Selling your house to a cash buyer may seem too good to be true, but the truth is that there are actually buyers these days that engage in purely cash transactions. The first question you will likely ask is: is this even legitimate? After all, not all of us have the ready cash to purchase a house on the spot. Note however that cash-only buyers are usually a group of people with the common goal of buying properties fast and clean for profit – thus the automatic cash.
But why should you sell your home to them in the first place? Here are some really good reasons:
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There is no question about the fact that cash-based sales complete faster. The moment you and the buyer arrive at an agreement, it is all a matter of documentation and forwarding the payment. A cash-basis sale is generally closed in as quick as one or two weeks, depending on the terms that must be ironed out. In a conventional purchase where buyers still have to apply for a loan, the process can be a whole lot longer.
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Though interested buyers may act like they will actually purchase the property, some difficulties can still occur over the course of the transaction. Their loan may not be approved, for instance, or something might happens and make them consider another property. This can be horribly frustrating for the seller. With a cash buyer, the deal is sealed the moment intent has been conveyed.
The nice thing about cash buyers is that after buying the property, they will usually either sell it or profit from it through another means. For some sellers, this can mean having the choice to rent their old property, thereby not having to transfer to another home.
If you need money quick, a cash buyer can clearly offer you the funds you need for any purpose. This is particularly true if you failed to make your mortgage payments, increasing the possibility of your house being foreclosed. A cash sale lets you get the money fast, dodge deadlines and start over clean.
Most people believe that there’s a catch with cash-only purchases, but this isn’t necessarily the case. Buyers typically initiate valuations to ensure fairness for both parties. That means you’ll be getting your fair share of the property instead of wondering whether you could have sold it to the other buyer at a greater price.
Cash buyers are mostly well-rounded when it comes to the process of buying property, having all the essential qualifications to seal the sale as quickly as possible. This keeps you from having to pass through an extensive process, skipping some of the most common problems related to this type of transaction.