections
Cash buyers usually do not bother with structural issues, such as foundation problems, water damage, or outdated electrical systems, that might deter the traditional buyer. We could quickly evaluate the value of the property, consider repairs, and make you an offer. This accelerates the process and eliminates the protracted negotiation period that may emerge when a buyer is apprehensive about the cost and the extent of necessary repairs.
2. Faster Sales Process
Cash buyers are faster than the traditional market for homeowners whose homes have issues such as a damaged roof, foundation cracks, or termite damage. Such buyers do not need to secure a mortgage and, therefore, are waiting for approval of financing; such is usually a very lengthy process. At the same time, they will pay in cash, and generally, most of this seal the deal within days or weeks and not months. If one wants to sell fast, then our cash buyers are very good at saving one from all the uncertainty and delays of the regular market.
3. Selling “As-Is”
One of the main advantages of cash buyers is that they are usually okay with purchasing a property “as is.” This means you don’t need to spend money or time on repairs, inspections, or upgrades. For really structurally bad properties, repairs can be out of range.
Roof replacements, foundational fixes, and plumbing overhauls often cost tens of thousands of dollars. When selling to a cash buyer, you can avoid many expenses.
4. No Costly Renovations
In a regular home sale, extensive renovations are made to make the home look great and attract potential customers. Homes with structural problems are considered “high-risk,” and most buyers want a discount or expect repairs to be made before closing.
This could mean thousands of dollars in out-of-pocket costs for the seller without any assurance that the house will sell. Cash home buyers know they’re buying a property with structural defects and take those costs into their offer.
5. No Need to Pay Fees and Commissions of the Real Estate Agent
Major renovations usually make selling the house very time-consuming. Traditional agents will also generally charge a commission, usually 5-6% of the sale price, which reduces your net profit. Cash buyers don’t have to pay an agent and fees, so you walk away with more money out of the sale price. Additionally, a direct cash sale will not oblige you to stage the house or pay for marketing.
6. Overcoming Financing Obstacles
Many homes with structural issues cannot be financed because the lenders will not accept a mortgage on such properties as they do not meet specific criteria. In addition, many homes with structural issues will appraise low, or the lender will require repairs before approving financing. Cash buyers cut this problem off at its source since they do not need third-party financing. They know the risks involved and can financially purchase the property outright, so you will not lose a sale over financing complications.
7. Flexible Closing Dates
Another benefit of working with cash home buyers is the flexibility offered on closing dates. If you want out quickly because you need to be gone within a week or two of closing, that’s doable. If you can’t yet make the changes you must make a transition, that’s fine. Many buyers are flexible with cash and willing to work with your timeline, especially if things feel a little awkward or you are coordinating other movements, such as school or kids.
8. Fair Offers According to Market Conditions
Some home sellers feel that cash buyers will bid much lower on homes that have structural problems. This is a myth since although the cash buyer may factor in the cost of repair, most make fair market offers based on local conditions and the potential of the property. They make a professional judgment of the home’s value, factoring in the cost of repairs needed and the current real estate market.
Conclusion
Well, selling to a cash buyer is not a practical solution for every homeowner, but in cases of structural flaws or any other defect in the property, selling to a cash buyer could be the best thing one might look for. Cash buyers come to you and offer speedy deals free from the hassle of getting repairs done, relieving you from the pain of getting finances approved.
If your house has structural issues, contact Chris Angel Home Buyers. We are a cash home buyers and we would help you make a smooth sale. By choosing us, you choose a way that respects your time and does not burden your finances.