Pros and cons of home buying companies in Fenton
Before you sell it to a cash buyer, it’s a good idea to do some research. These companies offer speed and predictability, but the simplicity often comes with a lower selling price. Below you will find a brief overview of the main advantages and disadvantages:
Benefits of Selling to a Fenton Home Buying Company
- Quick close: Many home buying companies can complete your sale in one to two weeks, making this an excellent choice if you need to move quickly. For context, a sale through a Fenton agent typically takes about 70 days (on average). closing time of the loan plus Fenton’s average market days – 29).
- No prep work required: You don’t have to worry about repairs, upgrades, staging or cleaning. These buyers purchase homes “as is.”
- No financing delays: Because deals are all-cash, there is no chance of the sale falling through due to unforeseen circumstances or loan approval issues.
- Less hassle: No property viewings, open days or negotiations; just a clear offer and a quick sale.
Disadvantages of Selling to a Fenton Home Buying Company
- Lower sales price: Selling to a home buying company usually means receiving a below-market offer, which may leave you with less money than if you listed a home with a real estate agent. Many We Buy Houses companies use the 70% rule, where they offer approximately 70% of the expected after-repair value (ARV) of your home, minus the estimated repair costs.
- Example: Let’s say your Fenton property is valued at $342,267 and needs $30,000 in repairs. The bid is calculated as follows: ($342,267 × 0.70) – $30,000 = $209,587.
- Therefore, a cash buyer in Fenton can offer approximately $209,587 for your home.
- Limited negotiation: Offers are usually ‘take it or leave it’, leaving little room to negotiate for a better price.
- Risk of fraud: Not all cash buyers are trustworthy; some are fraudulent and prey on desperate sellers with unfair terms or hidden fees.
- Less protection for sellers: These deals usually favor the buyer and offer fewer legal safeguards than traditional sales contracts.
It’s worth noting that an experienced Fenton real estate agent may be able to secure a higher sales price than a cash buyer.
For example, after taking into account typical costs like closing costs, real estate agent commissions and market preparation, an agent can help you earn $323,442 or more – a big upgrade over a cash offer.
Your situation is important
The best selling strategy depends on the condition of your home, any necessary repairs, and what you hope to achieve from the sale. If speed is your priority, a cash offer may be the most practical route. But if maximizing your sales price is more important, listing with a trusted Fenton real estate agent can lead to a better outcome.
Regardless of which direction you’re considering, take the time to research your options before moving forward: Selling a home is an important financial decision.
HomeLight recommends starting with a local real estate professional. A real estate agent can give you an accurate idea of your home’s market value and help you evaluate any cash offers you receive. If you’d like, HomeLight can introduce you to a high-performing real estate agent in the Fenton area.
If you want a quick figure, try HomeLight’s Home Value Estimator for a quick estimate of your home’s value in less than two minutes.
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