You’re the only person who can make that decision, and we want to help you understand the pros and cons of both options so you can make the best choice for your situation.
Accepting a cash offer or listing on the market are both solid options for selling a home. One is not necessarily better than the other. If you’re unsure which option is better for you, here are some of the key questions to guide your decision.
What is your timeline?
A cash offer typically gives you more control over timing. We can close in as little as 7 days if you need a quick close or give you 60+ days if you need extra time to pack and move. In contrast, if you list a house, you are somewhat at the mercy of the market. You may get an offer right away or you may wait for months. And, many buyers will want to move in within 30 days of signing the contract. So, if speed or extra time are top priorities for you, a cash offer may fit your goals.
Does the house need work?
If you’re debating listing on the market or selling to an investor, the condition of the home is one of the most important factors to consider. A well-maintained home with modern finishes will typically sell for a higher price on the market. However, a cash offer is typically the best option for someone who has a home that requires significant work.
Many houses fall somewhere between these two extremes – they need some work or updates but they aren’t obvious fixer-uppers. If you’re trying to sell one of these homes, a professional consultation can help you understand the options for your unique situation.
How much money can you make?
In many cases, listing on the market will allow you to sell for a higher price. However, that is not always the case. It’s important to consider:
- Commissions, fees and closing costs. Typically commissions and closing costs are typically around 7% of your sales price. So for a $300,000, that would be $21,000 less in your pocket.
- Contingencies and repairs. It’s not uncommon for buyers to request repairs or concessions in negotiations. A faulty sprinkler system, an old roof or electrical issues that you never knew you had could eat into your profits.
- Insurance, taxes and ongoing maintenance costs. These are really only applicable if you plan to sell a vacant house – maybe a house you inherited. I often talk with families who have great intentions to clean up an inherited house to list it, but life gets busy, weeks turn into months and the little costs add up.
Do you have a plan for clearing out stuff?
If you are trying to sell an inherited/estate property or downsizing, decades worth of stuff may make the process feel overwhelming. Cash buyers like the Family House Company often allow sellers to leave behind stuff they no longer need.
Still not sure which solution is right for you? Request a no-obligation professional consultation
The Family House Company 