When you’re buying a house, you can either pay cash or finance it. It depends on what makes the most sense based on your financial situation.
The same applies to home selling. You can sell your home for cash quickly or do it the traditional way by working with a real estate agent and waiting for the right buyer to get financing so your home can be taken off the market.
Now, both ways have their pros and cons. But here, we’ll focus on selling your home for cash and the 5 things you should know before choosing this route.
1. Fast Closings
It’s true. Investors who buy homes can pay in as little as seven days. Think of how much time you can save if you’re planning to move quickly to another state. It’s also ideal for homeowners who are dealing with a medical emergency and need the money quickly.
That’s because these buyers don’t really care about how your house looks. They don’t mind if you don’t spend money on repairs. They’re used to buying homes as is.
With the traditional way of selling a home, you’ll have to make sure it’s ready to sell before you list it. That could take months, especially if you want to sell your property for a nice profit. After that, it’s another round of waiting for the right buyer to come up with the money to buy your home at the price you want.
2. Serious Buyers Only
Assuming you’ve done your research and have taken steps to avoid scam artists, selling your home for cash is going to attract a specific type of buyer – equity investors. That streamlines the process and weeds out buyers who are just looking.
It also saves you the hassle of negotiating with non-serious buyers. When you sell your house as is, you know exactly what type of offers you’ll get and from whom.
3. Less Money
What’s a fair offer from a “We Buy Houses” company? Some homeowners will say you’re never going to get back what you paid for if you sell to a cash buyer. And in a way, they’re right.
But you also need to understand why you’ll never get top dollar when you list your home as is. Simply put, cash offers are almost always lower because the sale needs to be quick. And the costs of back taxes, repairs, and closing are all shouldered by the buyer.
4. Research Is a Must
Whether you’re selling to a realtor investor or an individual who’s paying cash for a house, you need to know that they don’t need a license to buy. It’s not a red flag. But it means you shouldn’t just sell to anyone.
One way you can weed out scammers is to research online. See if these individuals or corporations are who they say they are. Make sure to check their website, as well as online reviews.
5. Think It Over
What’s important to you as a home seller? Do you want to sell your home as fast as you could? Or do you want to sell your home for a profit?
If your priority right now is speed and convenience, accepting a cash offer is a good choice. But if you want to get back what you spent on your house or more, you’re better off with the realtor route.
Ready to Sell Your Home for Cash?
If yes, then you can go ahead and consider offers from cash buyers for houses. But if you need more time and information about how to sell your home for cash, feel free to check out our other articles.
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