Will An Investor Buy My House in Ontario for Close to My Asking price?
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Will An Investor Pay Me My Asking Price?
First thing first: Know your options when selling your house.
- You can List it with a local realtor, in hopes of marketing it successfully and finding a buyer.
- You can try to sell it on your own (FSBO-for sale by owner), and hope you find a buyer.
- You can bypass the whole marketing, hoping, and finding process by selling directly to an investor (like DCI Properties).
Easy enough. But the question remains: “Will an investor buy my house in Ontario for close to asking price?”
Here’s what you need to know and understand:
What Is The Investor’s Agenda?
Investors buy houses generally, for one of two reasons.
- To remodel the house and resell it for a profit.
- To keep the house as a rental unit.
In either case, investors need to make a profit and therefore, have to locate houses that are priced affordably. They are not buying your house to live in it, and therefore don’t really care about a lot of other things a retail buyer would… like how clean it is, or can you wait until they sell their current house. Click here to see a good FORBES article on the Pros and Cons of Selling to an Investor.
What Is My Asking Price?
When you sell your house through a realtor to a “retail buyer,” your asking price has a lot built into it. You know they are going to offer less, so you have to have some “wiggle room.” Plus you have to build in the realtor’s commission, and the closing costs.
Additionally, you have to cover whatever repairs you do to the house. Finally, since this process could take 6 months, you have to cover your mortgage and any upkeep to the house for that time period. All of this has to be built into your asking price, and unfortunately, it still may not sell.
The Benefits Of Selling To An Investor
When you sell your house to an investor, you don’t have to build anything into the asking price.
- There are no repairs required
- You don’t have to clean anything up
- You can sell instantly, so no more mortgage, utilities, insurance, maintenance, etc.
- No commissions, fees, or closing costs
- No hoping, marketing or waiting
It’s easy to determine your asking price when you sell to an investor. You don’t have to worry and wonder if there will be any other fees or costs. The only “costs” you will have is whatever you already owe on your house like your mortgage and taxes. See below for a detailed comparison of selling to a Investor vs a Realtor.
|SELLING THROUGH A REALTOR||SELLING TO DCI PROPERTIES|
|Commissions:||6-10% of Sales Price in Ontario.||NONE|
|Closing Costs:||3-4% of Sales Price.||NONE - We pay all costs|
|Repairs:||Most realtors will ask for repairs or even the lender will require repairs in order to sell the home.||NONE - We pay for all repairs|
|Time and Carrying Costs:||It takes about 3-6 months to sell a house. During this time you will have to pay for taxes, maintenance, utilities, insurance and interest.||NONE- We can purchase right away|
|Cleaning:||Your realtor will want a clean show-ready home to present to potential buyers.||NONE - We take care of this for you|
|Packing:||Once you sell, you will have to leave the place empty and clean.||NONE - You can leave what you don't want behind|
|Staging:||Many realtors require a home to be staged when showing off the home to potential buyers. Meaning a whole lot of decluttering for you.||NONE - Not required|
|Showing:||You may have to show your home off 5-30 times to find a buyer.||Once (Just Us)|
|Closing Date:||Typically 30-60 days after finding a buyer.||On the Date of YOUR CHOICE|
|Appraisal, Inspection, and Financing Contingency||Most realtors have to finance, so an inspection, appraisal and credit approval are all required.||NONE|
Selling your house to an investor allows you to sell faster, easier, and without all the traditional costs. You are cutting out the middle man and selling straight to the buyer-without the wait! You can now figure an asking price without all the other stuff built in, and this asking price should be much closer to what an investor can pay.