Selling or Buying Your Next Lakewood, Ohio House for Cash – Why and How to Get the Maximum Value
Short answer is the best way to sell your Lakewood, Ohio house for cash is to find one of the following types of investors:
- Buy-and-hold investors
- House Flippers
They will often buy in cash, freeing your valuable time and giving you a cash injection when needed.
Why would I sell my home for cash?
Your home is your castle, but if you’ve been thinking about selling it for cash then now may be the perfect time to do so. What are some reasons why someone would sell their house?
There are a lot of reasons why someone might want to sell their Lakewood, Ohio house for cash. What is the fastest way to sell your home for cash? What type of companies buy houses for cash? What is the process of selling a home for cash? These questions and more will be answered in this blog post!
A major problem today with homeowners looking to sell their homes is that they often need to wait months on end before getting an offer from potential buyers. What if you could get an offer within 24 hours though, or even less time than that? This blog post will teach you how!
Why would someone sell their house for cash or why would I want to buy a house with cash instead of a mortgage?
Below you can find a summary of the main reasons behind this, but logically it makes sense for some people.
- Sellers can easily free up funds for much-needed other investments
- There is a decent amount of demand for cash houses
- Selling a Lakewood, Ohio house for cash simplifies the home buying process greatly
- There is no chain, which means there is also no chance of the chain being broken, which is a common and frustrating problem both for investments and also family homes
- You do not have to pay years and years of mortgage repayments if you pay in cash for the house
- Financial need – You might have an urgent expense and just don’t have the funds on hand to cover it. This type of problem is easily resolved with a large cash injection from selling your Lakewood, Ohio house for cash.
- You may have an incredibly good investment opportunity and want to liquidate quickly in order to maximize profits
With so many advantages and benefits to selling your house for cash, why not do it?
The process will be quick, easy-going, and you’ll get the maximum value!
Things you need to consider before selling your Lakewood, Ohio house for cash
One of the first things you should do before selling your home for cash is to evaluate how much equity you have in it. What this means is that if your house was valued at $200,000 and you owe $160,000 on it then you would have around $40,000 in equity. You’ll need a certain amount to pay the various fees associated with selling a house also.
You should also evaluate your overall financial stability. What this means is that not only will you want to assess the equity in your home but how much debt you have as well, such as credit card debt or student loans.
Are you secure at the moment? Moving house when you’re not secure financially is a mistake. What this means is that if you want to move your house, for the time being, do so with intention and plan it out well in advance or else you may find yourself paying more than what’s necessary because of things like sudden expenses popping up as a result of moving.
If you sell your Lakewood, Ohio house for cash you’re not necessarily part of a chain, and you should make sure you have something lined up before you do so.
What is the fastest way to sell a Lakewood, Ohio house for cash?
Many people are looking to take advantage of moving, downsizing or filing bankruptcy. These individuals want to get rid of their property as quickly and efficiently as possible in order to avoid foreclosure on other properties. The process of selling
Are you just looking to move out as soon as possible and start a new adventure elsewhere?
Or maybe you need a quick cash injection and are looking to sell your home for cash?
Here’s a step-by-step guide to selling your house quickly:
- Declutter and clean the house
- Gather all information and documents about the property, including homeowner’s insurance policy details
- Remove any furniture or fixtures that you are not taking with you to your new destination.
- Contact a real estate broker for an evaluation of your home and find out what it is worth. What do they recommend?
- Bring in a professional photographer to take pictures of your home. What do they recommend?
- Do a walk-through with the broker and photographer to make sure everything is included in the photos
- Prepare any paperwork necessary for closing on your Lakewood, Ohio house, such as an inspection report, deed transfer documents and more
- Contact potential buyers, and start the process
What happens if I sell my house and don’t buy another?
When you sell a personal residence and buy another one, the IRS will not let you do a 1031 exchange. You can, however, exclude a large portion of the gain from your taxes if you’ve lived in it for at least two years out of five and used it as your primary address.
For property owners who would like to sell their investment properties and purchase new ones with cash, there is good news. Property owners can convert all gains earned from selling one of your investment properties (and reinvesting that profit into another commercial or residential) tax-deferred.
For the time being, as long as you follow the IRS’ rules on timelines and nominate a third party to hold the money between when you sell your property and you buy the replacement, only capital gains will be taxed. But of course, if you cash out later on in life then that lump sum is also going to come with recapture taxes.
As we know there are only two truths in life, death and taxes.
Do you get all the money when you sell your Lakewood, Ohio house?
The going rate is 6% and it isn’t added to the price of the house, if a house sells for $300k, each realtor takes a 3% split. One takes from the buyer, one takes from the seller.
Thus you only lose about 3% of your sale price to the realtor directly. 3% can be a lot of money, however, so if you’re an experienced investor you can skip this all together and maximize your profits.
Is it cheaper to sell a house without a realtor for cash?
There are many reasons you might sell your Lakewood, Ohio house for cash. You’ll save money on closing costs, which can be expensive when the seller doesn’t plan ahead. You can avoid appraisal fees, doc fees, credit checks and loan origination fees altogether with a cash sale.
It normally works out cheaper than buying with a mortgage or buying with a realtor.
You’ll likely be able to negotiate a lower price when you’re selling for cash, which can also save you money in the long run if other people are interested in buying your house at that lower price.
Yet another good reason is less stress! What’s not appealing about cutting out all those irritating steps with a realtor, when you can simply cut through the noise and buy immediately.
Can I sell my Lakewood, Ohio house for whatever I want?
Well, yes of course. But you do have to be aware of a number of different factors. For example, you have to make sure that you inform the correct authorities regardless of whether you sell your house or barter it.
You also have to find someone who is willing to pay “whatever you want” for a house – a rare circumstance, especially without a realtor
It’s a complicated process, in which there are many different factors that you have to take into account.
If you’re an experienced cash investor, then you can make a killing by flipping houses with cash. People see the wad in front of them and cannot resist, and will often take a much lower price.
Without including realtors also, you can save yourself a further 3% by dealing directly with the seller or buyer.
This is why so many people prefer to buy or sell a Lakewood, Ohio house for cash, rather than taking out a mortgage.
In conclusion, if you’re looking to sell your house for cash and don’t want the hassle of being a real estate agent yourself, an investor is a good route. They are able to give you an upfront offer without any time-consuming negotiations or paperwork from either party. What happens after that? The investors will take over the process, normally with their realtor. You are solved the hassle of trying to sell your house.
What are you waiting for?
The takeaway message is that if you’re looking to sell your Lakewood, Ohio house quickly with minimal hassle, all while getting top dollar for it – selling or buying as an investor may be the best option for you.
CLICK HERE TO SEE if you want to sell your Lakewood, Ohio home fast for a cash offer today!