Part of the Fast Home Selling University educational series
A quick guide to how smart Oregon home sellers can sell their homes faster while also retaining the option for a high sale price.
Navigating the complex landscape of real estate can be daunting, especially when aiming for a fast home sale in Portland due to inherited property, financial difficulties such as foreclosures, or other urgent reasons.
This lesson provides expert tips and examples from two experts in the field: Portland Realtor Paul Warren and property investor Dustin McGuirk. Their insights and examples will guide you to selling your Portland home quickly while ensuring you get the best possible price.
“I’m proud to help Dustin and the ibuyhaus team educate home sellers in southwest Washington and the greater Portland area about new and exciting home selling options. When sellers are informed, their experience is smoother, and everyone’s happier.”
Realtor in SW Washington and greater Portland area
The Challenges of Fast Home Sales
When it comes to deciding how to sell your home quickly in Portland, homeowners are sometimes torn between a fast cash sale and a traditional real estate agent listing. While cash offers are known for their speed and simplicity, they usually don’t match the full market value of a property. On the other hand, agent listings can fetch a higher price but often take longer. This leaves some home sellers wishing there was some intermediate option.
The Hybrid Sales Method: A Game-Changer
Thanks to the innovative approach developed by Dustin McGuirk, homeowners now have a hybrid solution. This method begins with a quick cash offer from ibuyhaus, followed by the option to list the property with Paul Warren for a potentially higher market value.
Homeowners benefit from working with a single trusted company, and not having to seek multiple offers from different buyers and realty agents. Because this flexible approach is streamlined and efficient, it’s particularly beneficial for those looking to sell their home quickly in Portland.
Case Study: Selling an Inherited Property Quickly
Consider a scenario where you’ve inherited a property in Portland valued at $600,000. Opting for a fast home sale is crucial to avoid escalating taxes and maintenance costs, as well as the risks involved with a vacant home. In such cases, a cash offer might seem appealing for its immediacy.
But, what is a “fair price” for a fast cash offer? Clearly, it must be lower than the estimated full market price of $600,000 since the cash buyer (home investor) must raise their own funds to purchase, renovate, and otherwise prepare the home for later sale.
Quick Cash Sale Option
Let’s calculate a fair cash price for this inherited property. These are the main factors a home investor would need to consider before giving a purchase offer:
- Repair and renovation costs: $70,000 (to bring it to market standards)
- Transaction and project management costs: $6,000
- Holding costs (including taxes and maintenance): $30,000 (assuming 5 months at $6,000 per month)
- Market fluctuation risks: $15,000 (a 2.5% fluctuation)
- Miscellaneous costs: $6,000
The total cost to the investor is $127,000. Assuming that the investor needs to make a profit of 10 percent of the full market value, it brings the investor’s “total cost” to $187,000. Thus, a fair cash offer would be $600,000 – $187,000, which is $413,000.
This example is only for illustration since every home selling situation is unique. You can easily get your own custom cash offer by entering your address in the form below this article. Your offer is covered by the ibuyhaus Fair Price Promise.
Selling with a Realtor for Maximum Sale Value Option
Let’s continue the above example and evaluate the next option. After receiving your cash offer from ibuyhaus, you can seamlessly transition to discussing a traditional market listing with Paul Warren. As an experienced Realtor in the greater Portland area, Mr. Warren is known for providing the comprehensive support, tools, and resources that help attract qualified buyers and strong offers.
After consulting with Mr. Warren, imagine you decide to move into the inherited home for several months and do renovations on your own. While you should get a higher sale price, you will also incur other costs:
- Repair and Renovation Costs: $30,000. You may do most of the work, but still need to hire contractors and purchase materials.
- Realtor Fees and Closing Costs: This can vary, but is generally around 6% of the sale price. On a $600,000 home, that comes out to $36,000.
- Miscellaneous costs: $6,000.
After deducting the renovation and selling costs of $72,000, the estimated profit from an agent sale could be $528,000. While the process has higher upfront costs and takes longer than the cash option, you would receive full selling service and support from Paul Warren, plus access to his valuable buyer contacts and marketing network.
Deciding Between a Quick Cash Sale and a Realtor Listing
“Whatever you choose, we hope to support you by providing valuable information and advice that will lead to the best possible outcome for your home sale.”
Portland property investor and founder of ibuyhaus
With the ibuyhaus approach, choosing the right method to sell your Oregon home doesn’t have to be an immediate decision. To make an informed choice, follow these steps:
Step 1: Request your cash offer
Starting with a cash offer from ibuyhaus is a no-risk initial step. They offer a Fair Price Promise, ensuring your home is evaluated based on its actual condition, location, necessary repairs, and the prices of similar recently sold homes in your area. This step is crucial for those looking to sell their home quickly in Portland.
Step 2: Assess your options
After receiving the cash offer, it’s important to consider how it aligns with your current circumstances. With guidance from Dustin McGuirk and in collaboration with Portland Realtor Paul Warren, you can weigh the pros and cons of each option. Ask yourself whether you’re willing to engage in a more time-consuming and involved process for the possibility of a higher sale price. Consider your selling timeframe, and the risks of the market changing over time.
Step 3: Make your decision
Finally, it’s time to choose your course of action. Remember, requesting a cash offer from ibuyhaus comes with no obligation, allowing you the freedom to choose the best path after being fully informed.
Whether you’re drawn to the speed of a cash sale or the potentially higher returns of a traditional real estate agent sale, the key is to understand all your options. Dustin McGuirk, Paul Warren, and the ibuyhaus team are available to assist and guide you through your home selling journey.