How to Sell my House Fast in St. Louis While Making Sure it's the Right Move
How to Not get Ripped off when Selling your Home for Cash
If you would like to sell your home but do not know where to begin, this guide is for you. We put a ton of effort into it so you can protect yourself from unscrupulous buyers.
First time home sellers are often more worried about this issue than those who have sold their homes in the past, but anyone could face an unfair deal if they do not take the right steps to stay informed.
Make sure you know the value of your home and how fast you will get the money from your sale.
For full transparency, if you want to sell your house fast in St. Louis, we are a local cash home buyers company that buys houses in any condition from junk houses to nice houses that need to be sold quickly.
This article is for informational purposes.
Decide What You Want
Deciding what you want to do when selling your home is a critical step in the right direction.
It gives you a sense of direction that allows you to reach your goals without too much stress. Knowing what you would like to achieve sets the foundation for the plan you will create before finishing the process.
First thing, ask yourself ” Why am I selling my House”? There are many reasons, here are some of the typical ones:
- Relocating for work
- Upgrading
- Need a bigger house
- Can’t afford current house
- Move to a better neighborhood
- Moving to be closer to family
If your individual situation allows you plenty of time before moving, you can consider listing with a Real Estate Agent.
If you need money from your old home to move, you might want to find an option that lets you sell your home as quickly as possible.
Do you need to sell your home because you can’t afford to stay in it due to pay cuts or other financial trouble? Read on, you have options.
Want to sell your house fast in St. Louis?
Fill out this form to get a quote.
Research In Advance
Do as much research in advance as you can, because you’re going to need it.
Checklist:
- Figure out the value of your home.
- Find similar comparatives for houses sold in a quarter mile circle around your home (St. Louis area).
- For your comparatives; look at square foot, bed/bath count, lot size, house upgrades, square foot price.
- Find the school district and lookup reviews for it.
- Lookup crime statistics in the area.
- Lookup flood zones for your home.
- Check with a Real Estate expert to find out if the current market is in favor of sellers or buyers.
Having these facts on hand puts you in a much better position to ask for a fair price when listing your home on the market.
Plus, potential buyers will be less likely to try ripping you off if they know you have done your research.
Ways To Sell Your Home
There are many ways you can sell your home.
If you want to sell your house for cash in St. Louis or surrounding areas, you should look at your options.
Standard Real Estate Sale
Standard real estate sales are an option when you do not want to sell your house fast for cash. With conventional real estate, you contact a real estate agent and ask them to put your home on the market.
Real estate agents take pictures of your home and list their best features, and they also show your home to those who are interested in buying it.
In exchange for the agent’s services, you pay a small commission when someone buys your house, this ranges but is typically between 5-9% depending on your area.
This approach is not the best option if I want to sell my house fast.
Wholesalers
If you need to sell your house fast in St. Louis or surrounding areas, going with a wholesaler is the most logical choice. Wholesalers are investors who want to make money on the sale, but their profits come from the end buyer, and they pay for the house themselves without going through a standard lender.
Selling your home for cash empowers you to get your money as quickly as possible.
You WILL NOT have to wait months to get the funds from your transaction.
In fact, many wholesalers close the sale within a week or two of agreeing to buy your home.
This option works well when you need to sell your home to relocate or avoid foreclosure. If you decide to move in order to save on housing expenses and want money as quickly as possible, wholesalers are a wise choice.
Want to sell your house fast in St. Louis?
Fill out this form to get a quote.
House Flippers
Home flippers are another wise choice when you want to sell your house for cash.
Home flippers buy homes in need of repair work and fix them up.
If your home is not in the best shape, but you still want to sell it, look for home flippers in your area. Home flippers consider the cost of the home and how much money they will invest before putting it for sale on the market.
Look for flippers with a reputation for offering fair deals to home sellers. You can find local flippers, or you can find some from a different location who make trades all over the country.
Home flippers can often times pay you more than wholesalers because wholesalers act as a middle man. By dealing directly with the rehabber you cut out the middle man.
Consider the Condition of Your Home
Next, you need to consider the condition of your home.
People looking to buy homes do not always want to put a lot of work into them, so any disrepair can impact the amount you can earn. The roof of your house affects the value more than almost any other factor because it is the first thing people see.
Roofs that have cracks or peeling shingles will decrease the value of your home. Also, make sure the kitchen and bathroom are in great shape if you would like to get as much as possible for the sale.
If you can afford to make a few upgrades to your home before listing it on the market, you will get a much higher price if you follow the proper steps.
Make Needed Repairs
We like to make a few home repairs when we decide to sell our house through a real estate agent.
