More and more people are choosing to sell their homes to real estate investors for cash than taking the traditional path. It saves a lot of time and effort, not to mention paperwork and even money.
If you are thinking about selling your home for cash, it is a fairly straightforward process. If you are new to the process, there are a few steps involved that you should know about.
Cash Sales for Houses
Before you start, understand that there are different types of buyers. There may be individuals, or you can sell to an organization that buys the house from you and then sets up the buyer on their own time.
Typically, the types of buyers that pay cash for houses are:
Investors who buy the house and plan to hold onto the property for an extended period of time, usually with the intention of renting it out. They are known and ‘Buy and Hold’
Contractors and home builders that want to demo an existing property and build a new custom home.
House flippers buy houses ‘as is’ and plan to make improvements to a property before selling it for a profit. Because they take the home in whatever condition it is, you are not looking at the best price.
Instant buyers, or ‘iBuyers’ make immediate offers on homes online. iBuyers use automated valuation models (AVMs) and internet sites to provide a streamlined experience for sellers.
Steps To Selling Your Home for Cash
Depending on which route you take and how you decide to sell the home, the step may vary, but typically, they are something like this.
Find a Buyer
Finding someone who doesn’t need financing is the first step. You can go through an organization that buys from you and then sells to their customers, look online, or advertise yourself.
You can ask for recommendations from people you know who have done this before or find a forum online, ask your local realtor for advice, or use online tools that will match you with a suitable buyer.
Review Offer
Once you get an offer, review it and find out if it is a fair price. This may not be easy, but there are ways to find out. You can compare it to similar homes in your area, to find out its worth.
This will also depend on the condition of your home, whether you or someone else is living in it, whether it is in foreclosure, or you simply want to move. You also want to check out the buyer themself.
Make sure it is a reputable firm or individual. Find out what they want the house for, do they have a standard contract, do they have a history you can look at, and are they willing to put down a decent deposit.
Once you are satisfied, you can get a lawyer to look it all over. This might be a wise decision, regardless of how much experience you have in selling homes for cash.
You are also under no obligation to accept the first offer. If you are not comfortable or believe you can get a better deal, then by all means, just say no.
Approve Offer and Sign Contract
You can decide the close date, get proof that they have the money to buy the house, and then you can sign the contract. Once that is done and you both are in agreement, both of you sign and they give you cash for your home.
Cash For Homes
As long as you do your homework and are sure the buyer is legit, you should be able to save a lot of time and money using this process.
Get your cash offer now, contact Black Door Homes!
