Sellers are asking about cash for houses in Ocala – they want to know how much they will get if they sell their house. If you’re thinking of selling and wondering how much you might get, this blog post will help to answer that question.
An Important Definition
Since this blog post will be read by people all over Ocala (and surrounding areas), with various price prices reflected throughout the area, it’s not possible to give a specific dollar figure. There is however, important concepts that will help you understand how much people pay cash for houses in Ocala…
When a house sold “on the market”, that means it’s usually listed by a real estate agent and sold after several potential buyers have seen the property and at least one has made an offer. 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”. This is especially true since banks require the houses to be appraised prior to underwriting the loan.
When a house is sold “off the market”, that usually means the homeowner has decided to sell their home directly to a buyer instead of listing their home with a real estate agent. It may still show up on Zillow but it won’t be in the MLS or Realtor.com which is fed by the MLS systems. Houses sold off the market will often be sold for slightly less than their market price, this is called “below market price.” Since there is no agent commission to pay, this gives the seller a little leeway in lowering the price.
“Why would anyone accept below market price, and less cash for their house?”
That’s a good question but there’s more to the story:
- Selling on the market usually means you’re selling it to a person who will choose to live in the house. They’re buying the house for themselves and their family. But when you sell off the market, you’re often selling to a company that might be investing in your house to turn it into a rental property or to renovate it and sell it.
- Selling on the market usually means the buyer needs financing. Selling off the market, in a private sale, often means that a professional home-buying company is will to pay cash for houses. (That’s why some people prefer to sell off the market – they don’t want to wait for the seller to get financing; they want to know they’ve sold the house right away). With financing comes the inspections from the insurance company and the buyer. Plus the house will need to be appraised.
- Selling on the market actually costs money… sometimes a lot of money. If your house needs renovations and repairs, you usually have to spend money to fix up your house before you sell it on the market. However, when you sell it off the market, such as to a company like us at CPR Real Estate Solutions, LLC, you may be able to sell your house as-is – saving the money (and the time and hassle). This is especially true if your roof has less than five years of life left in it as the new insurer will not insure the house.
- Selling on the market through an agent will result in commissions and fees to the agent for the work they did to sell your house. But selling off the market to a home buying company like CPR Real Estate Solutions, LLC usually means no commissions or fees or closing costs.
How much can you get for your home? Selling on the market may mean you sell your house for more money but it takes longer and costs more; selling off the market may mean you sell your house for below market price but it’s faster and there are no expenses or fees.
So, how much will sellers get in cash for houses in Ocala? It depends on how you sell – on the market or off the market… and that is determined by how quickly you want to sell and how much time and money you’re willing to invest to sell.