How to Sell your Sacramento House for Cash?
Cash offers for homes in Sacramento are not all that common. In fact, according to RealtyTrac, 70% of all home sales through real estate agents require bank financing of some kind to complete the transaction. The numbers also indicate that an alarming 1 in 3 offeris with financing fall out of escrow at some point in the process due to financing issues.
There is nothing more frustrating as a homeowner than to accept an offer for your house and watch it evaporate over night because the bank would not approve the buyer. You would think that with all of the lending guidelines, checklists, and pre-qualification applications, that lenders would get better at screening the applicants in advance and the terms pre-qualified and pre-approved would actually mean something.
In actuality, the terms Pre-qualified and Pre-approved don’t hold much value in today’s real estate market, and it is not uncommon for a seller to have a buyers financing declined late in the escrow process. Imagine accepting an offer only to find out 25 days later that the buyer did not qualify.
Not only was your house off the market for the 25 days, how many potentially well qualified buyers did you pass up because the house was pending and not actively showed to other potential buyers. As an option a real estate agent can take “back up offers”, but most buyers don’t like to participate in the uncertainty of sitting in second or worse, third position.
Most Purchase and Sale Agreements in California give buyers a period equal to and up to the agreed upon closing date to remove the financing contingency. That means that your house is tied up in escrow for up to 30 days or longer before you even find out that the buyer has even submitted all of the necessary paperwork. To compound matters, lenders have no obligation to update the seller if there is a delay even if the buyers have fail to deliver required information or that the loan approval process is waiting for a copy of a pay-stub. Delays are common and lenders are not obligated to be forthcoming.
When reviewing offers with financing most homeowners just take the highest offer without regard to the terms and conditions assuming that they are going to receive the most amount of cash at the end when the house finally closes. They don’t realize that when factoring in financing delays, that same high offer can actually cost them thousands of dollars in holding cost, especially if that offer and that buyer disappear because the loan was declined.
For homeowners wanting to sell a house fast in Sacramento, financing can add 120 days or more to the process which can be costly if you need to sell your Sacramento house fast. Let the seller be aware!
But wait, that isn’t the only catch because just when you thought that you had the most qualified buyer there may be another catch and another disappointment… Does your Sacramento House Qualify for Financing?
I know that you find it hard to believe, but let the buyer beware in California real estate is true and the truth is that lenders send out appraisers looking for specific flaws that will kill the deal. They want to make sure that the house in its current condition has the value equal to what they are going to lend.
Its not only that, today’s appraisers and inspectors are looking for Smoke and Carbon Monoxide Detectors, grounded electrical even in older homes, dry rot, roofing defects, strapped hot water heaters, GFI in areas that they are required and on and on… it all matters and every little thing found adds time and money.
Most home Sellers in Sacramento don’t ever see a cash offer because most Homes for Sale in Sacramento that hit the market are represented bu a real estate agent and those homes are in or close to market ready condition. The Houses, can pass multiple inspections, have minimal appraisal issues (if priced right) and are represented by a real estate agent willing to list it. This is the “sweet spot” for both the home seller and the real estate agent. A majority of the offers received on this type of house will include bank financing. It is rare for these home sellers to ever see a cash offer.
So what happens when the House in question hasmore than just a few issues of deferred maintenance, title issues or code violations that it can’t be financed by any bank? What is a home seller supposed to do if they don’t have the money to make repairs, updates and fix the deficiencies?
As a “We buy houses in Sacramento for cash” company, we talk to several homeowners each week that need to sell their house fast for a variety of reasons. Most homeowners are just plain afraid that they are never going to be able to sell their house at any price and most of of the fear is related to the defects of the house that prevents the Sacramento Home ever hitting the market.
These homeowners have more options than they realize, but perception is reality and for some, the idea that they will never be able to sell their house is reality. Of course that is not true, but what is true is that if the house is in need of repairs it will be automatically blocked from roughly 70% of the house buying public from ever seeing the house. These homeowners have limited options for selling and most don’t realize that the We Buy Houses Sacramento option is really their best opportunity to sell and close quickly.
There are several advantages to selling a house this way because at the end of the day you know that when we make an offer we are ready and able to make the purchase fast and without financing.
The single greatest advantage is that you get cash in your hand very quickly. Cash Home Buyers such as Westbrook REI, have cash in the bank and access to lines of credit that assure you that your payment is fast. The process itself is as simple as it could be;
Simply contact us via telephone, email or text.
I will personally come out to view and to value the property.
Once I have made an you an offer and you accept
I will set it up with the title company and you get your cash.
So whats the catch? How Does Selling My Sacramento House for Cash work?
With Westbrook REI there are no catches and it works pretty simply. We are in business to buy houses in Sacramento and in the process it’s understandable that we are in business to make a profit. And while it is true that you may receive somewhat less than you might if you fixed up and updated your house and sold your house through a real estate agent, you will have the cash in your hand in as little as seven days.
There are also many other advantages using a Cash Home Buyer;
- We will buy almost any property, no matter what its condition or location.
- We Buy Houses in Sacramento in their Current As-Is Condition.
- There are no real estate fees or commissions
- There are no closing costs
- There are No Home Warranties to pay for
- There are no repairs or Updates we want you to do
- There are NO Disclosures regarding defects
- There are No Appraisal fees.
- There are NO Inspections or fees for inspections.
- There are no One time charges whatsoever.
- There are no lawyer’s fees.
- If you have tenants (we may even pay for the eviction or give them cash for keys out of our pocket)
- Selling through a real estate agent usually takes 3– 6 months: with us it’s often as little as seven days.
- If selling through an agent you will still have to make your mortgage payments until the sale is completed. These can be considerable.
- You also have to pay your local taxes and insurance throughout this time.
- You will probably need to make repairs before putting your house on the market with a real estate agent.
- Many financed buyers offer a price, but then drop it by $5,000 or more after the Home Inspection report.
- With Westbrook REI Your sale is guaranteed. National statistics show that when selling through a real estate agent, with financing 1 in 3 sales falls through.
- With us there is only one or two viewings. With a real estate agent you have people constantly parading through your home.
- There are no “For Sale” signs outside the house and no lock boxes with keys that disappear and doors to go unlocked.
- If you are selling from a different location there is always the possibility that thieves may realize the house is uninhabited and break in.
- Once we have inspected the property we can usually make you a cash offer within a few hours to a few days.
So, How Does Selling My Sacramento House for Cash work? I think you understand that all it takes is a phone call, text message or email and we will make you an all cash offer for your Sacramento House.
Selling your Sacramento House to us gives you all of the advantages and none of the disadvantages. You are under absolutely no obligation at any time, so why wouldn’t you contact us and see what we can do for you. Call us at (209)481-7780 or email us today. You may be very pleasantly surprised to find out that the house you dreaded can be someone else’s problem.
We buy houses in Sacramento, CA and its surrounding areas in Lodi, Galt, Stockton, Manteca, Modesto, Tracy CA. If you need to sell your house fast in Sacramento, call us… we’d love to earn your business. 🙂