If we sell our house for cash, repairs are not needed because they will buy the house as-is.
We begin by looking at the condition of the house and making a list of the most critical repair work that we need to do. We then buy the supplies and begin working.
The investment of time, energy, and money becomes worth it in the end.
Contact plumbers to inspect your pipes and address any problems, and you will be happy with your decision.
Do not forget to have a licensed electrician check the wiring of your home before you try selling it.
These simple steps go a long way to increase the value of your home before the sale.
Consider how Fast You want to Sell Your Home
How fast do you want to sell your home?
If time is not something that you have then we recommend you start looking for investors who buy homes for cash.
Using this option is smart if you are in a bind and need to make money as quickly as possible.
When you sell your house for cash, it puts money in your bank account within one or two weeks, and you can then move forward with your goals.
Do You Have Time?
If you are not in a rush and have time to do repairs, finding a trustworthy Realtor is the option to sell your home for the highest price.
Keep in mind to consider the higher price can come with a few caveat:
- Realtor Fees
- Closing Costs (Most of this is on the buyer side)
- Repairs
- Inspection Negotiations
- Buyer Lender Approval
Do You Not Have Time?
If time is not something that you have then we recommend you start looking for investors who buy homes for cash.
Using this option is smart if you are in a bind and need to make money as quickly as possible.
When you sell your house for cash, it puts money in your bank account within one or two weeks, and you can then move forward with your goals.
Keep in mind this option means that you sell your house for less, but that doesn’t always mean less profits.
Do You Have A Lot Of Time?
If you do not need to sell your house fast, you can add the option of renting your home.
Although this isn’t for the faint hearted, you can sometimes cashflow for extra income every month while still holding onto your home to sell at a later date.
Look at the average rental costs for homes in your area while you decide what option makes sense for you and your situation.
Renting your home out is a viable option if you would like to earn a lot of profit over the long run.
If you need a large sum of money right away, selling your home to a wholesaler is the right way to reach your desired outcome.
Get More Than One Opinion
You ABSOLUTELY need more than one opinion when you want to sell your house fast.
Although most wholesalers are legitimate, not all of them are truthful when buying homes from new sellers. You must get more than one opinion about your home’s value if you don’t want to get stuck with an unfair deal.
If you can do so, speak with several wholesalers to see what they are willing to offer. Some people do not think they should tell buyers that they are seeking other options. Don’t make that mistake though.
The good news is that letting buyers know you are speaking with other potential buyers increases your odds of getting a reasonable deal.
Do your best to be fair when negotiating a deal with possible buyers, but do not let them take advantage of you.
Understand The Commission Fees
You need to look at the fine print so that you understand all the commission fees and other service charges associated with the sale.
Some buyers tell you the amount you will get for the sale without including service fees and additional hidden costs. You don’t want to fall into that trap.
Avoid that trap by asking for all service charges in writing before you agree to anything. Also, make sure you get the final sale price in writing before you transfer your home to the buyer.
Look At The Market In Your Area
Looking at the market in your area is a wise choice.
You can look up home values online and compare them to what people are offering for similar homes to what you are listing.
I always take this step when I want to sell my house fast, and it prevents me from getting ripped off during the sale.
You can also show possible buyers that you understand what your home is worth, decreasing their odds of making unfair offers.
Do not just look at the current value of your home. Look at the past, present, and projected value of your home before you agree to a price.
Doing so should at least make the buyer consider offering a better price for your home.
No matter the outcome, you show the buyer that you know what you are doing and that you have done your research.
If you are in a bind and would like to sell your home fast, using a wholesaler is a great way to do it.
Going with a wholesaler works well because you avoid the paperwork and timeline of going through a bank.
Final Thoughts
If you are not in a rush and don’t mind doing a little work, find a Realtor.
If you are in a bind and would like to sell your home fast, using a wholesaler is a great way to do it.
Going with a wholesaler works well because you avoid the paperwork and timeline of going through a bank.
As long as you do your homework and understand the process, using a wholesaler is a great way to sell your home and to get money quickly.
Want to sell your house fast in St. Louis?
Fill out this form to get a quote.
Frequently Asked Questions
If you are in a hurry to sell your house, go ahead and set up a consultation with us at your convenience. Once we buy your home, you will be paid cash in full at closing. This process can often be completed in as quickly as 10-14 days.
Assuming that the title for the house is both free and clear, once the contract is signed, we will set up a closing date at which you will be paid in full – often within 10-14 days of signing the contract.
To sell your house fast and get a fair offer, you will need to do as much research as possible in advance. This will come in handy in terms of evaluating the value of your home.
