Have you driven along a major highway and found your eyes roaming towards those signs advertising that they will buy your house for cash? You probably wonder if anyone pays attention to them and whether anyone actually buys a house for cash. So, you’d be surprised to discover that the National Association of Realtors recently reported that cash sales make up 17% of all sales.
If you are thinking about a cash sale, read on to find out the many benefits of selling your house for cash.
Are you seriously considering selling your property for cash?
You may be pleasantly surprised to discover that this type of sale carries a series of interesting advantages. Among them:
- Cash sales generally close in 1 to 3 weeks, while conventional sales require between 4 and 7 weeks to close
- Cash sales are typically done ‘as is’ which implies you don’t need to invest in repainting the home or doing major repairs to the property
- Since many cash buyers will do some work on the house before reselling it, you may be able to negotiate a short-term lease should you need to remain in the home for a short period after the sale takes place
- Although in some cases this type of sale may be accompanied by a lower price, you can avoid all realtor’s fees if you do the sale yourself
What should you do if you receive an all-cash offer for your house?
Although in an all-cash offer you don’t have to wait and worry to see whether your buyer will be approved for a mortgage, you do need to make sure your prospective buyer actually has the money. Before proceeding further, ask to see proof of the existence of these funds.
Keep in mind that not all-cash buyers have to be honest or trustworthy individuals. Scams and scammers are a fact of life. Avoid choosing the wrong buyer by:
- Not paying anything upfront should the buyer ask you for an application fee or other payment
- If you are selling to a real estate company, research their better Business Bureau rating and don’t do business with those that have negative reports or reviews
- If your buyer explains to you that they don’t need to see the house before buying it, consider it a red flag. A serious buyer would be unable to give you an offer without first evaluating the property
You have a cash buyer, what does this imply?
You might have received a phone call where the buyer wants to get some basic information on the house you are selling. After this, and once the potential buyer has had a chance to some research, they will likely come back to you with an offer reflecting what they are able to pay. Providing that you are satisfied with the amount they offer; the buyer may want to schedule an in-person visit to your house. If they are happy with what they see, the closing can happen relatively quickly. Make sure the closing takes place in a lawyer’s office in order to protect everyone’s best interests.
Are you facing relocation, bankruptcy or foreclosure?
If your answer is yes, selling your house for cash can be a true lifesaver. A reputable firm will buy houses in Florida for cash, allowing you to solve your financial crisis or emergency situation with peace of mind.