When selling your house as-is, the buyer is a key component of the proceedings. The role of the buyer cannot be overstated, after all, they have the cash you need. Not all buyers are the right buyers, so one of the first steps you want to take is to identify the best among all your options.
Working with the right buyer can make the process hassle-free and satisfactory. On the other hand, the reverse could be the case if you choose to work with the wrong buyer. So, to properly vet and identify which buyer you should be working with when selling your house as-is, here are five critical questions you should ask.
What Are the Terms of Your Offer?
A cash buyer would view your property and then make you an offer of what they think it is worth. You can request offers from multiple cash buyers; typically, you’re not obligated to accept these offers.
When you’re presented with an offer from a cash buyer, you should ask them for the terms of their offer. The terms usually include elements like:
- How much they are willing to pay for your home, and
- The proposed purchase timeline that they intend to work with
This can be a verbal exchange. However, you need to ensure that it is properly documented. This aims to present it when needed in case you need to back up some claims later.
Some cash buyers may require appraisals or include some conditions when buying your home. If they will add contingencies, you need to understand them and how they impact the transaction. Usually, cash offers should be simple to wrap up. So, if you receive offers with several contingencies, you should probably leave those and consider others.
How Did You Determine Your Price?
In most cases, price determination can be quite subjective with cash buyers using metrics solely determined by themselves. In many cases, when you’re selling as-is, some cash buyers may attempt to knock off more than is fair.
So, you need to have the cash buyer explain how they arrived at the price tag they offered. If you’re selling a house that requires major repairs, as-is, you should opt for a buyer who values your house using its after-repair value.
This metric bases the value of your property on what it would be after repairs have been completed and it’s back in prime condition rather than using its present condition. Even when the buyer uses this, ensure they detail their calculations and help you understand.
What’s Your Buying Process Like?
Asking for details about the cash buyer’s process is pertinent because it prepares you for what to expect. Nothing catches you off-guard. Similarly, you can anticipate every stage of the sale and plan it into your personal timeline.
Some buyers may have certain conditions or processes during the purchase, but this would be rare. A typical cash buyer should help simplify the process as much as possible. If any complications arise, they should be smoothed over quickly, too.
Usually, a cash transaction really is just you showing up and signing the necessary documents. Unlike the traditional home sale process that sees an extended timeline because of negotiations, repairs, and other back and forths, the closing process here can be done in seven days.
Can You Provide Proof of Funds?
This should actually be one of the first questions that you ask. You don’t want to deal with a cash buyer who suddenly tries to spring some arrangement on you after all the negotiations are done. Given that you’re looking to get your cash as soon as possible, this is clearly bad business.
In certain cases, some cash buyers provide you with a contract that allows them an interest in the property. They would then take the contract and look for an investor to sell to. This can be a major impediment to the selling process.
So, you want to confirm that the buyer you’re dealing with is legitimate and has cash to pay for your property immediately. You can request a certified bank statement or similar document showing their available funds.
What Are Your Plans for the Property?
It’s understandable that you probably have a sentimental attachment to your home. So, while you have to sell, you still care enough to know what will become of the place you used to call home.
As such, asking the buyer about their plans for the property is a valid inquiry. You may be against having your house demolished or quickly resold without repairs or renovations made. If this is how you feel, you want to work with a buyer with actual plans for the property.
For instance, if the buyer wants to convert the home into a rental, this could be reassuring. Note that this is a very personal sentiment, and some buyers may not be interested in disclosing since they expect you to accept your payment and move on.
However, if it matters that much to you, ensure you work with a cash buyer with plans to bring the house back to life.
Where Can I Find a Cash Buyer?
You can find a cash buyer by looking up those in your area online. For instance, if you’re looking to sell a house fast in the San Francisco Bay Area, we can help out with that!
We buy houses that need serious repairs or are in various other conditions. At dsouzahomebuyers, we can provide you with a cash offer for your house in no time!
You don’t have to deal with any of this hassle. No need for repairs or renovations!
Fill out this form to get the process started, and we could be closing in as few as 7 days! Remember, no fees, no commissions, no closing costs!
If you have any other questions, definitely call us at (925) 503 8193.
Final Thoughts
Asking these questions can provide you with much-needed clarity during your house sale. You can effectively use them to weed out the subpar cash buyers so that you’re dealing with only the best. Also, if you have other questions outside of these, ensure you ask. That way, you’re informed throughout the process.
