Real estate transactions are two-sided. On one side, you have a successful ‘complete’ transaction while on the other hand, you have ‘pending, delayed and incomplete’ deals. Probably, the first and most important advantage of having a cash buyer is that you can sell your house within days. You will receive funds in 2 weeks, and your house will be sold.
Do your due diligence before signing the contract. All cash offers are not created equal. A cash offer is not hassle-free if it includes inspection & appraisal contingencies. You want a guaranteed transaction and a cash offer with contingencies might prevent you from selling the property.
Similarly, before accepting a cash offer, ensure that the buyer has enough funds to cover the purchase. It is your right to inquire about the source of money. Once you are satisfied, sign the contract. Luckily, a cash transaction presents very few hurdles for homeowners. You just have to verify the source of money and everything else will be fine.
Sell Your House Fast
An all-cash offer can be a life-saving opportunity for those of us who are facing bankruptcy or a foreclosure. In case of relocation, you would like to arrange a quick sale of your house as it is not convenient nor desired to sell a home when you have moved to another place. If the property does not sell quickly, you will have to pay two mortgage installments simultaneously which often is not a possibility.
If ignored, the previous house can be foreclosed creating more financial problems for you. Furthermore, there are security issues because you are leaving behind a vacant property. Ensure that an insurance plan is in place and that your insurance company will protect an ‘empty’ house. Most insurance plans become inactive if your home has been empty for a particular time, mostly 30 days.
An As-Is Sale of Your House
A quick sale of your house often means you are selling without repairs. That means you do not have to worry about repairs, painting projects, remodeling or even arranging an open house event. You can sell your house as-is without making any changes to the layout, exterior or interior.
A Guaranteed Transaction
Conventional deals impose a high level of uncertainty. You can never be sure of the sale unless the money exchanges hands. After the contracts are signed, the buyers will inspect the property to make sure the structure is sound, and it is safe to live in the house. The new homeowners will further need an appraisal report to verify the market value of your home. If the inspection results are not satisfactory or if the appraised value is less than the listing price; you will need to reduce the price of your home. You might have to make major repairs to improve the inspection results.
The acceptance of a real estate contract is contingent upon satisfactory inspection & appraisal results. The buyers can terminate the agreement if they cannot arrange funds to purchase your house. Almost 15% real estate transactions are canceled at the last moment because of these types of issues.
You can avoid these issues by working with a cash buyer. The money is there, and you do not have to worry about inspections. Just accept the offer, and your house will be sold in next 14 days.
Interested in selling your home for a cash price? Click here to get a FREE fair-price quote on your house.