When you choose to sell your home to a cash buyer, the first thing that the buyer will do is evaluate your home. Based on their evaluation, they will provide an offer that you can accept, reject, or negotiate. There are several different factors that cash buyers look at when evaluating your home to ensure a fair price for both seller and buyer.
Cash buyers will look at any unfixed damage to your home when evaluating it. This includes but is not limited to water damage, faulty electrical wiring, structural or foundational damage, pest damage, fire damage, and regular wear and tear on exteriors and roofing. Cash buyers do not require you to complete any remodeling or renovations on your home before selling to them, but they will take into account any damage left behind. Damage will lower the offer price since the buyer will most likely have to fix it once they own the property. However, the price drop is typically less significant than the amount it would take to fix the damage on your own.
During the evaluation, a cash buyer will also consider when your home was built. Older homes have existed longer than newer homes, so they naturally have experienced more wear and tear and are probably in worse shape. Additionally, newer homes tend to be made out of better materials, so older homes may not be as structurally sound as newer homes. Even if you have a very old home, cash buyers will still be able to provide you with a fair price for it.
Often when people sell to a cash buyer, there are extenuating circumstances with the home. For example, you might be selling your home when you are still behind on mortgage payments or when there are still problematic tenants living there. A cash buyer is still willing to buy your home despite these extenuating circumstances, but they consider these things during their evaluation.
Make sure to do your research to estimate what your home is likely worth on the current housing market. When selling to a cash buyer, take into consideration the conditions your home is in and how that might affect the face value of your home. Legitimate cash buyers will be happy to walk you through their evaluation process and help you understand their offer price.
To get a quick and fair cash offer on your home, get started on an evaluation today by contacting Simply Sold here.