What are the Pros and Cons of Selling Your Home for Cash?
You’ve likely seen roadside signs promoting the buying of houses for cash.
It sounds pretty good, right?
If you’re wondering if this is an opportunity you should jump on but are unsure of what exactly it entails and how it works, don’t worry. We’ve got you covered.
Here’s everything you need to know—from the good to the bad—about selling your home for cash.
Pros & Cons Of Selling Your Home To A Real Estate Investors
Since investors offer various payment methods, your payment options are flexible.
Investors can accept payment via methods such as certified funds, cash, or pre-scheduled cash payments. In some cases, they may even take over the existing mortgage completely.
Multiple payment options allow sellers to find the solution that fits their needs.
Selling houses for cash is a legitimate option, as investors are often willing to pay in cash for a home with the recent tightening of financial restrictions. This is usually coupled with the growing number of complaints about low appraisals.
Selling “As Is”
Many times, investors offer to purchase a property sight unseen.
What does this mean for sellers? That as the seller, you can avoid any costly repairs that would normally be considered financial responsibility.
Believe it or not, there are investors who can close a deal within 7 days.
Are you wondering how that’s possible? Good question.
Investors are able to close quickly because the sale of the property is not reliant on approved financing, appraised values, home inspections, etc. By bypassing all of these sometimes-lengthy steps, the closing processes is expedited considerably.
Most Investors Don’t Have A License To Buy
Since investors don’t need a license to buy a house, this means you know nothing about the person or people offering to buy your home.
Some investors are corporations, while others are individuals. Individual sellers usually are also real estate agents.
Because of this, many sellers are concerned about the motive behind the purchase.
There Are Scam Artists Posing As Investors (And Plenty Of Them!)
When selling your home for cash, you run the risk of fraud.
While this risk can exist in any financial transaction, it’s especially critical to avoid scams when dealing with large assets, such as your home.
When selling your house, you’ll want to take all necessary precautions to avoid any issues.
Start by getting the name of the investor and research him/her online to see whom he/she is. Ask for references, and question your listing agent to do some research on your behalf as well.
Homeowners Often Sell Below Market Value
Since investors will have their own cost challenges, you can be assured that those charges will be factored into their offer price.
Don’t be fooled. Investors are well aware of the power behind their cash offer. They also are conscious of the fact that they are taking a risk by purchasing a home “as is.”
Because they may be relying on your motivation to get out quickly, or for whatever their reason may be, it’s unlikely that an investor will pay market value for a home at its peak.
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