What is a Fair Cash Offer on a House?
So, you’ve decided to sell your home for cash. Now you might be wondering, what’s a fair cash offer for my home? Don’t get scammed or accept a lowball offer for your property. Keep reading and we’ll tell you what you need to know about cash offers.
Of course, you want a fair offer when selling your home for cash. However, the first step is finding out how much your property is worth. We’ll talk about a few different ways to find the value of your property. We’ll also give you the scoop on determining if your cash offer is fair. One sure way to get a fair cash offer is to sell your home to House Guys USA.
How to Find Out if Your Cash Offer is Fair
We don’t want you to waste time on unfair or lowball offers. How will you know if you’ve gotten a fair cash offer on your home if you don’t know the value? You won’t. You’ll need to have an idea of how much your home is worth.
Figure Out What is Your Home Worth
There are a few ways to go about finding the value of your home, but first, let’s talk about the three main types of valuation from Bankrate:
- Fair market value – This encompasses what your home looks like to potential buyers compared to other homes in the area. You’ll want to consider the sales price of a house with the same characteristics as yours (same number of rooms, number of bathrooms, and similar square footage, etc.)
- Appraised value – This value comes from a licensed appraiser that reviews the location, size, and condition of your home.
- Assessed value – This is the assigned dollar value of your home that is used by local county tax assessors to determine property taxes.
Now that we have an idea of how a home’s worth is estimated, let’s talk about how you can get this information. Here are 5 ways to find what your house is worth:
- Google a “home value estimator” and enter your address
- Ask a real estate agent for a free comparative market analysis
- Look at your county or municipal auditor’s website
- Find trends on the Federal Housing Finance Agency’s House Price Index (HPI) calculator
- Hire a professional appraiser
Knowing the value of your home is a great place to start when determining if the cash offer you receive is fair. Don’t settle for a price that you will later regret.
Apply the 70% Rule
Selling your home for cash is an easy way to sell quickly without having to make countless repairs or renovations. However, keep in mind that you may not get the full market value for your home. Think of it as a trade; selling quickly for cash to investors, who then spend their time and money to fix the home. The 70% rule is one easy way to determine if the cash offer you receive is fair:
ESTIMATED SALES PRICE X 70% – REHAB COSTS = MAX OFFER
For example, let’s say your home is worth $150,000 and needs $15,000 worth of repairs.
150,000 X .70 – 15,000 = $90,000
In this case, your cash offer would be $90,000. Depending on your situation, the number you get may seem low. However, remember that investors have to get the funds for renovating or making repairs, and they also need to make a profit. Of course, the benefit for you is the quick process and removing the stress of selling your home.
Sell Your Home Quickly in Kansas City For a Fair Cash Value
Do you want to know a sure way to get a fair cash value when you sell your home in Kansas City? Sell to House Guys USA. We’re a house-for-cash company, and we guarantee trustworthy and fair offers every single time. At House Guys USA, we value honesty, integrity, and fairness. We uphold these values in everything we do. Our values are more important than making an extra $100. If you need to sell your property fast for a fair cash price, check out our process and how it works.
Don’t Settle For Less Than a Fair Cash Offer
So, don’t fall for a sham when you sell your home for cash! You don’t want to settle for an offer that you’ll regret later. Selling your house for cash should be a straightforward process that relieves stress and you shouldn’t worry about a dishonest cash offer. Take these tips and secure a cash offer that you deserve. Remember, we guarantee fair cash offers at House Guys USA every time. Sell your home in Kansas City for fast cash to House Guys USA. No hidden fees or unfair offers. You can contact us today at 816-892-2132 or email@example.com.