You hear about them all the time and see signs on so many corners: people are buying houses for cash. If you're trying to sell your home, the offers sound tempting. For many sellers, the offers are actually very good. However, you want to ensure you know what you're getting into so that you can make sure you and the buyer are thinking of the same arrangement and so that there's no misunderstanding that could derail the final sales contract. When you say you'd like to sell your home for cash, here's what you'll need to realize.
Two Different Types of Cash Offers
First, there are two different main types of cash offers you'll encounter. One is the buyer who offers all cash during a traditional real estate sale; these can be private buyers with high incomes or investment companies, but in each case, they want to snap up the home before any other buyers can get it. In this situation, you'd go through your normal home-selling process and wait to see what offers came in. The other is the buyer, who may be a representative from a company or a sole buyer, who wants to make fast purchases, make upgrades, and eventually flip the home. Anyone can sell to these buyers, but the appeal here is that these buyers will often buy homes that need a lot of work and that might not sell for much to begin with. That can be a relief for homeowners desperate to sell a home they can't afford to fix up.
What's Your Goal in Selling for Cash?
When you set out to sell your home, think about your goal. Are you trying to quickly get rid of a home you can't afford to fix and can't afford to keep paying for? The second type of buyer might be a good choice to contact. If you live in an area with a really hot seller's market, an investment company might be interested in the house, too. However, if you want to sell the home because you're moving out of state and want to be sure you sell to a private party, then the first type of buyer—ensuring they're actually going to live in the house and aren't representatives from an investment company—would be the best choice, of course.
You'd Still Want a Real Estate Agent Helping You
It sounds easy to sell a home for cash, but you'll still have taxes and paperwork to deal with, and you want to be sure you're getting the best price no matter who buys the home. Even if you plan to deliberately call a "buy your home for cash" company, meet with a real estate agent to find out what you have to do (and hopefully contract with that agent so they'll help you with the sale).
Selling your home for cash gives you a fast solution to your money needs if that's why you want to sell the home. And it gets the sale process over with quickly if you're selling to a private party offering cash. Speak with your real estate agent about getting cash offers and checking out cash-for-homes companies to learn more.