Ready to sell your home, but not sure which method is best? Property Spot has you covered. Today, they’re comparing two extremely popular methods of sale: listing your home with top agents, or selling it hassle-free to a cash for homes company.
How Selling to a Cash for Home Company Works
Selling your house to a cash for home company is very different from selling your home for cash on the traditional market. For one, you’re not selling to a family or a landlord – you’re selling it to a company who will flip your home (at no cost to you) and sell it to a family.
With this method of sale, you don’t need to worry about home repairs and renovations, inspections, or the fees that come with using a real estate agent. Property Spot sends an evaluator to your home. They’ll do a quick walk through to get an idea of your home’s floor plan and maybe snap some photos (with your permission). They are not looking for things that need repair that will lower the market value of your home. They will take a look at your roof and see if any major repairs are needed, but the purpose of this visit isn’t to devalue your home – it’s to see the layout.
Property Spot calls their walk-through “transactional,” meaning there isn’t an inspector, red flags, suits, or ties – it’s just to gauge base condition. After the evaluation is complete, cash for home companies will send you an offer. Some companies, like us at Property Spot, will get your offer out in 24 hours or less.
Benefits of Selling to a Cash for Homes Company
There is no faster way to sell your home than to a company like Property Spot. You’ll get an offer in 24 hours (or less in some cases) and you can pick your closing date. On top of that, there is very little paperwork you have to fill out – most of it is handled by Property Spot.
There are more benefits than just that, though. It’s also more affordable for you to sell your home this way. You don’t have to make any repairs — including fixing structural or roof damage — and there are no additional agency fees, photoshoot expenses, or staging costs.
Disadvantages of Selling to a Cash for Homes Company
When selling your home for cash, it is unlikely you will receive the full market value of your home, though you will receive a fair offer. Some companies may only offer what you still owe on your mortgage, while others will go above and beyond.
Selling Your Home with a Top REALTOR®
Before you jump to this option, know that not every real estate agent is a top REALTOR®. The top agents are the best-of-the-best. They boast a strong number of transactions in your area for high market values and low days on market. Additionally, not every real estate agent is a Realtor®. If you want to know the difference, you can read all about it here.
Top REALTORs® have a network of buyers they use to sell your home fast. However, there are some pros and cons for you to consider here too.
Benefits of Using a Top Agent
Top REALTORs® know exactly how to sell a home in your area, including all of the paperwork, laws, and inspection processes. They can guide you through everything to make the process easier on you.
They also increase your chances of selling your home above market value. According to the National Association of Realtors (NAR) 2020 Profile of Homebuyers and Sellers, homes recently sold with the assistance of an agent went for 35% more than homes sold by owner.
Disadvantages of Using a Top Agent
While working with a top agent is generally a safe and quick way to sell your home, it’s not guaranteed. Your agent will work to get your home sold quickly, but it depends on the economy and the market at the time. This means that while a top agent will increase your chances at selling your home quickly, it’s not guaranteed.
You also have to consider closing periods. Even if you sell your home in 3 days, it will take about 33-48 total days to finalize the sale.
On top of that, top agents can be expensive to work with. You will have to consider all of the additional out-of-pocket expenses, including (but not limited to):
- Professional photography
- Staging
- Professional cleaners
- Landscaping
- Home repairs and renovations
- Closing Fees
- Agent Fees
These fees can make or break the sale.
So, Which is Better?
We can’t tell you which choice will be better for your particular situation, however we can tell you that selling your home to a cash for homes company will get you a faster sale without any added fees, while selling your home with a top REALTOR® will get you a higher market value, but no guarantee that it will sell quickly.
If you need a quick sale, the choice is clear. Visit us online or give Property Spot a call at 480-400-7792 to start the process and to get your fair cash offer quickly!