When doing the math on traditional house sale, are you budgeting only 5 to 6% of sale price people typically paid in realtor commissions as your expense? The truth is, expenses occurred via traditional real estate sales are actually much higher than this, and on average they end up being about 10% of the sale price.
Do you own a house in Cincinnati ,Ohio and are you planning on selling it in foreseeable future? There are two different paths you can take to sell your home. The first path is to sell your Cincinnati home to a traditional buyer, either by listing it with a realtor, or using a ‘sale by owner’ option. The 2nd path you can take is to sell your Cincinnati property to a cash buyer and/or real estate investor.
The real estate market saw many changes in the past couple of years and it’s becoming more and more common for a typical home seller to encounter investors and choose to sell their home to them directly for cash. According to a report from ATTOM Data Solutions, in 2017 alone, all-cash offers represented 29% in single-family home and condo sales combined.
Here is how selling your house to a traditional buyer differs from selling it to a cash buyer:
It may take months of your house sitting in the market before getting a buyer through a conventional home sale. Other than due to the season and the location of the house, there’s also a lot of processes involved since the time you announce your property on sale to the moment you’ll receive the money. Hiring an appraiser, realtor, and the period that you take to improve your house for the potential customer will also consume a lot of time. And to top it all off, you may finally get a good offer from a willing buyer, but also experience more delay due to mortgage processing period.
Here at Houses513, we buy houses for cash Cincinnati Ohio. We deal directly with the owner of the property, view the property, make a fair price cash offer within a day and buy the house ‘as is’ with cash. Therefore, it takes no more than two weeks on average to close the deal.
As is sale
In the traditional home sale, once you decide to sell your property, you must spend money before selling your house. You need to improve the appearance of your house to entice a customer. House painting, repairing may cost you much more than you imagine. The client may as well demand some more changes before paying entirely for your property. It can be challenging especially if you’ve financial difficulties and that’s the reason why you’re selling your property in the first place.
Selling your home to Houses513 will save you from all the trouble! We buy your house as is, whether it needs only minor repairs or it is in really bad shape, or destroyed by fire or flood. We buy distressed properties in Cincinnati Ohio area. You don’t even have to clean it.
If you’re selling your property through a real estate agent or by yourself, you must be prepared to welcome different strangers to your house through the whole selling process. Some people may not even be interested in purchasing the property but will still come to visit, view and maybe even criticize it. It isn’t only time consuming but may as well affect you emotionally, especially if you’re the one who is showing them the property.
If you opt to sell your property to Houses513, we will view the house once and make an offer.
Many individuals will have to pay for your property through loans and therefore secure the loan from a landing institution before the closing. This mode of payment may inconvenience you in case you need the money urgently. Processing mortgage may take a while, and if you are experiencing financial troubles this can lead to a foreclosure. In such cases, you really don’t want to risk foreclosure! It is smart not to wait and much better to sell your house to real estate investors and close fast for cash.
At Houses513, we buy houses for cash in Cincinnati Ohio; hence within a week or two, you’ll have the money in your account and not face foreclosure situation.
Miscellaneous expenses and charges
When you’re selling your property through the traditional method, you may not know the exact amount that you’ll receive until the closing end. There are a lot of charges involved and these include:
Commission (3% to 6%) – as a property seller, you’re required to pay both your agent and the buyers’ agent commission. It’s about 5-6% of the total cost of the house. In case you decide not to hire a realtor, and sell on your own, you still have to pay 3% of the total amount of your house to the buyers’ agent. You’ll need money for advertising your property and need time to welcome potential buyers and show them the house.
Appraisal charges (ongoing appraiser rate) – Do you know the value of your property? Most real estate owners have a vague idea how much is their property worth. Hence, the first step to do when selling your house is to hire an appraiser to come and evaluate the value of your home.
Staging cost (~ 1%)- you must prepare your house for sale, to make it presentable for viewing, and to attract customers. You may need to remove some or most of the furniture from inside and repaint the house.
Buyers Concessions (~1.5% to 2%) – a potential traditional buyer may ask for a discount after he/she gives the offer. It can be either in the form of money or services, and it’ll also cost you more money.
Repairing cost (depends on inspection)- your client may demand some more repair or ask for money to do it himself. If the house is not new, there must be wear and tear damage in it. It may be a broken tap, socket, doors or even stained sinks, or can be really big problems that came up during the inspection and need to be addressed before sale goes thru.
Closing cost (~1% to 3% ) – besides realtor fees, you also need to must pay for title insurance, the mortgage processing fee, title transfer fee, lawyer fees… Closing cost will vary depending on the state and the municipality of your property.
By selling your property to a home cash buyer, all these expenses are eliminated. At Houses513, our We Buy Homes for Cash Cincinnati Ohio division, we don’t require any repairs, appraisal, no closing fees, no commission fees and sale is not dependent on securing the loan – we pay cash for your as-is property in Cincinnati Ohio.
Identifying a reputable cash buyer from a scammer is vital to successfully selling a home to real estate investor . To ensure I’m attracting legitimate buyers when I need to sell my house fast, I inquire about local we buy houses Cincinnati Ohio companies. These companies are serious potential investors with verified references, readied finances, and a professional demeanour.
Us, Houses513, a local Cincinnati Ohio area cash home buyer, appreciate you, the seller, by visiting your property, keeping in contact, and offering a fair market price after careful consideration. We are here to answers all your questions and concerns and provide a great customer service prior to a sale. We also have a full page of FAQ for your viewing, as the first reference. If you want to avoid professional scammers and seek the services of a serious buyer, contact Houses 513 today directly at 567-203-5718 or send us an email via our Contact Us page.