Cash House Buyers: The Fast Track Route To Home Selling Success
Trying to sell? If you’re like many today, you may have said “I want to sell my house for cash!” Thinking about whether to sell a home for cash and doing it are two different things, though. After all, if you have two offers on the table – one that’s all cash and one that requires financing from a lender – you may be wondering whether it even makes a difference if you sell the house to the buyer who is offering all cash. With either offer, you get paid, right? Absolutely, but the reality is that selling your house for cash comes with a very different set of rewards as well as a few risks. If you’re one of the many people considering “Do I want cash for my house?”, understanding those risks and rewards is key to making the right decision, and this guide will help you explore all of them.
Understanding Cash Offers
If you’re not entirely sure what the difference is between an all-cash offer and an offer from someone who requires financing, knowing more about the answer to “What does it mean to sell my house for cash” can help. If a buyer makes a cash offer, they intend to buy the home without the help of a mortgage. Instead, they’ll pay in cash for the whole property. Anyone who has enough money to fully pay cash for a home can be considered a cash buyer. In most cases, though, all-cash buyers fall into a few categories. Often those in the market for a second home are considered all cash buyers. Investors are typically all-cash buyers, too, as are those who flip homes.
The Benefits Of Selling A House To A Cash Buyer
If you’re trying to decide whether the cash offer you got on your home is right for you, it may help to explore the benefits of an all-cash offer. One of the biggest benefits when you’re trying to sell your house is that you’ll have a far shorter period between the initial offer and the date of completion. Cash offers tend to close faster than offers that are being financed by a lender because you only really have to wait on a few things with a cash offer – the searches and surveys of the property. A buyer who is financing the purchase through a lender has to wait on all kinds of paperwork, searches, and surveys before they can move toward the day of completion, and all of that can take a few weeks.
There are other benefits to accepting an all-cash offer, too, though when you’re selling. House sellers find that one of the benefits that catches the eye of many is the fact that with a cash buyer, you typically don’t have to make any repairs to the home. Since many cash buyers tend to be investors or those who want to flip a home anyway, a cash buyer is usually willing to ignore defects in the property as well as the normal wear and tear. That can save you a lot of time in two ways. First, you won’t have to worry about taking the time to properly stage your home to attract buyers. Second, you don’t have to worry about repairs after the survey to satisfy the buyers. Other than significant repairs and defects, cash buyers will typically take a property in as-is condition.
One last advantage of working with an all-cash buyer is the fact that you don’t have to worry about the sale falling through because the home’s value doesn’t come back as the lender expected it to. Cash buyers don’t have to worry about lender approval, so once they make an offer, they’re fairly serious about that price, even if the home’s valuation comes back a bit lower than initially expected.
The Drawbacks Of Working With Cash Buyers
While there are lots of benefits to working with cash buyers, there are plenty of drawbacks as well. One of the biggest drawbacks for many sellers is the fact that cash buyers tend to offer a lower offer on your home than other buyers might. Because they know there’s an advantage to you to sell your home for cash, they make a lower offer hoping you’ll accept that.
Another drawback is that even though a cash buyer can often close quickly without an issue, a cash buyer doesn’t always mean a sure sale. Cash offers often come with a contingency – that the survey reveals no serious problems with the home. If there are problems with subsidence, dampness, or something similar, the buyer may still choose to walk away from the sale.
The last possible drawback is that you may not get quite as many potential bidders as you’d like if you choose to sell your home to a cash buyer fairly early in the game. If your house has just been listed, and you immediately accept a cash offer, you may not know what others are willing to offer you for the property as the home remains on the market.
If You Want To Sell Your Home For Cash
If you do decide to sell your home for cash, there are some things you can do to make certain the process is a fairly smooth one. Initially, you’ll want to find out how much your home is worth. There are a few different ways to learn how much your house might be worth. The first is to use online tools to estimate the value of your home. With these online tools, you typically just put your property’s details in including the address and some basics like how many bedrooms and bathrooms it has. At that point, the algorithm behind the website takes over. It looks at things like comparable sales data in the area and the market as a whole to come up with a figure it believes your home might be worth. It’s important to note that these figures are just an estimate. There are often other things that can affect the value of your home that sites like these can’t take into account like unique features, renovations, or the overall condition of a property.