If you bring these facts with you to a meeting, you are more likely to have a more robust understanding of what a fair offer truly is for your home. Having done your research in advance will also help the process to move more quickly because you will have a solid understanding of what you are asking for.
A fool-proof way to ensure that your house is ready to sell fast is to have your house looking its best. People who are looking to buy a new home are not necessarily looking to purchase a fixer-upper. If you can handle any repairs or upgrades before putting your house on the market, this will make your home more attractive to potential buyers. A few of the first vital places that people are looking at in a home include the roof, kitchen, and bathrooms.
One of the quickest ways to get cash for your home without a realtor is to rent it out. Of course, renting your house is not the same as selling your home, but it is an excellent alternative if you can find renters. Another way to sell your house fast without a realtor is to <a href=”https://www.forbes.com/sites/forbesrealestatecouncil/2019/02/19/should-you-sell-your-home-to-a-real-estate-investor-heres-what-you-need-to-know/”>look for an investor</a> who is willing to pay cash for your home.
At Wishbone Properties, we will buy your house “as-is.” This means that you can quickly sell your house for cash. <a href=”https://cashhouseinc.com/#!/contact”>Give us a call</a> today to inquire about selling your home.
In theory, you could purchase your home on Monday and sell it on Tuesday. However, there is a strategy for how long you should typically consider waiting before selling your home. On average, a homeowner lives in a home for <a href=”https://www.zillow.com/sellers-guide/how-soon-can-i-sell-my-house-after-purchase/”>13 years before selling it.</a> The 13-year mark is often the time in which the homeowner has gained sufficient equity in their home to not lose money on the sale or face paying mortgage prepayment penalties.
There are a few ways to figure out what a reasonable ask is for your house. The best way to make sure that you are asking a fair price for your home is to look at the houses around you to see what they are worth. If you would like to create an edge to help drive up the value of your house, doing a few home renovation projects or upgrades are an effective way to do so.
The most effective way to sell your house privately is to sell it to a buyer who can pay for it cash in full. If you are interested in selling your home quickly and privately, set up a consultation with us today.
If you go through a wholesaler, you will receive your money on the day of closing which is typically 10-14 days after signing the contract. If you list your house on the MLS, you will typically receive your money 30-45 days after the signing the contract.
Whether or not you have to pay taxes when you sell your house depends on a few different factors like how long you lived in the house and how much you sold it for. For example, if you lived in the house for at least 2 years out of 5 before the sale (i.e., you were not renting out the property), up to <a href=”https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6tbMe3Dy”>$250,000 is tax-free</a> for a single person and double for a married couple filing jointly.
If you sold your home for more than the $250 – $500,000 threshold, the excess amount is considered a capital gain, and you will likely be taxed on that profit.
Passed property taxes will also need to be payed up. That money can come out of the cash offer.
In general, homeowners can expect to pay anywhere between <a href=”https://www.opendoor.com/w/guides/how-much-does-it-cost-to-sell-a-house#:~:text=According%20to%20Realtor.com%2C%20sellers,to%20%247%2C500%20in%20closing%20costs.”>5-9% of the price</a> they sell their home for. If you pay out of pocket for renovations or upgrades, you are likely going to be spending more, but also making more. Because we buy your house in whatever condition it is currently in, you can expect to receive the best bang for your buck when we pay you cash for your home.
Selling your house “by owner” can help to cut out some of the drastic realtor fees; however, sometimes your home will sell at a lower cost without a realtor. There are many pros and cons when it comes to selling a house by owner. If you let us buy your house, we will pay you a fair price for the home, and then we will take care of selling it from there. This lets you make a profit off your home without making repairs and upgrades and then dealing with the headache of scheduling tours and getting it ready for the market.
The fastest way to sell your house is to allow an expert realtor to help with the process. This is because realtors already have an established client base and know-how to sell a home effectively. If you do not have the time or the money to hire a realtor, sell us your home for a cash payment, and we will handle the renovations and selling. This allows you to cash in on your house within 10-14 days of signing a contract with us.
In short, yes. It is always best to put everything in the open when you are selling a home. When you are disclosing mold in your home, be sure to use the <a href=”https://www.homelight.com/blog/selling-a-house-with-mold/#:~:text=Always%20disclose%20known%20mold%20issues,forms%20for%20all%2050%20states).”>proper disclosure forms
- The original sales contract
- A professional appraisal from the time of purchase
- Any home repair and maintenance records
- The mortgage statement
- Insurance records
- Homeowners association documentation
- Receipts for home improvements and rehab work
- Manuals and warranties for any home appliances
- Utility bills