You may have heard about cash home buyers, companies and private individuals who have ready cash available to pay for your home after you accept their offers. Selling to cash home buyers may be the best move in some cases—especially those when you need quick cash. However, it would help to consider all of the pros and cons of this approach before deciding on this route.
Pros of selling to cash home buyers
Below are some advantages of selling your house to cash buyers:
No house preparations are necessary
The majority of cash buyers, especially those who deal with buying low-quality houses and improving them to sell at top dollar, buy homes “as-is” in almost any condition. You don’t have to deep-clean, repair or make any improvements, which can save you a lot of cash and hassle.
Fast closing of the sale
If you decide to sell your house the traditional way in Tugun property market, by engaging real estate agents to list it and find a buyer, months can lapse between putting it up for sale and sitting down at a table to close the sale. However, when you’re selling to cash home buyers, you can close the sale in as little as seven days after putting it on the market because the buyers have ready cash and don’t have to rely on mortgages or other loans to secure the finance.
Fewer chances of the sale falling through
Given that cash home buyers have ready cash to pay for your house by the time they are making you an offer, there are far fewer chances of the sale falling through and forcing you back to square one. It is common for sales to abort midway in the traditional selling where properties are listed and several buyers come to view them. This is because the buyers rely on loans which may be rejected by the lending institutions. Also, due to the length of time that these sales take, buyers may change their minds or find better deals.
Less paperwork and hassle
Unlike the traditional sale process that involves heaps of paperwork, appraisals and inspections, selling to cash home buyers requires far less paperwork. In addition, the cash buyer takes up the paperwork streamlining the process. As the seller, you have fewer negotiations and back-and-forth issues, freeing your time to focus on relocation or other more productive things.
Cons of selling to home cash buyers
Here are some disadvantages of selling to cash-for-home companies or individual cash buyers:
Less value for your house
In most cases, cash home buyers are in the business of buying low-value or run-down homes and improving them, to sell them at a profit. Sometimes, they even tear the homes down completely to build new ones on the land. This means they want to buy your house at a low price to sell at a profit. Unless you need cash urgently, want to avoid selling hassle or don’t need the home, say in case of an inheritance, you need to reconsider selling to these guys.
Risk of scams
There are so many con artists masquerading as cash home buyers so you need to take time to research any potential buyers before settling on one. Also, if any cash buyer gives you an offer that is too-good-to-be-true, think twice and do your due diligence, otherwise you could lose your home, cash, or both.
Conclusion
Selling your house to cash home buyers is a good move if you need urgent cash or want to avoid the hassle of renovating, staging, showing and other processes involved with selling the traditional way. However, do your homework to ensure you’re dealing with a genuine buyer and to get the best value for your home.
