Frequently Asked Questions About Selling Your House for Cash in Wisconsin

Selling a house directly to a cash buyer can be a good solution for some homeowners, but it isn’t the right choice for everyone. Below, Captain Save A Home answers common questions Wisconsin homeowners have about cash buyers, as-is sales, tenants, foreclosure, probate, repairs and closing costs.

Are cash home buyers legitimate?

Yes, many cash home-buying companies are legitimate businesses, but homeowners should research the buyer before signing a contract. A reputable cash buyer should be transparent about who they are, how their offer works, what happens at closing and whether they intend to purchase the property directly or assign the contract to another investor.

Before accepting an offer, consider checking:

How long the company has been in business
Google and other independent customer reviews
BBB information and complaint history
Whether the owners of the company are publicly identified
Whether the company has experience buying properties in your area
Whether the purchase agreement clearly explains the terms
Whether there are hidden fees or last-minute price reductions
Who will handle the title work and closing
Whether the buyer can provide reasonable evidence that it has the ability to close

Be cautious of anyone who pressures you to sign immediately, won’t explain the contract, asks you to pay a large upfront fee or refuses to identify who is actually purchasing your property.

Is Captain Save A Home legitimate?

Captain Save A Home LLC is a locally owned Milwaukee-area real estate investment company founded in 2014 by Rebecca and Nick Knox. We buy properties throughout Milwaukee and Southeast Wisconsin and have experience with houses involving major repairs, inherited properties, rental properties, difficult tenants, foreclosure situations, fire damage and other circumstances that can make a traditional sale more complicated.

We encourage homeowners to research us independently, read our reviews and compare their options before deciding whether selling to us is right for them.

The bottom line: A legitimate cash buyer should have no problem with you doing your homework.

How Much Below Market Value Do Cash Home Buyers Pay?

There is no universal percentage that legitimate cash buyers pay below market value. The difference between an investor’s offer and a home’s potential retail value depends on the property’s condition, repairs, location, resale potential, holding costs, financing costs, closing expenses and risk.

This is also why advertisements claiming that every cash buyer pays a particular percentage of market value can be misleading.

Why is a cash offer usually lower than a retail offer?

When you list a house traditionally, you’re generally trying to sell to the person willing to pay the highest market price.

An investor is evaluating the property differently.

For example, suppose a renovated house might eventually sell for $250,000.

If the property needs:

$40,000 in renovations
several months of carrying costs
insurance and utilities
financing costs
property taxes
resale expenses
closing costs

the investor cannot simply pay $250,000 for the property.

The investor also has to account for unexpected repairs, changes in the market and the possibility that the renovation costs more or takes longer than anticipated.

Price isn’t the only difference

A homeowner comparing a cash offer with a potential listing price should compare the net proceeds and the terms, not simply the two headline prices.

For example, consider:

Traditional sale

Potential sale price
minus repairs or improvements
minus commissions or brokerage costs, if applicable
minus seller closing expenses
minus concessions
minus carrying costs while the property is marketed
= estimated net proceeds

versus:

As-is cash sale

Cash purchase price
minus any seller expenses specified in the offer
= estimated net proceeds

A traditional sale may still produce substantially more money. If your property is in good condition and your primary goal is maximizing your sale price, talking with an experienced real estate agent may be the better option.

A direct sale may make more sense when avoiding repairs, uncertainty, showings or a lengthy selling process is particularly valuable to you.

Captain Save A Home believes homeowners should understand both numbers before deciding.

Should I Sell My House to a Cash Buyer or a Realtor?

It depends on whether your priority is maximizing the potential sale price or simplifying the sale.

Neither option is automatically better.

A Realtor may be the better choice if:

Your house is in reasonably good condition.

You have time to prepare and market the property.

You don’t mind showings.

You’re comfortable dealing with inspections and buyer contingencies.

You want to expose the property to as many potential buyers as possible.

Your main objective is obtaining the highest possible market price.

In those circumstances, we may actually recommend talking with a good Realtor.

A cash home buyer may make more sense if:

The house needs substantial repairs.

You inherited a property you don’t want to renovate.

You’re an out-of-state owner.

The property is vacant.

You’re dealing with a difficult rental property.

There has been fire or water damage.

The house has accumulated belongings or needs extensive cleaning.

You need greater certainty about the closing date.

You’re facing a time-sensitive situation.

You simply don’t want to renovate and prepare a property for a traditional retail buyer.

Compare the net result

If a Realtor believes your house could sell for $300,000 and a cash buyer offers $230,000, don’t assume those numbers are directly comparable.

Ask what it would realistically cost to get the house from its present condition to the $300,000 sale.

Then consider commissions or brokerage expenses, seller closing expenses, repairs, concessions, holding costs and the time involved.

Sometimes listing is clearly better.

Sometimes the convenience and certainty of an as-is sale justify accepting less.

