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How much do you lose when you sell your house for cash in New Jersey?

Sell my house fast [New Jersey]

How much do you lose when you sell your house for cash in New Jersey?

That is a great question, and it is a loaded question. Condition of your property plays a major role in the answer. We can sum up a property’s condition in 3 types: Recently Renovated, Well Maintained and Calling All Investors.

  •  Recently Renovated: New paint, New appliances, New fixtures, New flooring, New windows, New kitchen and kitchen tiles, New bathroom. You get the point the more you can say NEW you have yourself a recently renovated property. These types of properties should be listed on the market with a realtor or for sale by owner (FSBO).

  • Well- Maintained: A homeowner has kept the property in good condition and requires little to no repairs. A well-maintained property may have some age to it and needs to be updated. These types of properties are 50/50 whether you list your property or sell it to a real estate cash buyer, and it all comes down to your personal situation and your timing.

  • Calling All Investors: It is a call to actions phrase to investors that there is a potential opportunity to buy and potentially profit from real estate investments. In short Fixer-ups these are the properties that need to be renovated or knock down and rebuilt. Should be sold to a real estate investor. Why pay realtor’s commission on a property that you are selling at a deep discount. Realtors like to say you will receive more money on the market. They want to make a commission on the sale of your house. The truth is that if you Google, we buy houses in New Jersey there are many investors out there that will buy your house as-is. I never went to an appointment where we were not the only investors the homeowner called and received an offer from. So, once again why pay a realtor’s commission?

To answer your question, how much do you lose when you sell your house for cash in New Jersey?

Well, it depends on what category your house falls into.

Recently Renovated: If you renovated your houses in accordance with the local neighborhood standards meaning houses in the neighborhood all have hardwood floors and your house should not have gold plated floors with diamond doorknobs lol, but you get the point! You have 2 option.

Option 1: Listing with a realtor– Having a great realtor that really knows the local market and is not just telling you price high without showing good comps than you will not lose money, even if a cash buyer makes an offer.

Option 2: For Sale By Owner (FSBO)- Knowing to local market and what houses are sold for, not what the houses are listed for plays a major role in if you lose money or not. You can save you up 4% on realtor’s commission. With option 2 FSBO you can find flat fee listing as low as $95 and your property will be listed on MLS. You will not have to show the property because the buyer’s agent will show the property. The change that a real estate investor will make an offer is slim unless they are looking for rental properties and they will pay asking price.

We recommend option 2, If you do not mind receiving calls and negotiating with buyer’s agent option If listing (FSBO) we would also recommend you to pay 2% to the buyer’s agent but that is totally up to you! We have a blog on how to sell your property without a realtor in New Jersey.

Well Maintained: If your house falls into the well-maintained category, your property could attract homebuyers that are looking for fixer- upper or real estate investors. You have 3 options.

Option 1: List with a realtor – Well-maintained house buyers may ask for a repair credit because the house is outdated or needs repairs and if you listed your houses with a realtor you will still have to pay commission.

Option 2: List FSBO– Same rules apply as Recently Renovated

Option 3: Selling to a real estate investor– If time is not on your side, finances are an issue or you just need to sell fast then option 3 is the best way to go. No realtor’s commission you will save 6% on the sell of your property, quick closing, no repairs, no cleaning out the property, you may receive money upfront to hold you over until the closes.

Another factor to take in consideration is TD Bank survey found that interest in fixer-uppers has decreased, with only 52% of respondents considering such properties and according to a new report by Clever Real Estate more half, 57%, of Gen Zers are willing to put an offer in on a fixed upper. The site surveyed 1,000 Gen Z 18 and older; 12.6% of the total were homeowners. However, some of those homeowners who went the fixer-upper route are already rethinking their decisions. 40% of the homeowners who purchased fixer-upper, about 27% regret it.

In some cases a real estate investor may not offer as much as a homebuyer that wants a fixer-upper. Keep in mind with a real estate investor you can receive an offer within 24 hours saving time and money plus they have experience in buying a fixer-upper. The chances of you getting to the closing table, we would say is higher with a real estate investor then a homebuyer. Real estate investor and homebuyers are looking for a deal and return on their investment. Real estate investor are looking for profit and homebuyers are looking for less competition and quick equity. It is hard to say which option is better for you, especially if you are using a realtor.

Calling All Investors: If you property falls into this category it is most likely outside of the scope of a homebuyer. These properties need major renovations or knockdown and rebuilt.

Real estate investor, would be your best option because they specialize in buying distressed properties and theses properties are hard to get a mortgage on.

In conclusion

If you do your homework, be realistic and price your property correctly based on the current condition you will not lose money on the sell of your home.