Do you need to sell your house fast? Selling your home for cash might sound tempting. After all, there’s no muss and no fuss.
The buyer purchases your property without a mortgage or any type of financing. This means less risk of the sale falling through, and the purchase moves quickly from start to finish.
Sounds good, right? But what do you really know about cash home buyers? Before jumping into a cash sale of your home, here are a few things you should know first.
Many Cash Home Buyers Want to Flip Your Home
It’s not always the case, but many cash home buyers are looking for properties they can flip and make a profit on. These investors will accept homes in any condition. Then, they’ll renovate the home and resell it. Another common scenario is purchasing properties for cash and then renting them out.
They Target Certain Sellers
These investors know what they’re doing, as they target certain types of sellers, ones who might jump at the chance to sell their homes for cash. They look for individuals going through major life changes, who are more likely to be desperate to make a sale.
For instance, they look for homes that are in foreclosure or probate, as well as ones that are involved in a bankruptcy. They might also reach out to those experiencing a divorce, those forced to make a necessary sudden move due to unexpected career changes, or those who have experienced a death in the family. They also look for homes that have been damaged in some way or that have been vacant and on the market for a lengthy period.
They Promise No Commission, Fees, or Closing Costs
Many cash home buyers will tout the fact that you won’t have to pay any commission, fees, or closing costs. This makes sense since you can move through a cash deal without involving any real estate agents, who would be on the receiving end of these fees.
Don’t be lured into the deal by that statement alone, though. Often, the buyer would pay those costs, anyway. And you still might want to consider at least consulting a real estate agent or attorney to review the deal.
Cash Transactions Move Quickly
In cash sales, the process moves quickly, usually taking no longer than two weeks, tops. This is appealing to both parties involved, the buyer and seller. After all, what homeowner, eager to move, wouldn’t say, “Of course, I want to sell my house fast for cash!”
No Need for Last-Minute Repairs
Homeowners can breathe a sigh of relief. Since cash buyers are willing to purchase a home as-is – after all, they’ll be renovating the property, anyway – this means you won’t be on the hook for any last-minute repairs as you negotiate the sale. That will make the process less overwhelming.
Usually, There Are No Inspections or Appraisals
Because there’s no lender involved, appraisals and inspections aren’t required in cash sales. And though cash home buyers have the option of requesting them, most won’t want to be bothered, as they’re interested in moving the transaction along quickly.
Looking for More Real Estate Tips?
Now that you know more about cash home buyers and what to expect from that process, check out the real estate section of our blog for more information on buying and selling homes. Whether you’re a homeowner looking to sell or a buyer searching the market, our blog serves as an excellent resource for both sides of the transaction.