Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are going to be looking at selling our house for a new one. The realtors we had come in are full of ideas that would cost us significant money. Put in this or that. I've heard that you only recover about 60% of the renovations so is it worth it? Also the selling process is a paperwork and time hassle.
Thus, we see and get ads for outfits that offer a quick buy as is - such as Perch.com.
I searched but didn't see a thread on whether these are legit. Some BBB reviews suggest outfits are scammers. Also, is there a predict lower price ratio from these folks (if legit) as compared to the average price through an agent and the associated fees.
any outfit that offers to actually buy your home is legitimate. Perch, Opendoor, Knock, Zillow Buyers, etc etc - iBuyers is the general term.
you may also get inquiries where they are willing to buy, but there's no penalty to them if they don't close. They're just trying to get you under contract, and then sell your house to someone else before they actually close. I've seen a contract that has low earnest money, and they can bail right up to closing and get that back, leaving you completely holding the bag.
The convenience of iBuyers - no showings, no spending $ to get ready, etc - of course comes at a price. There is no free lunch. You're paying for that convenience. Feel free to ask those Realtors you've spoken to for an "as-is" price, and have them provide you a Seller Net Sheet. Compare that to an iBuyer offer - what's the difference in the net to you?
There are still examples where iBuyers don't know market value, and they are paying about 100% of market value and only charge a 6% total fee (including repairs). If they overpay you, that's not your problem as a Seller. Your aim is to net the most for your sale, under the best terms for you. Sure, there's a % of folks for whom the convenience is the top consideration.
The buy as-is firms will NOT pay top dollar, they'll pay a price that will ensure they can profit from it.
Is the home livable but dated or are there serious maintenance issues, such as bad roof or siding?
On repairs.... If you can afford to put some money into it, I would pay first for needed maintenance items that will preclude mortgage financing if they are not done. Things like roof, siding and/or paint. If these things are in very poor shape, you will be selling to only rehabbers anyway, and may do just as well selling to one of the quick-buy outfits.
Cosmetic updates, I would only do if you are hoping to sell to a very high end market that will demand the best finishes.
Most other updates are optional really. Some might pay off if you want to do them. Some you may not make money on, but they may help the home sell faster. Key is taking a good look at your home the way a buyer would, and pricing it fairly for its condition.
We are going to be looking at selling our house for a new one. The realtors we had come in are full of ideas that would cost us significant money. Put in this or that. I've heard that you only recover about 60% of the renovations so is it worth it? Also the selling process is a paperwork and time hassle.
Thus, we see and get ads for outfits that offer a quick buy as is - such as Perch.com.
I searched but didn't see a thread on whether these are legit. Some BBB reviews suggest outfits are scammers. Also, is there a predict lower price ratio from these folks (if legit) as compared to the average price through an agent and the associated fees.
Thanks.
Why would a buyer want to buy your old, out of date house? It makes sense that the realtors would encourage you to make certain upgrades.
Yes, those services are legit. However, they are not being benevolent. They will offer you a fraction of what your house is worth. They'll make the upgrades and flip for the money you could have gotten.
OP, you've gotten some good answers here. Not everyone is an HGTV buyer. Maybe they want to be, but their budget says otherwise. If your house is in good condition but just dated, I agree with the clean and declutter. Painting is also a good idea.
Price it right and it will sell. There are people out there who will buy houses with carpet, laminate counters and brown cabinets. When I sold my house with all of those undesirable items I replaced the 21 year old furnace and the roof (insurance claim), painted and removed everything I didn't need to live day to day. We priced it for the "starter home" market and it sold in less than a week.
> Why would a buyer want to buy your old, out of date house? It makes sense that the realtors would encourage you to make certain upgrades.
1. Because it's what they can afford.
2. Because they are going to do exactly the renovations they want.
OP should get the realtors to prioritize.
I can even do it for them. Clean, clean again, declutter, paint, put on the market.
(This does assume that there are no major problems, like sewer that doesn't drain or roof with big holes.)
Sure, if you want it to move slow with a lower price. There's a market for everything if priced right. Buyers will keep a running total in their minds and will determine if the house is worth the upfront expense of making it liveable. Some people want live in ready. Some want projects. Market accordingly.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
