You may or may not have heard of selling your house for cash. You may be wondering just how to go about it and what the possible advantages could be. While it is true that when you sell your house your existing mortgage will be paid off. So what is all the hoopla about selling for cash. If you are one of the people wondering about it – keep reading because that’s what we are about to cover.
Advantages Of Selling Your House For Cash
First, why would you need to sell your house for cash? Typically people that want to sell their property for cash need a fast closing. When a buyer is paying cash there are no buyer mortgage contingencies to be concerned about. When a cash buyer puts your property under contract, which is usually a real estate investor, your house is as good as sold.
This was covered in an article by Steve McLinden:
Tops in the “pro” column are speed of sale and convenience. Once you accept a cash offer, you can often get your money in days. For folks facing a relocation, foreclosure or bankruptcy, this can be a life saver.
Fewer sales fall through
A cash sale also removes the all-too-familiar drill of accepting an offer only to lose the buyers at the last minute when they can’t qualify for a loan. Once the cash is passed along, there’s no backing out or last-second cold feet. Such cash sales typically close in 1 to 3 weeks compared to about 4 to 7 weeks on a conventional sale. Also, cash sales are typically “as is,” so there’s usually no major repainting and repairs needed.
Cash is king in a real estate deal … You’ll probably get a little less money out of the house, but you can avoid costly repairs and other complications.
Steven also goes on to advise that you should get professional advice for pricing your home. With all of the tools on the internet it’s a whole lot easier these days. You can go online and check many house buying and selling sites like Zillow, Redfin and Trulia and find what comparables are selling for in your neighborhood. The important thing here is to make sure you are comparing apples to apples.
So why would someone need to close fast? Job relocation, trying to avoid a foreclosure on their credit, divorce and many other reasons. A cash buyer will help you achieve a fast sell with little chance of the sale falling through at the last minute.
How To Go About Selling Your House For Cash
The great thing about selling your property to investors is that they will buy the property in “as-is” condition. No need to make any repairs, and many times, you don’t even need to clean up the property like you would if you were selling to a retail buyer.
However you may just be looking for any cash buyer, and they are out there. There are parents out there that buy houses for their children. In this case you will have to do some clean up and make the house look presentable.
Some other things you might want to do were covered in this article:
Gather up all of the pertinent information about your house. Make sure you have flattering pictures (taken in the spring or in the summer) plus the statistical information before you try to sell your homes online. Be sure that you have the square footage, the year the roof was replaced, the foundation type and everything else that might be in a listing. The more information the better. Unless it’s a dump. Then you might want to be creative.
List your home on ebay. There should be a clickable link on this page. give your listing a precise title, not a cutesy title. No-one will be searching for a cute title, they search for things like “House for sale in Cambridge” or “Quick Sale in Moorpark.”
In addition to listing your property on Ebay you can also list it on the other sites that we mentioned above to get it in front of more potential buyers. You may want to put in your listing that you are looking for “cash buyers only” to help keep down on the amount of buyers that are looking to purchase a property through a bank or mortgage company.
Summing It Up
The biggest advantage to selling your property for cash is that you don’t usually have to worry about the sale falling through at the last minute. You can also do it yourself without hiring an agent, just be sure and do your homework prior to advertising to make sure you price it right. Also, when you sell for cash the closing can usually happen in days compared to months that it sometimes takes when selling to a regular buyer that gets a mortgage.
Lastly, you can perform a search online like “cash buyer for my home” and a lot of investors should show up in your search. Contact them and if you like their offer – your done. You should have your property sold in just a few weeks.