Well, here’s some information on some options you have, what you can expect and how to make the best decision when you consider selling your house as-is.
Alright, so you googled “sell my house fast in Raleigh, NC” or something of the sort, and now you’re finding a billion results… most of them look the same, and all of them promise to “buy your home fast” or “pay cash”.
You may be wondering if these companies are legit. After all, if there are seriously companies who can buy your home in like 10 days, and pay you cash, why wouldn’t everyone be using them? Unless they’re scam artists?
We get it. Here’s the deal…
If you’re looking to sell your home in Raleigh, fast, or for cash, here are a few things you need to know:
Is it to good to be true? It depends on your expectations.
Yes, you can sell your house for cash in just a few days, BUT you may not earn as much as you could by selling through a realtor.
As with most things in life, it depends on your situation and goals. If you’re trying to get out of your home as quickly as possible; a realtor can’t help you; you can’t or don’t want to make expensive repairs; or you’re in a crisis situation – then selling for cash may be a good road to take.
It just depends on a few things.
Let’s break it down…
First, here are a few reasons you might be trying to sell your home fast in the first place…
To avoid foreclosure.
This is a common reason for people looking to sell fast, or for cash. If you’re facing foreclosure, and struggling to make mortgage payments, selling through a realtor might be difficult. The reason is, that selling your house on the market can take anywhere from 60-120 days (more or less depending on your area, and the condition of your home, etc.). If you’re facing foreclosure, often, you don’t have that much time. Plus, if you’re facing foreclosure you probably don’t have many funds to fix your home up and make the repairs it would need to sell on the market anyway. If you show it to prospective buyers, they’ll often want you to fix certain things before they’ll buy – costing you more money, and in this case, more time that you may feel you don’t have.
So if it’s between going into foreclosure, or selling it in 14 days for cash and walking away with some money to restart your life, and get somewhere for your and your family to rent, then it might make sense.
Move fast for a job.
You just landed a new job (woo hoo!), and now you need to move… fast (oh..). What do you do? You can technically list your house on the market, but you might end up having to try and sell it remotely, from another city or state. So yes, it’s totally doable, but some people just don’t want the headache. Maybe that’s you.
To get rid of bad renters, and a burdensome multi-family (mf) rental.
You bought your multifamily home thinking it would be great passive income. But now you’ve got renters that won’t pay (and won’t leave), and you just want to sell it and be rid of it. However, the renters trashed the place, and you’re fed up with the headache of it all. You just want someone to come in and take it off your hands.
Say you inherited a property in the Raleigh area, but don’t want to deal with it.
Maybe someone left you a house that you just don’t want to manage. It requires repairs, monthly maintenance, showing it to prospective buyers or renting it out, and you don’t want that. So, maybe you’re here because you’re looking for a way to just get paid cash for it and walk away.
All these are reasons why people look for either fast selling options, or cash selling options.
OK, so what are your options with selling your house?
Well, you have 3 main ones:
- Sell it yourself.
- List it with a realtor.
- Sell it to a “we buy houses” company (aka, “real estate investor”).
Let’s break down each one:
Sell it yourself.
In this scenario – you’ve got to market your home to people who are looking to buy, show it to buyers and schedule walk-throughs, take care of all the paperwork with the bank, and… well … literally everything.
We doubt that’s what you’re looking for, or you wouldn’t be here. OK, next one…
Sell it through a realtor.
This is the most common option for most homeowners. You find a real estate agent who will market and list the house for you, schedule showings and appointments, and help you in the closing stages.
They take a commission, and there are some other fees that come out of the sale of your home. However, this is usually the way to get the most money possible for your home. That’s why it’s the way most homeowners sell.
- Get the most money possible (usually, though we can’t say for certain in every case)
- Wait an average of 90-120 days
- Keep your house clean for showings and HGTV show-ready
- The sale might fall through if the buyers can’t get financing
- You’ll have to pay monthly mortgage payments and utilities while you wait for it to sell
- You have to make repairs
For most people, this is the best option, simply because it’s gonna get you the most money possible. But it’s not necessarily for everyone.
… or maybe it’s not all about the money. (I mean you want to get the most you can, but that’s not all that’s important to you…) Maybe you care about your house and what becomes of it.
Is that you? Let’s talk.
The third option…
Sell it to a real estate investor (aka “cash home buyer”, aka “we buy houses company”).
Basically, these are companies or single person operations, that buy houses totally as-is, for less than the house is worth, and then take care of the repairs themselves, list and sell the house themselves, and make a profit.
From a seller perspective, you find the person (or company) you want to work with, settle on a price, and they take care of everything (usually, depending on the company). You get paid in cash, and can walk away.
- Sell your house in anywhere from 7-30 days usually.
- More consistent sales (less fall through)
- No repairs.
- Super easy.
- No showings, no walkthroughs.
- Earn less (usually) for your home than you could selling with a realtor. The investors try to make profit for their own business, and need to cover the cost of repairing your home.
