A lot of reasons may make one want to sell their house immediately. Maybe you have gotten a new job elsewhere, or maybe you want to quickly get rid of the house you have to purchase a new one right away. An instant offer refers to a cash offer by companies to purchase your home. Have you ever come across signs that say, ‘We buy houses in Kansas City‘ or ‘We are interested if you want to sell your home’ as you drive down the road? Many of those buyers or companies offer instant or cash purchase agreements to those who sell to them. Pretty convenient, right? But getting an instant offer isn’t easy. If you are ready to sell your home but aren’t willing to wait for long to sell it, here are some tips on increasing your chances of landing instant real estate offers.
How Do You Get Instant Offers?
Your house would need to meet certain criteria to have it shortlisted and get it sold fast. Once you get an instant offer, the company offers you fast cash, allowing you to trade your home and wrap up the sale without having to make any repairs or updates to the house.
Houses that range from $100k – $500k located in middle-class residential areas are best preferred. The ones that need little to no updates are also best suited for the instant home offers.
Instant offers don’t work like home flippers do. They tend to go for houses that need little to no repairs. This is their preferred option as opposed to going for cheap houses that require heavy renovations.
There are also selected markets where these instant offers work best. Most businesses that offer instant offers also look at the value of the land the house sits on and how prime the market finds it to be. Cities like Orlando, Austin, Houston, Dallas-Fort Worth, Atlanta, Raleigh-Durham, Phoenix, and Denver host some of the top instant house companies as they are ever-growing and the demand for real estate is high.
Getting an Instant Offer
There are a few steps you can take to increase your chances of getting an instant offer. For starters, search for companies that buy houses as-is and send them offers. There are also websites where you can list your house and wait for buyers to reach out with their cash offers.
Secondly, if you want to sell your home fast, you will have to offer a price that’s slightly below market value. For instance, if your home is valued at $300k, then you can price it at $280k. This will encourage more buyers to contact you. Be careful not to price it too low, as it can make people question if there’s something majorly wrong with your home.
Once you get an offer, remember you have the time to review and respond. The offer includes the price, transaction, and closing costs. It is recommended that you wait till you get several offers and then compare them. The advantage of instant offers is that there are no seller fees, and once an offer is accepted, the seller already knows what they are getting.
Who Provides Instant Offers?
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iBuyers
If you are on a tight deadline and want to let go of your home fast, “instant buyers” or “iBuyers” are the go-to. Most of their clients are people who either cannot or don’t want to deal with the issues that may come up when dealing with buyers in the open market. They are also great for people who don’t have the money, time, or resources to stage, upgrade, or repair their homes. It may also be the preferred choice for individuals who don’t feel comfortable allowing strangers in their homes for open houses or due to time constraints.
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Buy-And-Hold Investors
These types of investors hunt for homes that are ready for the market and buy them to turn them into rentals. Buy-and-hold purchases go for up to around 26% of the instant offer real estate deals. They are perfect for sellers who have homes that are well-kept and maintained or would like quick cash offers at competitive prices.
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Trade-In Companies
Some people are interested in selling their house immediately and getting the funds needed to purchase a new dream home. This is where trade-in companies come in. They ease the process of purchasing one house and selling another. A company will offer to purchase the home you have now and allow you to get a new one minus the sale contingency, thus strengthening your offer.
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Small Investors
They resemble iBuyers, but they focus on a given territory and acquire fewer homes. It is perfect for a seller whose home isn’t in great condition. Flippers who are small investors buy houses, renovate them, and resell them at a profit.
Conclusion
Although there are various ways to get instant offers, iBuying companies are preferred because they are easily accessible online and tend to have attractive offers for well-maintained homes. Although instant offers come with a certain level of flexibility, convenience, and speed in how fast they get you the cash, they do have their downside. There’s always the risk of selling your home for less than what it is worth.
