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Sell a House for Cash in Houston, Texas?

Decide How to Sell the House

The Frst step to sell a house would be to decide how you want to go about the process. The three ways to sell a home in Houston, Texas are Contact a real estate agent who will handle the entire transaction on your behalf. The agents take a cut of 5-7% as commission.


Sell the house on your own (For Sale by the Owner). You put a board in the front yard, talk to prospective buyers, negotiate the deal, and take care of paperwork by yourself.

It's recommended you sell the house to a real estate investor instead of selling in the open market.

Finalize When to Sell the House

Can’t you sell the house whenever you want it? Yes, you can. But it may not always be profitable. The selling price fluctuates based on various market conditions. And sometimes, you may not get the amount of cash you want.

Unless it is an emergency, selling the house in June would be the best option. The trends over the years have shown that people got the best deal in May and June and were able to close them faster. Talk to a reputed real estate agent to know more details about the right time to sell the house in your region.

Analyze the Market Trends

Even if you hire an agent's services, you still need to do your bit of research. Not all regions in Houston, Texas have the same market value. If you live in and around Dallas, Richardson, or such places, you have the advantage of selling the house for a higher price.

 

Check out the list of hottest marketplaces. See if you can use the local conditions to highlight your house. If the market trends have been in a slump for a while, it is safer to wait until the tide changes again. Your agent will be able to get you a better deal that way.

Set the Price for the House

The First step to sell a house would be to decide how you want to go about the process. The three ways to sell a home in Houston, Texas are Contact a real estate agent who will handle the entire transaction on your behalf. The agents take a cut of 5-7% as commission.

 

Sell the house on your own (For Sale by the Owner). You put a board in the front yard, talk to prospective buyers, negotiate the deal, and take care of paperwork by yourself.

 

It's recommended you sell the house to a real estate investor instead of selling in the open market.

Start De-Cluttering and Minor Repairs

Before you officially list your house for sale, you will need to work on the repairs and renovations. Since Texas is hot and dry in summers, upgrading the HVAC system in the house might bring you a better price. Similarly, ensuring that the roof is in good condition will also work to your advantage. Living in the flood zone does make people extra cautious about the strength of the rooftop.

 

Get rid of any trash you’ve been storing in the backyard. A neat and clean house will fetch you better offers and make it easy to negotiate the price for the amount you want to get in return.

Make Your House Ready for Sale

Always make sure that the house is ready to be shown to the prospective buyers. Give it a fresh coat of paint if necessary. Arrange the furniture, dust the cobwebs from the attic and cellar, trim the grass, and get rid of the weeds in the yard.

 

Doing the tasks mentioned above will make it easy for the agent to pitch the house and bring you a better deal. Then go ahead and advertise your property's listing. The real estate agent will help you listing it on the internet so that the news will reach more people. Please take pictures of the house and post them along with an eye-catchy description.

Review the Offers and Negotiate

By the time you reach this step, the offers will start coming in (hopefully). It's time to sort and categorize the oers, depending on what you want. Since you want to sell the house for cash, your focus should be on the oers where the buyers are willing to pay some money.

 

It would help if you double-checked the offers before you start negotiating. What looks good on paper may not translate the same to real life. If a prospective buyer says that they will need to sell their current house to pay you cash, you have to decide if you are willing to wait as long as necessary.

Appraisals and Inspections After Accepting an Offer

Licensed appraisers do appraisals on behalf of the lender. That is applicable if the buyer has applied for a loan to buy your house. However, the prospective buyer might want to get the home inspected by an expert to ensure that it is worth the amount.

 

In Houston, Texas, you have the right to say no to any of the repairs the buyers ask you to make in the house before they pay for it. The choice to agree or not remains with you. Make sure you consider all factors before you say yes or no.

Complete the Paperwork for Closing the Deal

Texas laws are very particular about what you should disclose to the buyer. From structural defects to the presence of any termites to the cooling system and wiring, you will need to list everything before signing the papers. You will need to submit more than a dozen types of documents.

 

Naturally, this leads to a lot of paperwork. The real estate agent will take care of it on your behalf and help you with the process. Remember not to sign anywhere without talking to your agent. If you are not sure about a clause, consult an attorney and take their advice.

Advantages of Selling a House for Cash in Houston, Texas

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Immediate Offers For Properties

The most significant advantage of selling a property for cash is that the offers almost immediately start to roll in. Compared to registering on an online portal through an agency on a Multiple Listing Service, this is much quicker. When selling online, it can take more than two months to get your property sold. In worst cases, it might not even sell at all. The percentage of houses that are not being sold keeps increasing year on year.

