Ultimate Guide For Selling Your House For Cash

Are you looking for a quick sale of your house? 

Selling a house is indeed a tedious and time-consuming process. It often takes several months. But if you want to immediately sell off your property then look out for cash buyers for your house. Selling your home for cash is a quick and hassle-free process. The only issue is that you may have to settle your deal for a little less price.

People who want to sell their house for cash

Generally, people prefer to fetch the best and highest deal for their house. Thus, they are ready to wait for several months to click the right sale. But sometimes due to unavoidable circumstances, you may want to sell your house fast for cash.

• Financial problems/ Bankruptcy
• Transfer of job/ Job relocation
• Divorce/ Separation
• Migration
• Repossession
• Foreclosure
• Inherited property

Now you may wonder who will purchase your house for cash. It has been a practice that houses are usually purchased on a mortgage. Thus it takes a longer time to finalize the deal as lenders are involved. 

But nowadays, you find several hoardings and on-line advertisements saying “we buy houses for cash”. These are usually direct buyers or house buying companies. These entities do not need any lender financing as they buy your house outright for cash. Some of the cash buyers include:

1.  Holding investors: 

These are investors who purchase your property for earning passive income. They purchase property for cash and then lease it on a rental basis. Some institutional investors purchase a minimum of 10 to 12 properties in a year. They operate as a small business venture. They buy houses at a low price instantly by paying cash and then sell it at a profit.  

Selling your house to holding investors may fetch you a better price as compared to other cash buyers. Also, you have the flexibility of deciding the closing date.

2.  Flippers:

Flippers buy houses that are typically in bad condition at a lower price. The intention of buying such houses is to renovate them and then sell them at higher prices.

3.  iBuyer:

iBuyer is a company that buys houses instantly based on technology. In other words iBuyer buys houses that are in a better condition with minor repairs required, at a comprehensive price by using automated valuation models. They charge the seller the charges of necessary repairs and a fee of around 7% to 10% of the sale price. But unfortunately COVID-19 has affected the iBuyer market and purchasing of houses has gone down to about 90%.

Things to keep in mind while selling your house for cash

1. Direct investors, iBuyers, or flippers all purchase your house in the same condition as it is. Thus you do not waste time and money in repairing the house.

2. No hassle of home inspection. iBuyers send their inspectors for inspection and deduct the cost of repair from the final payment.

3. The process of listing your house for sale is also avoided. You need not bother to clean and rearrange your house for showing. Also, a photo shoot of different rooms to publicize it on different websites is not required.

4. No obstacle of a contingency clause in a cash sale. A contingency clause refers to a back-out clause that leads to the failure of the sales transaction. The contingency clause safeguards the buyer’s interest. The clause states that the property deal will be finalized only if:

•       The buyer’s current house is sold within 3 months.
•       The home inspection does not show signs of cracks or a weak foundation.
•       The buyer is able to secure finance from a bank or any other lender.

So, if you are selling your house for cash there is no possibility of the buyer getting cold feet as no contingency clause is involved.

5. No involvement of lenders so all-cash deals close instantly.

6. Less paperwork and legal formalities in cash purchases. Also, closing costs are avoided.  

7. No payment of commission to the real estate agent as cash purchases are directly between the buyer and seller.

Conclusion:

No matter how much hurry you are in to sell your house, do a proper survey before selling your house for cash. It is utmost important to associate with a trustworthy organization when you plan to sell in cash. ‘Be it any house’, GrahamBelle Group are specialists in solving any kind of real estate problems and sort out any financial problem that your property is causing you. Get in touch today to relieve yourself from property stress.