And sometimes the numbers are closer than homeowners initially expect.

A reputable investor shouldn’t be afraid to tell you when listing your property may make more sense.

Can I Sell a House With Tenants in Wisconsin?

Yes. A Wisconsin property owner can generally sell a rental property while tenants are living in it. Selling the property, however, does not automatically eliminate the occupants’ legal rights or every obligation created by an existing tenancy or lease.

That distinction is important.

The appropriate way to handle the sale can depend on factors including:

Whether there is a written lease
The term of the lease
Whether the tenancy is month-to-month
Whether rent is current
Whether there are security deposits
Whether notices have been given
Whether an eviction action is pending
The specific terms of the rental agreement

Don’t assume you can simply tell a tenant to leave because you’ve decided to sell the house.

Do I have to remove the tenants before selling?

Not necessarily.

Some buyers specifically purchase occupied rental properties and may be willing to acquire the property with existing tenants.

That can be especially useful for landlords who no longer want to manage a difficult property.

Owner-occupant buyers, on the other hand, may require vacant possession, which can make an occupied property more difficult to sell traditionally.

What about a problem tenant?

A property with a nonpaying or difficult tenant can sometimes still be sold, but the circumstances need to be disclosed to the buyer accurately.

Captain Save A Home has experience purchasing Milwaukee-area rental properties and working with landlords who want to exit properties they no longer wish to manage.

Because landlord-tenant law is highly fact-specific, owners dealing with lease termination, eviction or disputed tenant rights should obtain appropriate Wisconsin legal advice rather than relying solely on information from a property buyer.

Can I Sell My House During Foreclosure in Wisconsin?

Potentially, yes. A Wisconsin homeowner may still be able to sell a property after foreclosure proceedings have begun, provided the sale can be completed while the owner still has the legal ability to convey the property and the mortgage, foreclosure judgment and other liens or required amounts can be resolved through the transaction.

But foreclosure is extremely time-sensitive.

Wisconsin law provides rights and procedures during the foreclosure process, including circumstances in which a mortgagor may redeem the property before the foreclosure sale is completed. The exact timeline depends on the case. Homeowners should not assume they have a particular number of months remaining without checking their actual foreclosure documents and obtaining qualified advice.

How could selling help?

Suppose the property is worth more than the mortgage and other liens.

A sale may allow the closing agent or title company to use the proceeds to pay the mortgage and other amounts required to deliver clear title, with remaining proceeds going to the seller after applicable costs and obligations.

If the house is worth less than the amount owed, the situation may require lender approval of a short sale or another solution.

Don’t wait until the last minute

If you’ve received foreclosure paperwork, immediately find out:

Where you are in the foreclosure process.
The approximate payoff amount.
Whether there are additional liens or judgments.
What the property is realistically worth.
Whether keeping, refinancing, listing or selling directly is feasible.

Captain Save A Home has worked with Wisconsin homeowners facing foreclosure, but selling to an investor is only one possible solution.

Homeowners should also consider speaking with their mortgage servicer, a qualified Wisconsin attorney and/or a HUD-approved housing counselor.

The earlier you investigate your options, the more options you may have.

Can You Sell a House Before Probate Is Finished in Wisconsin?

In some Wisconsin estates, real estate can be sold while probate is still open. The important question is who has legal authority to sell the property and whether the estate, will or court imposes restrictions on the sale.

Wisconsin probate law gives a personal representative powers concerning estate property, including the ability to sell property in appropriate circumstances. However, wills can contain restrictions, specific bequests can affect a proposed sale, and some situations can require court involvement.

That’s why saying, “The heirs all agree, so we can sell it,” isn’t always enough.

What if I’m an heir?

Being an heir does not necessarily mean you individually have authority to sign a real estate contract on behalf of an estate.

The first questions are usually:

Has probate been opened?
Has a personal representative been appointed?
Who currently holds title?
Is there a will?
Does the will contain restrictions or a specific gift of the property?
Are there mortgages, liens, taxes or estate obligations?
Is court approval required under the circumstances?

Can an inherited house be sold as-is?

Often, yes.

An estate doesn’t necessarily have to renovate a house before selling it.

This can be particularly helpful when an inherited property contains decades of belongings, needs substantial repairs or has been vacant.

Captain Save A Home purchases inherited properties in the Milwaukee area in as-is condition. Depending on the transaction, sellers may be able to avoid making repairs or extensively cleaning the property before closing.

Probate circumstances vary considerably, so the personal representative should consult the estate’s attorney when there is uncertainty about authority to sell.

Who Pays Closing Costs When Selling to a Cash Buyer?

There isn’t one rule requiring all cash buyers to pay every closing cost. Who pays which expenses depends primarily on the purchase agreement and applicable law.

That’s why homeowners should be cautious when a company simply advertises:

“NO CLOSING COSTS!”

