You’re browsing the internet, searching for tips on how to sell your house quickly, when you stumble across an ad that says something along the lines of “we buy houses for cash.” Can it really be that easy? Selling a house is a process, and not a lot of people have the time or energy to go through all of the motions. Luckily, there are options that allow you to sell your house quickly and without all of the work that comes along with the traditional process. Selling a house for cash isn’t always what it’s made out to be, and can oftentimes come with some cons. Understanding what’s best for your situation and what options are available is key. Check this out before you sell your house for cash!
Understand Your Why?
Everyone has a different reason for selling their house, and everyone also has different restraints. If your “why” is because you want to get rid of your home ASAP, then that doesn’t necessarily mean that selling your home for cash is the best option. Sure, it’s quick, but an expert real estate agent can also work with your needs and get you a qualified buyer in no time. However, even if your listing is taken off the market fast, you still need to deal with contingency clauses as well as the buyer’s mortgage loan being approved.
Some other “whys” for people who choose house for cash sites include the threat of foreclosure and not being able to afford repairs. Again, these two reasons don't necessarily limit you to just selling for cash. Be aware of the different options that are available to homeowners and get a good understanding of the cash sale options that are available to you.
Get Familiar With Your Options
Trailing off of our previous point: it’s important to know that not all cash buyers are equal. There are three different types that we’d like to acquaint you with: buy-and-hold investors, house flippers, and iBuyers. Buy-and-hold investors will usually purchase a number of homes and use them as rental properties. Oftentimes, they’ll make somewhat solid offers and will close almost instantaneously, without you having to wait around for their mortgage to be approved. The second mentioned are house flippers. These people will seek out homes that are in need of renovations, purchase them at a lower price, fix them up, and then sell them for a higher profit than what they bought them for. And the third, and more new option, is iBuyers. Using technology, they’ll purchase a large amount of houses for a price that is somewhat close to their value and sell them. Usually, they will charge the homeowner a selling fee in addition to the cost of any improvements made on the house. This option takes out all of the legwork associated with selling a house, including having to wait for the buyer’s mortgage to be approved.
Make a Decision That Works for You
Selling your home for cash comes with a lot of pros, but also several cons. Oftentimes, you can risk missing out on any profit made off of your home’s value that a skilled real estate agent can help you make. Additionally, if you don't work with a reputable company, you run the risk of losing more money or being trapped in contract agreements that you didn’t originally notice. At the end of the day, it’s important to make a decision that is right for you. Weigh the pros and cons, find out your home’s value with a home value estimator, and go from there. The choice that you make should solely depend on what works best for you!