How can I get a fair cash price for my Austin house? That’s a common question and for anyone who doesn’t deal with residential property sales on a daily basis, selling a home can be a mystifying process, especially when it comes to choosing an asking price.
For a traditional home sale, the process usually begins with having an appraisal done, typically by a certified local Austin real estate appraiser. They come out to the home and evaluate the property, going from room to room to determine the condition of your home.
The appraiser will note any amenities—things like a swimming pool, guest suite or great view—and any health or safety code violations. Then you’ll need to fix any problems they point out, or your buyer may have trouble getting their loan approved.
Expect an appraisal to cost at least several hundred dollars, which will eventually be included in the “sale” fees of your home.
Depending on the type of appraisal, you may also want to look at other homes of similar quality in nearby Austin neighborhoods that have sold recently, to get an idea how long those homes took to sell and what their final sale price was.
Then you can choose an asking price and list your house for sale and find someone who is willing to offer you your asking price—or negotiate with you to find a price that’s acceptable to both of you.
A Quicker Option: A Cash Home Buyer
If that seems like a long process, it’s worth pointing out another option. Cash home buyers can come in and evaluate your property. They may ask for an inspection, but most cash home buyers will agree to an “as-is” contract—meaning no need for potentially costly repairs.
There’s no need to pay an appraiser or pay other Realtor fees typically associated with selling a home.
And the whole process is a lot quicker.
A cash home buyer might be able to evaluate, make an offer, and close on a house, all in less than a week. Then at the end of that week, you have cash in your bank account.
Can I Get A Fair Cash Price For My Austin House?
A cash home buyer will consider the current condition of your home and then make a fair offer to pay cash.
Generally, the amount offered will be a discounted figure based on the retail value of your property after the cash buyer renovates it completely. That means the offer likely be a price below market value due to necessary repairs, renovations and other factions (which, in a traditional sale, you’d be responsible for fixing before making the sale).
On the other hand, if you opt to sell your home for cash, you’ll get an all-cash closing—you don’t have to pay any normal closing costs and aren’t responsible for making repairs prior to the sale. Instead, your home is bought on an “as-is” contract.
The actual offer you receive will be based on a number of factors, including:
- The current condition of your home
- The extent of repairs it needs and the cost of those repairs
- The time it will take to make repairs
- The value of your home compared to other similar homes in that area of Austin
- The costs of maintaining your home during repairs, including taxes, payments, insurance, utilities, homeowner dues, and more (all of which you’d have to pay while waiting for a traditional sale).
Offers from most cash home buyers are both free and no obligation—so you can always make a final decision after you’ve seen the offer on whether you feel you can get a fair cash price for your home or whether you’d be better off making a traditional sale.