 

This makes selling a house for cash a much better alternative. When you opt for direct cash sales, you can get your house sold easier and without much effort.

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Sale Transactions End Quicker

When selling a house through other means than cash, the sale transactions might last for a much longer time. Cash sales on houses typically close within a few days once the price has been agreed upon. Of course, this is dependent on all the paperwork and inspections being in order. In contrast, other methods can take weeks to materialize.

 

The party might need to arrange for a mortgage or other formalities, which are completely negated in a cash deal. There are also chances that the buyer may not be able to fulfill their end of the deal. This means that a lot of time has been wasted on nothing.

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Cash sales make a lot of sense for people looking to sell their house as-is without accruing additional costs. Home staging is a big part of selling your house if you’re keeping it open for alternative selling modes. But fortunately, this is something that you can completely ignore during a cash sale.

 

The truth of the matter is that home staging has minimal effect on your ability to sell a house. It mostly ends up being wasteful spending on the seller’s part. Opting to have a cash sale means you can avoid this time-consuming step.

Don't Have To Stage Your Home

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For people who need to get sales done quickly and without spending additional money on smaller repairs, cash sales are the way to go. Cash buyers tend to ignore smaller repairs and issues when it comes to buying property. The reason is that they usually have a whole new plan to execute with the property. Or they might prefer getting repairs done at their end.

 

As with most people, ideas will be different, and they might design the house differently than you envisioned. But the bottom line is that you don’t have to spend additional cash for smaller issues. You still need to disclose it to them in good faith, though.

Minor Repairs Are Usually Ignored

There are a lot of challenging scenarios for people who are looking to sell a house. This might be legal or structural. Legal issues include homes that have title flaws or large amounts of tax accrued over the years. Structural issues are when houses have a lot of repairs or damage.

 

This also includes properties that have been devastated by fires or storms or other natural disasters. This can be a major detriment if you’re trying to sell the property. But cash sales mean that the buyer shoulders all the issues and can probably deal with them much more effectively.

Can Sell Even Under Difficult Circumstances

Disadvantages of Selling a House for Cash in Houston, Texas

Lower Offers In The Market

The first obvious tradeoff is the low purchase offers. The reason why these buyers are willing to take it off your hand quickly is probably to flip them in the market. Flipping property is something that has been around for a long time and will continue to succeed. Buyers carry out minimal repairs or improvements and then put them back on the market.

 

They might also remodel the house into a completely different design and then pitch them to other interested buyers. Or they might even rent it out to other people. Regardless of their goal, their objective is to buy it at as low a cost as possible.

Sales Are Sometimes Difficult

A lot of times, sales can take a long time to get done. You really can’t call the deal “closed” until you have the money with you. The delays are because of several complexities that arise during the transaction. One such case is advertisers or agents who simply get properties under contract from you.

 

They then advertise the property and shop around for people who will offer more money than they did for the property. This way, they don’t risk their money in the deal at all. This process wastes time and can be frustrating for sellers who haven’t done adequate research into their buyers.

Not Likely To Get Competing Offers

Another issue here is that you don’t get a lot of competition when it comes to buyers. In a sense, there really isn’t going to be a bidding war type of auction for your property. Buyers in these types of deals are basically going to be offering you their best price. It ends up being a “final offer” kind of deal. And more often than not, the pressure is on the buyer to accept this. Compared to cash sales, listing your home on a website or with a real estate agent can get you competing offers. You can pick and choose the kind of offer you want. This results in a much higher payout sometimes.

Repairs And Improvements Deducted From Price

While it is true that cash buyers overlook smaller issues, they will also leverage this to lower your price. The quicker you want to sell your property; the more severe these deductions are going to get. This is one reason why cash buyers prefer distressed properties.

 

Naturally, there is more profit to be made there. And the problem is that even smaller issues like replacing leaky taps or changing the carpet can end up in huge deductions on the final price. You need to be wary of this and negotiate hard to make it worth your while.

More Chances Of Buyers Ghosting

A lot of times, buyers just don’t contact you after the initial conversation. This is a common occurrence during any cash sales deal - the money might not be real. And in most cases, a seller doesn’t know why buyers don’t show. It could be because they were unable to arrange funds.

 

Or it might be that they found another property. Again, the seller’s time is wasted here holding on to a property for a buyer who will never turn up. One way to avoid this predicament is to ask them for proof of funds or a bank statement if they’re interested in the property. This will turn off time wasters and attract only serious buyers.

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