We Buy Houses for Cash in McKinney vs. top McKinney agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s take a glance at how different aspects of the sale might look and compare possible proceeds.
| Aspect of the sale | Sell to a We Buy Houses for Cash company in McKinney | Sell with a top Realtor in McKinney |
| Selling timeline | 7 to 30 days | 107 days average; 63 to attract an offer, 44 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, stage home |
| Showings | None | 10 to 25 showings average |
| Inspections / repairs | None | May need to make additional repairs for the buyer or renegotiate the price |
| Appraisal | None | May need to lower your asking price if the appraisal comes in low |
| Title search | Cash-For-Homes companies often handle title issues | Must clear title before you can sell the home |
| Financing contingency | None | Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear |
| Agent commission | None | 3%-5.8% average |
| Closing costs | None | 1% to 3% of the home sale price on top of agent commission |
Example net proceeds
Below, we’ve compiled one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in McKinney is worth about $450,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $475,000.
| Sell to a We Buy Houses for Cash company in McKinney | Sell with a top Realtor in McKinney | |
| Estimated sale price | ($475,000 x .70) – $25,000 = $307,500 | $450,000 |
| Market preparations | 0 | $4,500 (1% of sale price) |
| Agent commissions | 0 | $13,500 (3%) |
| Closing costs | 0 | $6,750 (1.5%) |
| Estimated take-home for seller | $307,500 | $425,250 |
As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be a challenge in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Speed and simplicity: Selling to a house-buying company offers a quick, straightforward way to sell your McKinney home, often in as-is condition.
- Lower offers: Be prepared to receive less than market value compared to traditional sales.
- Other options: Consider iBuyers or listing with a top agent if you want to explore alternative ways to sell quickly.
- Due diligence: Always vet house-buying companies and carefully review contracts before proceeding.
- Know your home’s worth: Use tools like HomeLight’s Home Value Estimator and consult with an agent to understand your home’s market value.
At HomeLight, we’re happy to lend a guiding hand in navigating your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult with a top Mckinney, TX agent.
Editor’s note: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of McKinney area “We Buy Houses” companies should not be considered an endorsement.
Header Image Source: (trongnguyen/DepositPhotos)
