Online House Hunting - My house is for sale and someone has offered me cash?

My house is for sale and someone has offered me cash?

My house is on the market for 154,900.00 and someone has offered me 140,000.00 cash and they can close within 7 days. I know there's money involved in selling a house and also the realtor fee is not cheap. How do I know if 140,000.00 is good or not without asking my realtor? How do you determine how much it costs to sell a home? Certain percent maybe? My home is paid for so It's not like I have to accept the first offer.

Public Comments

If they have that cash, they can come up with more. Counter offer that you'll take one fifty, and see if you can get them up to 145. I could be wrong but I think they get five percent.
Cash does not help you except for a possible quick close. If someone gets a loan you still get cash at closing. The cost to the seller is the same either way unless the seller agrees to pay part of the buyer's closing costs. So I would not care if the buyer is offering me cash or getting a mortgage. Your Realtor should show you how much the closing cost is on each offer so you can compare apples to apples. As far as talking about the first offer. The first offer should be considered just as carefully as any other- it might be your best.
Assuming your realtor is getting the typical 6%, figure on 10% for total closing costs to sell - so figure to walk away with about $126,000 (give or take).
If you have it listed with a realtor you must involve them. You can accept it if you want or counter for a bit more
Do you actually have the house listed with a Realtor? If so the listing agreement will state the commission - generally 6%. Why not ask your Realtor? That is their job and that is why you are paying a commission. They should already have pulled comps (comparative market analysis) to give you an idea of the home's value. Second topic. If you don't want to ask your Realtor because you are thinking of bypassing the Realtor for this cash offer: if you are in a listing agreement you will owe them a commission unless you have a non-exclusive listing agreement. If you are just selling on your own, at least get a real estate attorney and a title company to take care of the title search and the closing.
Have you already listed your house for sale? If so, you cannot sell it yourself and avoid paying the commission. If you haven't listed the home, the commission most places is 6-7% though it is negotiable. If the house is listed, talk to your real estate agent about this offer. They will negotiate it out for you.
Cash offers are preferable because they are more likely to close. Seven days is a very quick close. The sooner you close, the less likely something will go wrong that causes the deal to fall through. Something like 30% of sales contracts aren't closing these days, and the buyer's mortgage falling through is a major cause of that. If you're house is listed with a Realtor, you do owe them commission, so seek their advice and see if you can make a deal with this cash buyer, either for the price they offered or with a counter offer. A bird in the hand is worth two in the bush :)
You need to talk to your realtor asap. They will help you to make this deal happen if you want. Also, they will help you to make a counter offer to the cash buyer if you want to try for alittle more money.
Your realtor can provide a seller's net sheet, if they don't I'd call their broker.
You need to seek for legal advice so that everything will be done properly. Maybe this could help: www.ReverseThatForeclosure.com