In 2018 there were 5.34 million existing homes sold. For many of these, the sellers went through the typical sale process of finding a realtor, putting it on the market, hosting an open house, and then working through the negotiation and closing process. But not all sellers have this kind of time and ability.
This is when a cash offer can come to the rescue. There are certain situations where selling your home for cash can be the smartest option.
If you’re unsure if you should accept a cash offer on your house, read this guide to learn the process.
Who Buys Houses for Cash?
You’ll find that investors and house-flippers are the most common people submitting cash offers for homes. Investors will buy your home for cash with the intent of holding onto the property. Many will rent them out for a source of passive income.
House flippers will typically look for homes that are in poor condition that they can fix up and then sell. The hope is that they will make money on the sale of the home.
Why Would You Sell Your Home?
If you’re saying, “I need to sell my house fast,” then selling for cash is a smart option. Many cash sale agreements can close in as little as a week. Traditional home sales can take several weeks.
Another reason to sell your home for cash is if it needs more repairs than what you can afford. It may not be worth fixing up the home to put it on the market. You may be able to get more for it with a cash buyer who understands homes in poor conditions better than the typical buyer.
You can also get security with your cash sale. Because the buyer doesn’t need to secure financing and many of the hurdles aren’t required, the sale is much more likely to go through.
Process for Buying a House With Cash
Before anyone can start making a cash offer on a house, the seller needs to reach out and express interest. For most buyers, the seller will need to fill out an application. This typically involves answering questions about the home and its condition.
If the buyer is interested, they’ll want to see the home. They’ll then create a written offer for the seller to review. There’s no inspection or appraisal required like there is with a traditional sale.
If the seller accepts the offer, then both parties can move forward with the closing. Paperwork will need to be signed, and funds will get transferred. The buyer gets full ownership of the home, and the seller receives the full purchase offer in cash.
Accept a Cash Offer on Your House
If you think accepting a cash offer on your house could be the answer you’re looking for, then it’s time to contact some buyers. The offers you receive are risk-free and come with no obligation to accept. This lets you assess all of your options so you can make the best financial decision.
Browse the money section of our blog for more helpful financial advice.
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