- Some of them can be really scammy and take advantage of people (more on this next).
So which one is right for you?
You probably knew this was coming, but, it just depends. Only you can decide what’s best for you, because there’s no right answer. Here is a rough guideline:
If you can wait 60-120 days for your home to sell, and have the money and desire to make repairs and show your home – go with a realtor.
If you can’t wait, and your house is going to cost too much to make repairs, and you just have no desire to show it on the market, consider going with a real estate investor or professional home buyer.
There are other options out there, but this article is not meant to go into depth on all that.
Alright, next: if you decide to use a “cash for homes” company, make sure they’re ethical & honest. Here are a few things to look for…
There are a lot of companies who buy homes quickly in Raleigh. Unfortunately, not all are ethical. Here are some things to check for when evaluating them:
- Reviews: check their social reviews (Google, Facebook… etc.) Are they on Instagram documenting the work they claim to do? Also look at their website for testimonials. You can also call them and ask them for past referrals from other homeowners. Specifically, look for what people say about how “nice” they were, what they were like to work with, etc.
- BBB: if they’re part of the Better Business Bureau and have an “A” or “A+” rating, that can’t hurt.
- Experience: ask them how long they’ve been doing this. If they’re new, that’s not necessarily bad… but get a feel for how confident they are. If they’ve been in business 10 years with tons of happy reviews, you can feel better about that.
- Win-win mindset: a good company shouldn’t be willing to work with you if the deal is going to hurt you. In other words, not everyone is a good fit for a real estate investor. If you’re not, and you’d be better off selling elsewhere, they should tell you that.
- ABSOLUTELY NO FEES. It’s one thing if they ask you to pay any outstanding bills you owe 3rd parties. But a reputable, ethical investor will not ask you to pay any up-front fees, “security fees”, or any other BS thing like that. They’re making their profit by buying your home, and shouldn’t require any money from you.
- Look for ones that pay closing costs. Many investors are willing to take care of all closing costs and fees.
- Are they sensitive, caring, compassionate, or empathetic? They should treat you with respect. Just because you’re in a rough situation doesn’t mean you should get taken advantage of or treated like crap. When you talk to them, listen to see if they seem to authentically care about helping you out. There are many ethical investors out there who really do care.
- Talk with them and feel them out. Many reviews from happy homeowners will tell you when they “just felt comfortable” with certain buyers. You get a feel for people, and after talking to them, will know better what they’re like.
Then ask them these questions…
- “How long can I take to decide on the offer”? A good company shouldn’t pressure you, or threaten you.
- “Can you show me how you’re arriving at this offer number”? A good company should be transparent, and shouldn’t be afraid to show you their pricing. Of course, you need to know that they’re going to need to make a profit (or else they can’t stay in business), but they shouldn’t be afraid to show you. Often this means showing you: 1) what other homes that are in similar condition as yours in your neighborhood sell for, 2) the repairs and what they may cost to make, and 3) the profit the company needs to make.
Once you think you’ve found a good one, here’s how to sell your home for cash in Raleigh:
Typically, most investors work this way:
- Contact them, or fill out their lead form. This is what gives them your address so they can evaluate your home, and know that you’re interested. Feel free to just call them if that’s easier.
- They should come out and see your home. They’ll inspect it, look at what it’ll cost them to repair it, get a better idea of how much value it’s worth, etc. They’ll also likely learn more about you and your situation.
- If your home is a good fit for them, they’ll make an offer.
- You should take time to consider the offer. You may want to reach out to other investors to compare offers. Remember that going with a caring, compassionate, ethical investor is more important than trying to find one that will pay $1,000 more. Talk with family and friends, and make sure this is a good decision.
- If you want to take it, let them know. They should take care of all closing costs, fees, and paperwork with the bank for you. Many will also set the closing date around your schedule and priorities, giving you more time to move out if you need.
And that’s about it! The process is really easy, and that’s why you’re giving up some of the value of your home to work with one of these companies. They simply make life easier.
Have more questions, or looking for an ethical investor?
We are here to serve you. We aren’t your average real estate investor.
Our company, The Inspiring Investment, is a professional home buyer Raleigh, NC whose mission is to help overwhelmed people, whose house has become more of a burden than a blessing, achieve freedom by providing the most reliable and convenient way to sell their home. Most importantly, we provide transparency where it’s needed most. Working with us, you can know you’ve been treated fairly by a company you can trust.
We buy houses in and around Raleigh and turn those houses into places people want to call home. We love giving people a re-set button and are happy to answer any questions you may have. Don’t hesitate to reach out to us if you have a house that needs work and you are considering selling it. We can close fast, or slow it’s up to you.
Our vision is to raise the standard of customer service, quality work and integrity in real estate investing, utilize our experience to serve our community and be a trusted resource for people just like you.
So whether you are looking to sell your house fast, want a free selling consultation, or want to take matters into your own hands with your fixer upper, reach out on our seller’s contact page here.
Together, we can figure out how The Inspiring Investment can best serve you.