Selling your house for cash is a great option if you are looking to make a fast sale. If you find yourself in the following situations, selling for cash is your best option:
- Your home is in foreclosure or about to be foreclosed.
- You have rental properties that you want to offload quickly.
- You have a vacant property.
- You are relocating and do not want to keep the house.
- You are going through a divorce.
- You have inherited a property that you would like to turn into cash.
These and other scenarios may compel you to sell your house for cash. As you weigh your options, here are four things you should keep in mind:
Cash buyers can either purchase your house as-is or require some basic repairs. If your house needs extensive repairs, you could fix it and get a better cash price. If you want to avoid repairs, you can accept an as-is offer from a cash buyer. However, some cash buyers may require repairs before they give you an offer. As such, if you want to sell your house for cash fast, you should first speak with a cash buyer and ask them for quotations with and without repairs and then decide which option works best for you.
Selling a home for cash helps you avoid convoluted contracts. If you go the mortgage way, the buyer may include contract clauses that are punitive to you. For example, they may invoke the right to back out at the last minute. They may also tie the purchase process to how fast their other home sells or whether the bank approves their mortgage. Selling to a cash buyer, especially a real estate investment company, helps you avoid such fine print.
Cash buyers often have the money ready as soon as they send you an offer. If you accept the cash offer, only paperwork stands between you and the money. Picking other options like using a realtor or listing your house on Zillow or Trulia often means working with financial institutions. Since these options have so many moving parts, it is easy for a deal to fall through. Cash buyers, on the other hand, usually do not deal with financial institutions, so they can pay out faster.
Choosing a cash sale to an investor can help you avoid closing costs. If you go with a real estate agent or broker, you may find yourself grappling with steep closing costs. If you want to sell your house fast for cash, some real estate investors will cover all the closing costs. This can be useful if you lack the funds to cover the closing costs or want as little involvement in the sale process as possible.
Selling your house to a real estate investor is the fastest way to sell your house for cash. Instead of taking the tough option of selling through an agent or yourself, consider using a real estate investor instead. They will give you a fast offer and be ready to close within days of you accepting the offer.