Are You Blindly Losing Money On Your Home?
While out for a brisk morning walk, I turned the corner and there it was. The sign that said that another unknowing homeowner was blindly losing money on the sale of their home. I know because I received a quote from the same company and here is what I found.
This company’s “offer” would yield me over $20,000 less than I would receive if I listed the home for sale with a skilled Realtor who was looking out for my interests, rather than their own. The company’s “service fee” was 7.5% of the purchase price which is on top of their already reduced offer price.
But wait…there’s more.
Part of their offer included an area for “repair costs”. That amount is unknown at the time the contract is signed. Once the home is in contract, the company sends in their team to access what work is required to close the sale. The seller has to pay those repair fees which further reduces the amount of money the seller actually receives for the sale of their home.
Taking the easy way is a common yet costly mistake to make in our busy world. Moving is a hassle so the offer to sell your home for cash and have your money fast is quite enticing. No showings, no commissions to pay, move on the day you want translates to no hassle for you. The question is, are you blindly losing money on your home by making the “easy” choice?
Sadly, people often fall for the trap of convenience. Convenience is great when it comes to prepared meals but for a sizable asset like your home, weigh the facts. You will likely be shocked by what you find. Most people do not want to throw money away and yet it happens every day through a series of uninformed choices. Before you sign that cash offer, check your facts.