It may sound too good to be true. A post card arrives in the mail that reads, “Sell your house as is, get a fair cash offer and close in 10 days.” Depending the condition of your home that cash offer will either be the golden ticket for a quick sale or the motivation to pick up the phone and call a real estate agent. A cash offer from an investor represents a service they are providing. Buying the house as is allows the home owner to sell the home regardless of the condition. And if the motivation is to get cash out of your house quickly investors are positioned to handle the purchase of the home on the date you require. Investors are most known for buying homes that need work. Let’s look at a few costly repairs that that will be reflected in the offer you receive from an investor. This may help you determine if you can get a fair cash offer.
How old is your roof? An older home with a roof that should have been replaced years ago will begin to create potentially costly repairs beyond just replacing a few shingles. The hot and humid summers in North Carolina can cause algae, mold and mildew. The stains don’t just affect the appearance of your roof, they affect the structural aspect as well. Rain that comes in around a broken boot or backed up gutter is not the only way moisture will get into your home. Mold and mildew on a roof is a serious problem. Replacement costs of roofs and any additional damage caused by moisture will greatly impact what your home is worth to an investor. Roof replacement costs in Concord, NC in 2020 ranged from $6,204 to $7,878.
The age of the home and the age of the plumbing will be taken into consideration when determining a fair cash offer. There are certainly cosmetic upgrades for fixtures and faucets but the condition of what can’t be seen has bigger ramifications for a home owner. Older houses will experience corrosion of galvanized pipes and pipe bending. A typical new homeowner will rely on the home inspection process to point out any concerns with the plumbing before they close on their new home. The investor who makes the cash offer on your house will take into account costs to replace and repair what a home inspector will uncover.
The age and condition of the home impact what an investor is willing to pay. But there is also the size of the property that has an impact on the bottom line. For example; if you are seeking a cash offer on a 2,200 sqft home there will be costs associated to interior and exterior painting. The cost for exterior painting services in Cabarrus County will range from $5,200 as high as $9,100. The repair estimates impacting the cash offer can very from investor to investor but there will be a similarities in their offers.
Before you request a cash offer consider how much you are willing to spend on repairs and updates? How much do you need to sell your house for and how much time do you have to get it sold? Do you have time to get estimates from local contractors? What is the lead time to get work scheduled? These are questions that may help you understand the value of a cash offer.
JMS Home Buyers buys houses in Concord and Kannapolis. We are a local company that will meet with you to discuss your options in selling a home and wither or not a cash offer is what you need. We are not real estate agents that offer to list your home. We will gladly refer you to a trusted real estate agent in the area that knows the Cabarrus market if that is what you is best for your situation. If you are facing the decision of having to sell your home quickly, a well maintained updated home will not need the services of an investor. For those owning an older home or an older rental that is now vacant and in need of repair, cash offers will reflect a fair price. Should there be a need for your family to get access to some cash, selling the house can happen quickly. Local investors since 2015, we are available to help. Call JMS Home Buyers and ask what a fair cash offer might look like for you.