Often times, selling a home can be a daunting process filled with the stress of making repairs, hosting showings, and uncertain financing approvals. Cash home sales offer homeowners a break from all that. Imagine not having to worry about cleaning, staging your rooms to create the perfect living environment. Forget about the extensive list of burdensome “updates” your agent may have suggested before putting your house up for sale. You can sell your home for cash quickly and get on with your life.
Cash sales are noteworthy for their speed. Transactions can be done in about a week or two. That’s not too good to be true—it’s because cash sales often don’t have any financing contingencies. Leverage the advantages of cash offers if you’re looking to get out of your house quickly!
- We buy houses for cash.
- You can potentially get a decent price for your house if it’s in a hot market.
If your cash offer does come from an investment firm, you won’t have to spend money on repairs and renovations. You can also avoid the cost of remodeling and bringing the property up to modern standards. These buyers don’t care about the state of the house—they can buy it with cash and invest money on their fix-up projects.
How to Find Reliable Firms That Buy Houses
If you are considering going the “we buy houses for cash” route, it’s important to do your homework. A quick Google or Yelp review search of the potential company from former clients can give you a good understanding right off the bat about who might be the best “we buy houses for cash” company for you.
Additionally, don’t hesitate to interview the company you are considering selling to! Ask things like how your house’s valuation will be conducted, what fees they charge for the transaction, how long the process takes, and more. This will give you a full understanding of what you are getting into. Look for companies that can offer experience and a great reputation — this can be a good indicator that the staff is seasoned and the process will be handled well.
All in all, just be smart about who it is you are signing your house over to. Do your research and make sure everything about the transaction is up to your standards.
The Cash Sale Process
The cash sale process begins where the story of nearly every real estate transaction begins: establishing initial contact with potential buyers. Just wish to be a cash home buyer. No matter where, this is often the most common approach. Sellers typically establish contact through a variety of different ways. Among the most common are online services, real estate agents, and even direct marketing. At these initial stages of contact, one might wish to pose or appear as a ‘Cash Home Buyer.’ This does not have to be definitive; one is just trying to get information at this stage. What would a Seller think about Cash, i.e., quick and hassle-free? One would certainly want to identify with and communicate the benefits of being a ‘Cash Home Buyer‘ to potential Sellers at this stage.
So, the ‘Cash Home Buyer’ has made initial contact with the Seller and has conducted a general assessment of the property. What else? Now that one has an idea of the condition, market value, and rehab (if applicable) – this last part CANNOT be overstated: at this stage, only conduct REHAB estimates – one can begin to prepare a formal presentation of an offer. Some will need to undertake a much more aggressive approach to this stage, often due to the market, locality, fever, condition, etc. But, in most cases, for the reader of this entry, one will only want to conduct a general overview during the earlier ‘initial contact’ phase of the offer, and especially to expose any potential special or unique ‘taxation’ strategies in this sales category, and in this stage of the offer.
So, the Seller has replied to your offer and is playing hardball; the Seller knows where you live and is awaiting a reply with a smoking joiner in the attic. Most likely, this offer (being in cash) is at or below full market value, and so, now seems as good a time as any to ‘educate’ the Seller on the process of this type of sales category and your role in it. This is a crucial part of the process and what makes the reflected understanding of ‘imparted knowledge’ versus ‘assumed knowledge,’ and almost irrefutably so in this process. This category of homeowner is almost never in a Diamonds/Sugar household; there are rarely any kind of ‘freebie lawyers,’ home systems, or integrated or other social media copycats – most of the homes that Sellers have in mind, any of the real parts of the sales category are a monster: spooky doctor, there is not a really bad monster, you are my friend, tie-shoeing, doctor, spooky monster.
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Advantages of Selling to Companies That Purchase Homes
Working with established firms that buy houses has revolutionized the way homeowners sell. Many of these firms will provide a cash offer to the homeowner. The benefits of this are massive:
- Offers from typical buyers are contingent on financing. What happens if the financing doesn’t get approved? The deal is off.
- You have to wait for the financing to be approved. If you have a cash offer, you can do the deal quickly and move on with your life.
Additionally, these companies will do a lot of research to give you the most accurate number for the value of your home. They have spent years fine-tuning their financial and predictive models so that they can present you with an offer that works within their model and gives you the most value they possibly can.
Some additional points to consider:
- Some companies can give you an offer in as little as a couple of hours. A more formal offer can take a few days.
- Time is money. You have to ask yourself: ‘How much is your time worth?’
These firms will send one of their experts out to do a quick close-out assessment of the property, which usually takes 30 minutes to an hour. That’s it!
Other firms may ask you to do a ‘virtual’ walkthrough where they will guide you through the assessment. You will earn the fair market value for your home. They will even buy your home “as is”
Understanding Cash Sales
Cash sales in real estate are just that – the buyer pays cash for your property, no financing involved. This means the closing does not rely on the buyer following through with obtaining a mortgage from the bank and can shave a significant amount of time off going through the mortgage approval and underwriting process. As such, you may be able to go from accepting their offer to close in a matter of a few days to a week.
Also, this type of straightforward transaction will cut a lot of the stress and paperwork out of the equation. No bank records. No loan applications. It’s just a much easier way to do business. As we’ve already mentioned, you don’t want to set yourself up with the potential for everything to fall apart at the last minute because the buyer can’t come through with their financing.
There are also other advantages too. You may be in a position to negotiate better terms. Because you are not relying on whether or not the buyer can come up with the money, you may be able to get a better price. Also, you may not be required to do any repairs, or even remove unwanted items. Many times, cash buyers are willing to take your home off your hands “as is”. This could definitely put you in a much better place, and be a load off, to not have to worry about staging your home for the buyer (or doing costly repairs).
The Role of Cash Home Buyers
“We buy houses for cash” is a pretty simple concept and one that’s pretty self-explanatory. People or companies offering this have the means to actually purchase properties outright, without needing to wait weeks or months for mortgage financing. It simplifies the process and can make it go much more quickly.
Many will promise to buy your house quickly, with only a few days to close. This is a REALLY attractive option for sellers who need to get out from under the house ASAP. They know what the problems are; they just want the problem house to go away.
This is a red flag because we are not a fast-cash, fly-by-night type of operation. We work in Pittsburgh and have two small children.
We will not work with you without first walking through your property and inspecting it.
There are a lot of pros to selling your home for cash, and you might be surprised by just how much easier it’ll make your life. Here are the benefits:
A. Cash home sales are much quicker. One of the main reasons cash sales are attractive is simply the time they take. Many cash buyers can close a deal in a matter of days, whereas a buyer with a mortgage usually takes weeks to merely get the okay for their loan. If you need to sell your home and move quickly or are selling your home due to personal circumstances, you can make your next step as soon as possible much more quickly.
B. Cash home sales are much less susceptible to fall through. A ‘cash home buyer’ is just someone who can afford to buy a house outright. They don’t need to bother with a mortgage, and this is one of the most crucial points in any house sale. A lot of people can’t get the mortgage they need to make a sale, which means you’re back to the beginning after potentially several weeks or even months. These guys often buy the home in ‘as is condition,’ so you won’t pay a dime for any home benefits, such as landscaping or a full renovation.
C. Cash home sales remove a lot of the uncertainty you feel during any traditional sale. A lot of these benefits seem to remove the most stressful parts of any house sale. If you’re thinking about selling your house, why wouldn’t you try to turn your cash sale around, too? If you’re looking to get in touch or have some time, research the best companies who are buying houses for cash. I’d recommend them for a happy house moving to anyone.