Pros and Cons of Selling a House Fast for Cash in Winston Salem
Wouldn’t it be great to find a cash home buyer for your home who doesn’t come with a bunch of annoying baggage?
A lot of us are familiar with how dreadful property chains can be from first-hand experience. Maybe you know the pain associated with a failed sale? Nevertheless, why is selling a house for cash considered to be the answer to all problems for so many homeowners? Is it really as good as people say?
In this blog, we’ll explore some of the pros and cons of selling your house for cash to help you make an informed decision about what’s right for you.
What Does “Cash Home Buyer” Mean?
A cash buyer is an individual or a company who can afford to buy your house in full without acquiring financing, like a mortgage loan. A “true” cash home buyer has the money available to make the purchase when they put in an offer. But be careful, some buyers might say they’re a cash home buyer—or your real estate agent could call them that—if their plan is to become a cash buyer once they sell another property first.
There are companies that will offer to buy your house for cash quickly. Make sure to ask questions of the company beforehand to ensure they’re a reliable cash buyer. Some less-than-reputable businesses might say they’re a cash buyer when they actually need financing or intend on passing your information along to somebody else who can pay for the home in full immediately.
As you can see, the definition of a cash home buyer is not always clear-cut. Be sure to know who you’re selling to before getting excited about a “cash offer for your home”.
Why Would Someone Sell a House for Cash Only?
Some homeowners may want buyers who can pay in cash. This means they’ll only accept offers and allow viewings from people with the money to buy their property outright. Before agreeing to book a viewing or allowing you to submit an offer, their estate agent may ask for proof of your funds.
A seller may opt for cash buyers only if they need a quick house sale. Cash purchases typically take less time to complete than those that involve a buyer who needs to secure funding because there can be delays if the buyer struggles to get the loan they need and has to shop around.
Is it Better to Sell Your House to a Cash Buyer?
If you sell your house to a cash buyer, you’ll enjoy several advantages, such as:
No property chain
Paying cash for a property ensures punctual payment, defense against financial risks associated with delays or failed sale.
A quicker sale
A mortgage takes time to arrange, but if you sell your home to a cash home buyer instead, you can avoid this step and speed up the sale. In some cases, selling to a cash house buying company rather than an individual could mean completing the sale in as little as 7 days.
More Certainty
Though not always the case, cash buyers are usually developers with a lot of experience. They will pass on a property unless they’re excited about going through with the purchase. Even if your buyer is not involved in development, cash buyers are often more dependable because there’s no question about what they can afford. If you sell toa credible quick house sale organization, they’ll be able to provide a guaranteed sale.
Easier to sell a “problem” property
Certain properties are ineligible for a mortgage, or the process to secure one is incredibly difficult. If your buyer has cash, they can easily decide if they want to purchase your home without any financial roadblocks.
Are There Any Disadvantages to Selling a House for Cash?
Because they know you will get a benefit from selling to them, cash buyers may make a lower offer than other types of buyers.
Even if you’re selling your home for cash, the sale is not finalized until after contracts are exchanged. If the buyer changes their mind for any reason—say, they found a house they like better—they can legally back out of the sale at any time before that point.
A cash house buying company will guarantee the sale of your home- once a survey has been done and you have accepted their firm offer, the deal is complete.
It’s important that you investigative your cash buyer before entering into any agreements. This is especially critical if they are a quick house sale company. Make sure they have the financial resources to buy your property in the proposed time frame. Ask if they offer a price promise, so you know what to expect going in and won’t be disappointed by a lower than expected selling price.
What Happens If You Sell Your House for Cash?
The process of selling a house to either a cash buyer or someone who requires financing is almost identical. The one exception being that you won’t need to wait for the mortgage application approval from the second type of buyer.
The usual process of selling a house fast for cash goes like this:
You contact a cash buyer or quick house sale company and provide some details about your home.
If they’re interested, the company will carry out a valuation of your property.
Once you’ve agreed on a price, the company will make you an offer which is usually valid for 14 days.
If you accept their offer, they’ll instruct a solicitor to draw up the paperwork.
On completion day, the funds are transferred to your account and you hand over the keys to the new owner.
Selling a house can be stressful – there’s no getting around that. But by working with a reputable cash buyer or quick house sale organization, you can simplify the process and avoid many of the common headaches associated with selling a property.
If you’re looking for a fast, hassle-free sale, consider working with a cash buyer. Just be sure to do your research to ensure you’re getting the best possible deal.
Checks such as surveys and searches are more likely to be completed quickly if the cash home buyer manages this instead of a lender.
If you need to sell your house fast, be sure to give us a call. We would be happy to provide you with a no-obligation cash offer for your house!
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