Who is Paying Cash For Houses
In the Salt Lake City Area?
Are You thinking about selling your house for CASH?
Here is how much money you can get.
Many sellers with certain house selling needs are searching the internet asking about getting cash for houses in Salt Lake City – they want to know how much they will get if they sell their house fast for cash. If you’re thinking of selling your house and would like to know how much you might get, this blog post will help to answer that question.
An Important Definition
This blog post will be read by people all over Salt Lake City and the Northern Utah areas with various houses worth various amounts of money and in various areas. So it is difficult to write about specific dollar figures and specific houses. We buy houses in any condition, but we don’t know the condition of your house and how the condition will affect value. So I am going to write about some general house selling ideas that should help you decide if quick cash for your house in as-is condition is the right thing for you.
On The Market: When a house sold “on the market” or “on the MLS”, it means the house has been listed on the MLS by a real estate agent and sold after several potential buyers have toured the house and seen the property up to 3 times before deciding if an offer should be made. Once at least one offer has been made and accepted, the house will close when the loan goes through. Houses sold on the market will often be sold for approximately the same amount that other similar houses in the area have sold for. This is called “market price”. Most houses that are in at least livable condition and will pass an FHA Inspection to qualify for FHA financing will sell on the MLS for the most money. But the trade off to get the most money is it will take 8 to 16 weeks to get the sale finalized and money in your account.
Off The Market: When a house is sold “off the MLS” or “off the market”, that typically will mean the homeowner has decided to sell their home directly to a professional buyer or a friend instead of list their home on the MLS with an agent. Houses sold off the market will often be sold for slightly less than their market price; this is called “below market price.” With these types of sales though, a house can be sold and closed in as little as one day, for cash, in any condition. A seller will be giving up full price to get a house sold in as quick as Two days.
You might be reading this and asking…
Would anyone accept less cash for a house in
Salt Lake City than if they listed their house?
That’s a good question. Here is some information to help you:
- Selling on the MLS means that most of the time you’re selling it to a person who will be living in the house for a long time. They are purchasing the house for them and their family. But when you sell off the market, you’re often selling to a professional home buying company that might be investing in your house to turn it into a rental property or to renovate it and sell it and buy it as-is.
- Selling on the market usually means the buyer needs financing which will take weeks and maybe you have to start over if a buyer decides to cancel the contract. Selling off the MLS, in a private sale, often means that a professional home-buying company is willing to pay cash for houses in Salt Lake City. (That’s why some people prefer to sell off the market – they don’t want to wait for the buyer to get financing; they want to know they’ve sold the house right away and are DONE).
- Selling on the market actually costs money… sometimes a lot of money. If your house needs to be fixed or repairs made, you usually have to spend money to fix up your house before you sell it on the MLS. However, when you sell it to a house buyer, such as to a company like us at Gary Buys Houses, you may be able to sell your house as-is – saving you the money, time and hassles.
- Selling on the MLS through a Real Estate Agent will often result in commissions and fees to be paid to the agent for the work they did to sell your house and to the buyer’s agent on the buy side of the transaction. But selling off the market to a professional home buying company like Gary Buys Houses usually means no commissions or fees or closing costs.
- There is more about the differences here.
How much money can you get for your house…that depends? Selling a house on the MLS will mean you sell your house for more money, but it takes longer and costs more to sell. Selling your house off the MLS may mean you sell your house for below market price, but it is faster and there are no expenses, fees or repairs to do. We will even take care of tenants or family members living in the house AFTER you sell to us. You might even be eligible for our SELL NOW – MOVE LATER program. Call 801-382-9199 to find out.
So, is cash for houses in Salt Lake City including a very quick sale an option for you? It depends on how you decide to sell your house – on the MLS or off the MLS… and that is determined by how quickly you want to sell and how much time and money you’re willing to put into the house to get it sold. Professional House Buying Companies are not for every seller. Please call anytime if you have questions that will help you decide.