Another way to get a sense of how much your home might be worth is to consult with a few different estate agents. Often, they offer a free valuation service so that you’ll use their services. Typically, you can just book an appointment with them, have them over to see the home, and they’ll offer you an overall valuation report.
Perhaps the best way to get an accurate look at how much your home might be worth, though, is to contact a professional. A RICS surveyor can often offer you a fairly low-cost survey of your home to better establish its actual value, which will help you begin to work with a cash buyer from a more informed perspective.
Once you know how much your home is worth, if you’re anxious to sell, you can contact some of the biggest cash home buyers on your own time. Many investors out there offer cash for homes, and contacting them means you get a chance to see what they might offer you for your home. Keep in mind that some investment companies do charge processing fees for this initial offer, so you’ll want to know exactly how much it might cost you to find out what their offer would be from the outset. As you search for the right cash-buying firm to meet your needs, it’s important to avoid scams. You should never be asked for money upfront, and you’ll want to do some research on the company before you contact them. Finally, be sure you ask for proof of funds!
When you know what company, you want to work with and how much your home is worth, you can begin to consider the terms of the company’s offer. Any offer should include the overall sales price, how much the cash buyer will be paying in an earnest money deposit, any contingencies of the sale, and the potential day of completion. They should also show you proof of funds. If you believe an offer is right for you, you may want to consult with your solicitor to be sure you understand the details correctly before you begin the conveyancing process.
If you’re happy with a buyer’s written offer, you’ll want to get the services of a conveyancer or a conveyancing solicitor. The buyer will do the same, and they’ll begin to schedule the surveys they need to be certain of their offer. Your conveyancer will send over a draft contract, and once the buyer is happy with the results of their searches, the two of you can set up a formal exchange of contract. The date of completion is up to you at that point.
The final step is simply to hand over the keys on the day of completion and get the funds the cash buyer promised for your home.
Finding A Cash Buyer To Meet Your Needs
So, how do you get a cash offer? If you’ve already said, “I want to sell my house for cash,” the next best step is to begin looking for those cash buyers. Fortunately, there are many cash home buyer options out there today, so getting a cash offer on a house isn’t as hard as you think it might be. Often a cash buyer for homes will advertise their services. Simply typing something like “Cash Buyer for Homes In My Area” into a search engine will usually help you locate at least a few cash buyers who can meet your needs. These property investment companies typically specialise in buying a house for cash with few problems. Home cash buyers like these have lots of experience, so even if you’re not sure about the process of finding a cash buyer for your home or even how to sell a house, they can typically help with those issues. Often just visiting their websites, reading about the process, and then clicking the button on the site that says something like “sell my house fast for cash” will connect you with them instantly.
Be sure that you do your research if you choose to work with one of these companies. Going into it with the mindset of “I’m selling my house fast,” can sometimes get you in trouble. You’ve already told yourself “I want to sell my home for cash.” Now do yourself a favour and do some research into each company. The single best thing you can do is investigate the background of the cash home buyer or the company. Look for reviews, testimonials, and any available online presence. Legitimate buyers will have a track record that you can verify. They should have proof of the cash they have on hand to buy your house for cash, and they shouldn’t need to use high-pressure sales tactics.
If you’re unsure of whether or not to work with a given company, consider asking them for testimonials from others they’ve worked with in the past. Often this will give you the peace of mind you need to move forward with the transaction and sell your house fast.
Cash House Buyers Can Do So Much For You When You’re Selling A Home
House selling can be a long process, but working with a cash buyer may be the right choice. Just make certain that you’re aware of both the pros and cons of working with a cash buyer and you know what to do and what the process is when you finally decide to work with a cash buyer. Then find the team that’s right for you to help walk you through the cash sale of your home from start to finish. All that will be left to do at that point is hand over the keys and collect your cash!