If you need to sell a property in Memphis, you have more than one option. You can list it with an agent, sell it yourself (FSBO), or sell to a cash buyer/investor.
In some cases it will make most sense to sell to a cash buyer. Maybe the property needs too many repairs, maybe it’s too far away for you to deal with, maybe you need the money quickly. In other cases it will make more sense to sell it yourself or list with a local agent. Whatever the case may be, its up to you to make an informed decision.
But let’s take a look at each option so you can make the best choice for you.
Cash Buyers / Investors
One of the most common reasons to choose to sell to an investor is time. Cash buyers can close quickly. They don’t need to wait around on bank appraisals or spend lots of time doing inspections. They usually buy the house as-is, meaning they don’t require the seller to make repairs or clean.
The cash buyer will often offer to pay all of your closing costs. They take on all the risk by buying with no contingencies. So you don’t have to worry about the deal falling through due to appraisal or inspection issues.
Since the cash buyer/investor is taking on the majority of the risk and providing a quick and easy sale, their offers are typically lower. They are buying the property as an investment and expect to realize a return on their investment.
Selling to an investor can be a great option if you need to sell quickly, don’t want to make repairs, etc. Just be sure you are dealing with a reputable home buying company that won’t try to take advantage of your situation.
Sell It Yourself (FSBO)
Selling your house yourself is often called FSBO, or For Sale By Owner. It may seem like a good idea because you save realtor commissions, but it can be time-consuming and you bear all the risk.
This method of sale is recommended more for those experienced in marketing and knowledgeable about real estate. This is also more for someone who has the time to dedicate to the process.
Often inexperienced sellers end up selling for less than they would otherwise. They could also make legal errors unknowingly and find themselves in a lawsuit. If you choose to go this route, make sure to do your homework and consult legal counsel.
List With An Agent
Listing with a real estate agent is the traditional way to sell a house. The agent offers their expertise in exchange for a commission. They typically obtain the highest price for the property. However it can take time and may require you to do repairs and cleaning. Contracts have the potential to fall through over issues with the buyer’s financing or items on the inspection report.
If you are not constrained by time or anything else that would prevent you from listing with an agent, make sure you choose your agent wisely. Choose an experienced, honest, and reputable agent local to the area where the property is located. Olivia de Oliveira is a local Memphis agent with 901, REALTORS.
No matter which option you choose, just make sure you educate yourself and only work with reputable and experienced individuals and companies.