Ask exactly what that means.

Potential transaction expenses can include:

Title-related charges
Recording charges
Transfer fees
Property taxes and prorations
Existing liens
Mortgage payoff expenses
Attorney fees, when applicable
Brokerage commissions, if applicable
Other transaction-specific expenses

Wisconsin also imposes a real estate transfer fee on many conveyances. The Wisconsin Department of Revenue states that the seller/grantor is generally responsible for the transfer fee, although the economics of a purchase agreement can be structured in different ways.

What does Captain Save A Home pay?

When Captain Save A Home tells a homeowner that we will pay the closing costs associated with our purchase, we explain what is included in the written offer so the seller can understand the amount they should expect to receive.

Existing mortgages, delinquent taxes, liens, judgments or other obligations attached to the seller or property are different from ordinary transactional closing expenses and may have to be paid or otherwise resolved as part of obtaining clear title.

Before signing any cash offer, ask the buyer to explain in writing what you pay, what they pay and how your estimated proceeds are calculated.

Do I Need to Clean My House Before Selling to an Investor?

Usually not when you’re selling directly to an investor who has specifically agreed to purchase the property in its present as-is condition.

This is one of the biggest differences between preparing a house for the retail market and selling directly to an investor.

A traditional sale may benefit from:

Decluttering
Deep cleaning
Painting
Landscaping
Removing unwanted belongings
Cosmetic repairs
Staging

An as-is investor purchase is different.

Captain Save A Home evaluates the property based on its current condition. We’re accustomed to seeing houses that need work.

We’re not expecting a showroom.

Should I clean anything?

You should take anything you want to keep, particularly important documents, photographs, jewelry, medication, financial records and personal items.

Beyond that, ask the buyer exactly what must be removed before closing.

If a company tells you that you can leave unwanted items behind, get that understanding clearly documented rather than assuming it.

For some sellers, not having to spend weeks cleaning a property is one of the primary reasons they choose an as-is sale.

Can I Leave Furniture Behind When I Sell My House?

Possibly. Some real estate investors will allow sellers to leave unwanted furniture and household contents behind, but this should be agreed upon before closing.

This can be particularly helpful when selling:

An inherited house
An estate property
A longtime family home
A rental property
A hoarder or heavily cluttered property
A house after an owner moves out of state

Emptying an entire property can require dumpsters, movers, estate-sale companies, donation pickups and many hours of work.

What can I leave?

That depends on the buyer and the property.

Before closing, ask:

“Can I take what I want and leave everything else?”

If the answer is yes, make sure the purchase arrangement reflects that understanding.

Captain Save A Home purchases properties as-is and can discuss leaving unwanted contents behind when we evaluate the property.

Our goal is to tell you before you sign an offer what will and won’t be expected at closing.

Can I Sell a House With Code Violations?

Yes, a property with code violations can often still be sold, but selling the property does not necessarily make the underlying violations or municipal requirements disappear. The effect of outstanding violations depends on the municipality, the nature of the violation and the transaction.

Common issues can include:

Electrical problems
Plumbing violations
Exterior deterioration
Roof problems
Unsafe porches or stairs
Missing permits
Vacant-building requirements
Orders to correct
Unpermitted alterations
Fire or safety violations

Do I have to fix everything before selling?

Not necessarily.

Whether corrections must be completed before ownership can transfer depends on the circumstances and local requirements.

This is an area where Milwaukee and surrounding municipalities can have their own procedures, so homeowners should verify outstanding orders directly with the municipality rather than relying on assumptions.

Will an investor buy a house with violations?

Some will.

Investors who routinely renovate distressed properties may be more comfortable evaluating the cost and risk associated with code issues than a typical owner-occupant buyer.

Captain Save A Home purchases Milwaukee-area properties needing significant repairs and will consider properties with existing code issues.

We evaluate the house in its current condition, determine what we believe will be required after purchase and factor that into our offer.

If you’re unsure what violations exist, obtain the actual municipal record or order first. Knowing exactly what you’re dealing with is better than guessing.

Thinking About Selling Your Wisconsin House As-Is?

Selling to a cash buyer is one option—not automatically the best option.

If maximizing the potential sale price is your priority and you have the time and resources to prepare the house for market, a traditional Realtor-assisted sale may make more sense.

If you’re dealing with major repairs, an inherited property, tenants, foreclosure, a vacant house, code problems or simply don’t want to prepare the property for the retail market, an as-is sale may be worth comparing.

Captain Save A Home LLC has been buying properties in Milwaukee and Southeast Wisconsin since 2014.

We can evaluate your property, explain how we arrived at our offer and let you decide whether selling directly to us makes sense.

No pressure. Compare your options and choose what’s best for you.

This page provides general educational information and is not legal, tax or financial advice. Wisconsin real estate, probate, foreclosure and landlord-tenant situations can vary based on the specific facts.