3 Myths About Selling Your House, Debunked

sell a home for cash

Selling a home can be a bit overwhelming the first time around, especially if you need to sell a home that you never intended to own in the first place. A lot of people find themselves dealing with the reality of selling a home that was inherited. This means that they inherited the house in question and would rather sell it than keep it for personal use. Why? Well, for one thing, a house is often more expensive than many imagine. With a house will come the typical upkeep and ownership expenses — and on top of that, there are property taxes to pay. But even selling a house that you didn’t expect to own can be somewhat frustrating.

In fact, selling a house doesn’t always happen the way you expect. You might assume that the home-selling process is pretty straightforward: you find a real estate agent, take some photos, list the home on the market, and wait for the offers to roll in. At that point, you can expect to hammer out the final details with the buyer and finalize the sale. But in many cases, that process can take a lot longer than you might think and may be fraught with issues. In some circumstances, the sale might even fall through, forcing you to start all over again. You might also have to sell your home at a much lower price than you pictured, which can make it more difficult for you to get a fresh start. 

Fortunately, you do have options outside of what you may imagine the home-selling procedure to be. Did you know that you can sell a home for cash, for example? That, among other things, is an option afforded to you as a homeowner. After all, it is your home to sell. And if you need to sell a home fast, you might not be limited to following the conventional home sales process.

The reality is that many homeowners don’t know about the other options available to them, largely due to some pervasive myths that exist about the selling process. Just because it’s traditional to work with an agent or to sell to a buyer who needs mortgage approval doesn’t mean that’s the only way to go. And in fact, your circumstances may necessitate another, more effective route. But before you determine the best way to sell your home fast, it’s important that you understand the misconceptions surrounding home sales. Let’s explore some of the myths that you may believe regarding selling a home — and why you should think outside the box a bit.

Myth #1: You Have to Use a Realtor

A lot of homeowners sign on with real estate agents simply because they regard that as a standard procedure. But in fact, you don’t need a realtor to help you sell your home fast at all. If you’d like to sell a home for cash, as we’ll discuss below, it may actually be a detriment to your efforts. While some realtors are skilled, hiring a great realtor can sometimes be a matter of luck. Realtors are often quite busy and may have a lot of business on their plates, making it difficult for them to focus on your home as a priority.

For that matter, working with a realtor takes away from your profit. You’ll always owe a realtor commission when working with them. This can be detrimental if you’re attempting to sell a home quickly, in which case you list it for less. Selling without an agent is referred to as the for sale by owner process, and it’s an option for virtually every homeowner.

There’s no doubt that real estate agents can be a valuable source of information. But not all realtors are created equal. Depending on their experience, their priorities, or even the company they work for, your home selling journey might differ quite a bit from that of a neighbor. 

What’s more, a realtor might not share your incentive to sell your home as quickly as possible. While real estate agents understandably want to earn their commission and move onto the next home, they may recommend that you make property improvements or have your home professionally staged prior to listing. That can take a considerable amount of time. Setting up open houses and private viewings of your home to multiple buyers can also cause delays. While these steps are taken with the goal of making as much money as possible, they may not always be necessary to achieve what you have in mind. 

Ultimately, there’s no rule that says you have to work with a realtor at all. Although it’s common, it’s not required — and in many cases, it could slow down your sale and cut into your profits.

Myth #2: Buyers Need Mortgages

One of the reasons why people have such a hard time selling their homes quickly is that they’re waiting for home buyers to secure mortgages. Some buyers simply will be denied mortgages outright, ultimately causing the same to fall through. Other buyers will be forced to wait in limbo while their lender reviews their application for approval. Studies have found that the average mortgage loan can take around 50 days to finalize. And if the buyer has forgotten to file certain paperwork or the lender finds an issue with their credit, it could take even longer. 

This can ultimately hold up your sale for much longer than necessary. If you’ve already closed on your next home or you’re facing financial difficulties, even a small delay can be a big problem. And if the sale falls through completely, you could have a real disaster on your hands.  

If you’re really interested in selling your home quickly to a serious buyer, you should seek out a company that buys houses with cash. These companies normally flip such homes for a profit. Keep in mind you’ll get to work with these companies directly. There is no need to work with a real estate agent. Though about 95% of all buyers that work with real estate agents go through the traditional bank financing process, companies that worth owners to buy with cash are able to offer their payments in full. When you sell a home for cash, therefore, the process is much more streamlined.

Myth #3: You Need to Renovate a Home Before Selling It

If you take real estate agents at your word, there’ll be no way to get around fixing up your home prior to selling it. But while realtors may know what some buyers want, they don’t necessarily account for people who aren’t afraid of a project.

Sure, updated homes do get a lot of attention. But remember that even in-demand upgrades won’t provide a 100% return on your investment. That’s virtually unheard of. That means you will lose money in the end, one way or another. For some homeowners, it might be worth the risk. But if you’re already under financial strain or you find yourself in a time crunch, spending valuable resources on repairs or upgrades may not really be feasible. This could set your home sale timeline back considerably — and if you’re worried about foreclosure or you need to relocate for work, you might think you’re out of options.

What you probably don’t realize is that there is no need for you to renovate a home, or even handle repairs, before selling it. Technically, anyone can sell a home as-is. But it’s much easier to do this when you sell a home for cash to a company, versus through the traditional route to an individual. Individuals who plan on buying a home for personal use will often expect a turnkey home, whereas cash buyers may plan on renovating a home themselves. Cash home investors won’t be scared off by a fixer-upper. In fact, they’ll often seek out these properties because they have real possibilities! 

Selling a home as-is can help you sell the house more quickly, but it may also raise your overall profit. After all, if you don’t need to spend money on repairs, you can walk away without sinking more into the property. Cash home buyers will focus more on potential than on the house’s current state. They’ll overlook the small cosmetic details and will offer you a fair price for your home that doesn’t hinge on aesthetics.

There are a lot of issues that may require you to sell a house suddenly. If you’re going through a divorce, dealing with debt, or no longer want to rent out an income property, you’ll be motivated to pursue a quick home sale. And if you do need to sell a house fast, don’t assume that you have to take the traditional route. Remember these myths and the realities behind them.

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