If you’re a homeowner in Houston looking to sell your home, there are multiple options available to you. Two common methods are selling through an auction or selling for cash to a professional home buyer. It’s crucial to consider the pros and cons of each option before making a decision. You can find information on four different ways to sell your house on Zillow.
Pros and Cons of Home Auctions in Houston
If you want to sell a unique property quickly, auctions are a great option. They involve a large group of buyers competing to place bids, and the highest bid wins. Once the winning bid is accepted, the sale is final. Auctions are especially useful if your property has features that set it apart from other homes in the area. Plus, you’ll know the date of the sale in advance.
Advantage: High Selling Price For New or Restored Older Homes
Selling a home through an auction can have a major advantage of fetching a high sale price due to a large number of interested buyers competing for the property. This potential for a high sale price holds true for houses that are in good condition, fairly new, or have been renovated. Also, the auction process may create a sense of urgency among buyers, leading to a quicker sale.
Disadvantage: Are Fees and Commissions
Selling a home through an auction has advantages, it also has downsides. The costs associated with organizing an auction, including marketing expenses and fees for the auction company, could be significant. Also, there is no assurance that the property will sell or sell at a desirable price. If the bidding doesn’t meet the owner’s desired price, they might have to accept a lower offer or withdraw the property from the market.
Disadvantage: Be Real Estate Disclosure Laws
When it comes to auctioning older homes that require significant repairs or renovations, the disclosure laws in Houston require the sellers to report any defects or needed repairs to potential buyers. This is an important factor to consider when weighing the pros and cons of an auction sale. To ensure everything is in good condition, buyers usually need to pay for a home inspection. This may be included in the auction company’s fees. Sometimes, buyers may also need to make repairs for storm damage, cracked foundation, or other major issues. While repairs are not mandatory, the selling price can be significantly affected by the need for disclosure.
Pros and Cons of Selling Your Home To A Cash Professional Home Buyer in Houston
Homeowners who want a fast and effortless sale of their property can consider selling it to a professional home buyer for cash. These buyers are generally real estate investors who want a speedy purchase without the complications of a conventional home sale. Although their cash offers are likely to be below market value, they cover all costs related to the sale, such as inspections, repairs, and closing fees.
Advantage: Speed and Value
Selling your home for cash to a professional buyer is a faster process. Homeowners can expect to receive a cash offer within days of contacting the buyer and the sale can be completed within weeks. Homeowners who are facing financial difficulties such as foreclosure, dealing with an inherited home, have a serious illness, or need to move quickly due to personal or professional reasons may find this option particularly appealing.
Advantage: Simplicity of the Process
Selling a home to a professional home buyer has the added benefit of a simple process. Homeowners don’t have to stress about staging their homes or performing repairs before selling. There are also no marketing expenses or fees to pay. Once a cash offer is accepted, homeowners can move on without hassle. While the cash offer may be lower than market price, factoring in costs and fees associated with other selling methods such as public auctions may make the selling price more appealing. Sellers can reduce their expenses by saving on commissions, fees, closing costs, inspection fees, repair costs, and time-related fees such as insurance, taxes, and utilities that they must pay while waiting for inspections, repairs, or closings.
Disadvantage: Potential for Scammers
Selling a home for cash to a professional buyer may have its drawbacks. Unfortunately, there are some home buyers who may exploit homeowners in financial distress. To avoid such situations, it’s essential to thoroughly research potential buyers and only work with trustworthy home buying companies.
An Example of A Cash Home Seller Happy With The Opportunity
Jen, a widow who needed to sell her home quickly to move closer to her children, is an example of a homeowner who was content with a cash sale to a professional home buyer. She was having a hard time looking after the big family home alone since her husband had died a few years before. She didn’t have the funds to carry out repairs or renovations, and she didn’t want to go through the hassle and doubt of an auction.
If you’re looking to sell your home fast and get a fresh start, contact Sound Home Buyers. Jen did the same and received a cash offer within days, though it was lower than what she might have received through an auction sale. However, it was enough to cover her outstanding mortgage.
Contact Sound Home Buyers In Houston For a Fair Cash Offer Today
At Sound Home Buyers, you won’t be charged any fees, closing costs, or commissions. Typically, we can make an offer on your property in 24 hours, and if it’s accepted, we can close in about a week. You can check out our reviews to get a better understanding of our reputation for being professional and fair. Contact us at 832-966-3533 to speak with one of our friendly team members. We look forward to hearing from you soon.