Las Vegas: Are you thinking about selling your home to a direct buyer in the near future? While the process can be quick and easy, there are several mistakes that homeowners can make that can derail a home sale.
In this blog post, Gr8housebuyers will help you go over the top 5 mistakes to avoid when selling your home to a direct home buyer in Las Vegas, so you can accomplish a successful sale for your house.
What Selling to a Direct Home Buyer Means
When selling your home to a direct buyer, it is important to keep in mind that you are essentially selling your Las Vegas property to an investor. Keep in mind, that there are different types of real estate investors, so what each one has to offer may vary. This also means that the direct house buyer will likely make a lower offer than a traditional buyer that plans to live in the house.
However, the benefit of selling to a house buyer directly is that the process is typically much faster, there are multiple options (you may be able to keep the house as an investment and basically partner up with the investor without the hassle of dealing with tenants, maintenance, and upkeep), it’s a more streamlined home selling process than selling with a real estate agent, and you may be able to profit more if the property needs a lot of repairs or the house is in the original condition it was built.
It can be a fantastic alternative for homeowners dealing with foreclosure, repairs, an inherited property, a vacant rental, or a tight selling timeline.
If you sell your house directly in Las Vegas, avoiding these common mistakes will save you time and money…
Mistake #1: Not Researching the Direct Home Buyer
Before you sign any contracts or legally binding agreements, it is important to do your due diligence on the direct buyer. Search for reviews and testimonials from previous clients, and check for any red flags like negative reviews or lawsuits. You could in fact contact them to request references of clients they have worked with before. You need to ensure that you are managing a legitimate organization that has a demonstrated history of satisfactory home buys. Do your homework and ask questions to every home buyer you speak to. Are you certain these other companies are local home buyers? Do they want to do everything online and over the phone (you might want to stay away)? There are many direct home investors out there, yet not every one of them will work with a similar genuineness, trustworthiness, and straightforwardness you really want while selling your house.
Mistake #2: Not Getting a Fair Price for Your Home
One of the biggest mistakes Las Vegas homeowners make when selling their house to a random direct home buyer is accepting an offer that is far below the current market value. Some direct investors will make lower offers than traditional buyers, but that doesn’t mean you have to accept a price that is significantly below what your house is worth. Don’t let them pressure you into making a decision immediately.
Patience and having multiple opinions/quotes is important when selling a house.
Make sure you are working with a reputable home buying company like Gr8housebuyers who isn’t here to lowball you, and cares about your satisfaction.
Mistake #3: Not Understanding the Home Selling Process
Selling your house to a direct buyer is a bit different, than selling on the market with a real estate agent. It is important to understand the process and what to expect. Direct home buyers typically make cash offers and can close quickly, but there are still inspections and paperwork that need to be completed. The process is easier with some home buying companies than others, so do your due diligence on how it works with each one. Make sure you understand the timeline and what is expected of you as the home seller.
Working with a trusted cash home buyer like Gr8housebuyers® will allow you to sell on a timeline that works for you.
Mistake #4: Not Disclosing All Major Issues with the Home
When selling your house, it is important to disclose any home issues or complications of the real estate property you’re familiar with. This includes things like leaks, mold, or foundation/structural issues, A/C not working, etc. Failure to inform a home buyer of these issues can lead to legal troubles down the line. Be upfront about any issues and make sure they are addressed with the home buyer before closing.
At Gr8housebuyers®, we specialize in buying houses as-is, so any repairs and defects are not a problem.
Mistake #5: Not Having Selling/Moving Arrangements
While selling your house to an immediate purchaser can be a fast and simple cycle, you’ll have to ensure you have a new place to go to once the house closes. Finding a new home, packing, and moving can be time consuming (some home buyers don’t easily accept extensions), so ensure you are prepared when your escrow finalizes.
Moving arrangements are important during the sale of a house, and a company like Gr8housebuyers can assist in making the home sale hassle-free.
Why Choose a Direct Home Buyer?
A major benefit of selling to a direct buyer is that you can often avoid many of the listing and closing fees associated with selling the house. When selling through a real estate agent, you typically have to pay a commission fee of around 6% of the sale price. This can add up to tens of thousands of dollars, especially if you are selling a high-value home. When selling to a distressed home to a professional home buyer, you can often avoid these fees and keep more money in your pocket, and typically, the home sale is much faster.
Of course, there are also risks associated with selling to a direct buyer. Just like on the traditional side of real estate, one of the biggest risks is that the buyer may not be able to secure financing for the purchase. This can lead to the home sale falling through, costing you money like for holding costs, unexpected moving delays, etc. To avoid this risk, make sure that the home buyer has proof of funds and a good track record before signing any contracts or agreements.
Selling your home to a direct buyer can be a great alternative for homeowners who want to avoid the typically more lengthy and complex traditional selling process. However, it is important to avoid these common mistakes to ensure a smooth home sale. Do your research, get a fair price for your house, understand the process of each home buyer, disclose all issues with the house, and have a plan in place for after you sell. By following these tips, you can sell your home with confidence and ease.