When you’re thinking “I need cash for my house” but you’re not sure where to go, you may feel overwhelmed with the daunting prospect of selling a property. Often, you can end up in a situation where you need cash for your house, and you need to sell quickly, but the regular real estate market is not set up for you. Maybe you don’t have time to get the property fixed up. Maybe you can’t schedule showings for whatever reason. Maybe you need a sale that goes as quickly as possible with as few complications as possible. Listing your property in the MLS with a regular listing agent may not be the right solution for you.
When you need cash for your house
Often, people find themselves in situations where they need to sell their houses for a specific amount of cash. Because of some other circumstance, the homeowners don’t have the time to wait for an offer, then negotiate until they perhaps don’t even receive the bottom-line price they need to sell for. Sometimes there is very little wiggle room, and depending on the state of the real estate market in your area, you may take a long time to sell without that wiggle room.
When you need cash for your house, and you need it quickly, a cash homebuyer can be the best option for you. Because you know the buyer will be paying in cash, there is less back-and-forth, because neither of you is worried about financing stipulations. When you don’t have to worry about a mortgage company, it becomes a more straightforward process.
Set Your Price
Often, when you are selling your house for cash, there will be less negotiation and fewer back-and-forth exchanges. You will be more likely to set your price – you know what you need to sell for, and you simply tell the buyer that number and don’t move. Now, because cash home purchases are often simpler, more streamlined processes, the buyer will likely expect that your house be priced far below the fair market value. One of the tradeoffs of doing a cash sale is that the price you sell for will likely be much lower than what you may have gotten by listing it on the traditional real estate market.
Often, cash homebuyers will offer you as much cash for your house as what you owe on your mortgage. If you are discussing a sale with a cash homebuyer and they ask what you owe on your mortgage, you don’t have to throw out a specific number right away, but give them a ballpark range of $5,000-$10,000 difference. See how they react to the prices that you threw out and whether they’d be willing to pay that much cash for your house in the next few days.
During the paperwork process, you may have to disclose the exact amount owed on the current mortgage, and you may want to be prepared to justify any amount paid above that price, including any cleaning, remodeling for sale, upgrades, or other property responsibilities you took care of for the cash buyer.
Advantages to Getting Cash for Your House
Situations may happen where you need cash for your house – maybe it’s not even your house. Sometimes, family members inherit a house in a town or state where they don’t live, and after issues are settled through probate, it might be difficult to arrange to empty, clean, and list the house on the traditional real estate market. So, they decide that what makes the most sense is to sell the house quickly to a cash buyer. The advantage here is that selling to a cash buyer is a faster, less costly process. If you are traveling to sell a house, you won’t have to stay long to complete the deal, and you can walk away from a house that you and your family didn’t need.
Another situation that can happen where you need cash for your house quickly is if you have to move suddenly and leave behind the house you were living in. This can happen with military or service families or other industries where a job requirement means that everyone has to move quickly, without much preparation time. The advantage to seeking out buyers who pay cash for your house is that when you’re called suddenly to perform a job duty somewhere else, you’re able to cut ties quickly to the life you left behind for the new one ahead of you.