Whether you’re in a hurry to move to a better neighborhood or in urgent need of money, knowing how to sell your house for cash can solve your queries instantly. Instead of getting into the hassle of the mortgage process or detailed financing schedule, many buyers are offering to pay for homes in cash.
However, it is essential to do your due diligence before signing any agreement with those cash buyers. As appealing as a cash offer may sound to you, the market is full of scammers offering substantially less than what you can get typically just because of your urgency.
Continue reading to find some easy methods and precautions for selling your house in cash.
Time-Saving: The biggest advantage of selling your house for cash is to save time and precious hours on unwanted staging. Mostly buying a house for cash is a once-and-done deal.
Inheritance Issues: When it comes to inherited property, especially in an area where you don’t live or which you can’t manage, it’s easy to sell for cash [2].
Downsizing: If you have to urgently relocate due to workplace or academic purposes then it is wise to make the selling deal through cash for an efficient and secure transaction.
Unexpected Events: In most sudden cases i.e. death or illness, people prefer selling the property for cash as the mortgage schedules are difficult to track.
5 Easy Steps for Selling Your House for Cash
Getting the maximum offer for your property is a right for every homeowner. We have compiled some tried and tested techniques for how to sell your house for cash mentioned as follows:
Research the Fair Market Value
Go through the real estate market and ask for the value of your home from multiple agents and brokers [3]. If you get linked with a reputable real estate company, they will assess the market value of any property through detailed comparative market analysis.
Find a Trusted Cash Buyer
At first, you should give a chance to a few buyers to get the best possible offer. Once you land on the buyer, make sure to examine their track record. As it is an all-cash payment, you have to check the proof of funds and mention the terms of the cash offer in writing. The purchase agreement should have the sale price, initial money deposit, installments, closing date, and financial contingencies.
Inspect Your Home
Cash buyers usually take a casual inspection of the home to make sure it is in the condition you have described. They also carry a title search to guarantee that there aren’t any bank loans, court judgments, or claims on the property.
Getting Paid
After the initial payment and a series of installments, the buyer may bring the final cheque on the closing day or transfer the money to your account through Internet banking.
Closing the Deal
The closing deadline should be less than a month and you should prepare all agreements, make the buyer sign all the final paperwork, and property ownership with title transfer.
Conclusion
Selling your house for cash is an immediate and efficient process that lets you finish this entire process within a few weeks. Asking for money upfront and waiting for the cheque to be cleared in your account before closing the deal is a wise option.
For further assistance in finding all-cash buyers or investors, it is important to associate with brokers or real estate companies like Tide Water Properties. We provide our sellers with comprehensive services and knowledge on how to sell your house for cash, listing with agents, and fixing to list, helping you sell your property at a competitive market price.
FAQs
- What are the risks and downsides of selling your house for cash?
Although selling your house for cash has some visible advantages, it has some drawbacks as well. In most deals, the house is sold at a lesser price than what could’ve been in a typical market listing. You also have to keep an eye out for sketchy buyers and token money scammers.
- What is an all-cash offer?
It is an offer in which the buyer agrees to buy the house in full cash without any financing i.e. bank loan, mortgage, etc. Usually, all-cash offers are made by investors looking to close a property off-market. However, any person with the funds enough to manage the cost of the house can make an all-cash offer.
- What value does a cash buyer provide?
Aside from a hassle-free purchase, here’s what a cash buyer has to offer:
- Faster closing
- Sell your property in the exact condition
- No repair or staging
- No need for an appraisal or financing contingency
- Is it legal to sell my house for cash?
Yes, it is completely legal to sell your house for cash. There’s no restriction on taking the payment in physical bills or bank transactions. But mostly these all-cash payments are held through cheques or internet banking.
- Do you need a real estate company when selling your house for cash?
Well, it all depends on your selling capabilities. If you can sell your house or find an authentic all-cash investor then you don’t need any real estate company. However, even professionals need a reliable real estate company to give you an option for selling your house for cash.
External Links
[1] https://www.nar.realtor/newsroom/existing-home-sales-descended-0-7-in-january
[3] https://www.investopedia.com/articles/mortgages-real-estate/08/sell-down-market.asp
