You've seen the sign that says "We pay cash for houses!" But, how does it work?
you’ve ever sold a house in a tight situation – under a timeline, in an
emergency situation – you understand how it can be when you need to sell a
house fast. You’ve probably seen the signs along roads in your area – the signs
that claim “We pay cash for houses!” But have you ever stopped to wonder, “how
does that work?”
Get the information you need to make an informed decision – and be prepared in case you’re ever in a situation where you might need to sell your house quickly, for cash value.
Typical timeline to sell a
you know anything about real estate, you know it’s all about location, location, location. That means
that the timeline to sell your house can vary greatly, depending on many
factors, but location is primary. Houses in different cities are valued at
different amounts – property values can even change from neighborhood to
neighborhood and block to block!
on all the factors, it can take anywhere from a day to a year to sell a house –
or longer, if there is something really unique about your property.
But – cash for houses deals typically offer to close on a deal within 30 days, making them ideal for many sellers looking to offload their property quickly.
Fast and low-cost
selling a house takes so long, many people hire a listing agent to handle it
for them. Of course, this listing agent receives a commission when the house
sells. The agent handles the inspections, certifications, and financing during
the sale, and of course, all of these things come with their own costs.
a broker costs more and takes longer, you may bring in a higher selling price.
If you’re looking to save time and money, consider a buyer who pays cash for houses. A cash buyer may waive title fees and inspections, offering you a faster sale with fewer complications. Because there is no listing, you save money on broker commissions – and because of conflicts of interest, you don’t pay commissions to a cash buyer, either.
save time and money selling to a cash buyer, but you may walk away with a lower
selling price. Often, the buyer offers you exactly or just slightly over the
remaining balance on your mortgage.
Benefits of a cash buyer
you sell to a cash buyer, there are generally very few strings attached. You
are able to sell your property quickly, for the amount that you owe on it or
slightly more, and walk away without ongoing obligations or worries. You are
able to clear your mind of the pressures of real estate ownership that were
bogging you down.
buyers will often purchase a property “as-is”, because they see it as an
opportunity. When you sell to a cash buyer, you often pay much less in up-front
costs to repair, clean, stage, and show the house. Some sellers can put
thousands into simply getting a home ready to sell. By selling to a cash buyer,
you can probably skip that entire process.
sell to a cash buyer
you are in a situation to sell your house quickly and you see a sign that says “We
pay cash for houses,” write down their number. Give them a call.
company will send over a representative to see your property. During the
discussion, expect to answer the question, “How much do you owe on your mortgage?”
As the conversation develops, make sure that the agent understands your situation
and the cash offer you expect to receive from them. Be reasonable in your expectation.
they propose an offer, negotiate and close the deal. Cash buyers are eager to close
– they’re afraid you’ll change your mind. But, once you’re committed to a cash deal,
you can relax. Your house is as good as sold.
One last thing – cash buyers
don’t want fees upfront
If you’re discussing selling your home to someone who offers to pay you cash, then they ask you for some kind of up-front fee, end the conversation. Why, if they have the cash ready-to-go to purchase, would they need money from you to get started? No way. Don’t sign anything without reading it, and don’t pay anything before you have something legal in place. A company that really pays cash for houses doesn’t need any cash from a seller before a deal is done.