Advantages of Selling Your House for Cash
Selling your home to a cash-only buyer might sound too good to be true, but the truth of the matter is that there are really buyers now that engage in transactions involving strictly cash. The first question you will likely ask is: is this even legitimate? After all, not all of us have the ready cash to purchase a house on the spot. Note however that cash-only buyers are often a group of individuals who have a common goal, and that is to buy properties quick and clean to make a profit – thus the available cash.
The question is, why would you want to sell your property to them? Below are some very good reasons:
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There is no question that cash-only sales conclude faster. The minute you and the buyer come to an agreement, it is all a matter of drafting the documents and making the payment. A cash-basis sale is generally closed in as quick as one or two weeks, depending on the terms that must be ironed out. In a traditional purchase where buyers have yet to secure a loan, the process can take much longer.
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While interested buyers may act as though they are actually buying the property, some issues can still occur in the course of the transaction. Their loan may not be approved, for instance, or something might happens and make them consider another property. This can be very frustrating for you, the seller. With cash buyers, the deal is considered closed once intent has been communicated.
What’s great about cash buyers is that when they purchase a particular property, they usually plan to sell it or profit from it through some other method. For some sellers, this can mean having the choice to rent their old property, thereby not having to transfer to another home.
If you need money fast, a cash buyer can obviously provide you with the funds you need for any purpose you might have. This is particularly true for failure to pay your mortgage, in which case, there is a big chance that your home will be foreclosed. With a cash transaction, you can receive the money quickly, beat deadlines and begin on a clean slate.
People often think that there’s a catch with outright cash purchases, but this isn’t true all the time. Buyers generally initiate valuations to make they are fair for the two sides. This means you’ll be receiving your fair portion of the property without worries about the possibility of selling the property at a higher price to another buyer.
Cash buyers are generally well-rounded in terms of the house-buying process, having all the crucial qualifications to conclude the sale as speedily as possible. This lets you a traditionally extensive process, bypassing some of the most usual issues related to this kind of transaction.