3 Things To Expect When Opting To Sell Your Home For Cash
Posted on: 24 September 2021
Selling a home for cash is a legitimate option for several types of real estate ownership situations. While an all-cash sale can be handled through the traditional method of listing a home with a real estate professional, it is more likely to be used in situations where the home's sale price is likely to be negatively affected by its condition, location, or some other factor.
For example, someone who owns a home that has been seriously damaged by fire or flood can be a prime candidate for a cash sale. Another good example of when a cash sale is used is when someone inherits a rundown home that they do not plan to renovate. Cash sales can also benefit buyers who are behind on their mortgage and hoping to avoid the negative aspects of foreclosure. If you have a home that you are interested in selling for cash, here are three things you should expect from the process.
Closing within days of the initial offer
One of the most often cited benefits of this type of cash real estate purchase is that the entire process is usually completed and closed within a matter of days from the time the initial cash offer is made. With no mortgage involved, cash buyers are able to work directly with a title company to prepare the legal documents and close the sale.
Few or no contingencies on the sale
Buyers who specialize in purchasing homes for cash understand that many of the homes they are purchasing have issues or flaws. Instead of working through a lengthy inspection and negotiation process, cash buyers discount their offers based on the condition of the home, resulting in an as-is sale. Homeowners who sell to this type of cash buyer are often able to skip the work and cost of cleaning or the removal of unwanted furnishings and possessions from the home.
Wire transfer of the sale price, instead of actual cash
While ads for this type of sale do specify cash, most property buyers who offer to pay homes for cash will use a wire transfer to move the funds from their bank account to that of the home's seller. Because this type of wire transfer is traceable and originates from a verified financial institution, it is a safer option for both the buyer and the seller than actual cash would be.
To learn more about selling a home for cash, property owners will want to speak with a reputable real estate professional or contact an investor or buyer who may be interested in buying their home for cash.
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