A We Buy Houses company will usually offer a ballpark figure for the price of your house before coming to your home. Although it’s possible to receive a binding offer sight unseen, very few companies will do so. Your bound offer will be much lower than the actual value of your home because of any issues you may find. After a visit, the We Buy Houses company will present a legally binding offer, allowing you to make the deal on the spot. However, some larger We Buy Houses companies are not actual buyers, but instead refer you to local house flippers who can make a better offer for your home. Additionally, the process can take anywhere from three to six months from the initial phone call to the final closing date.
All-cash offers
The first advantage of selling your home to a cash investor is that you don’t have to worry about a mortgage application or appraisal. However, a cash buyer still needs to sort out things like title insurance policy, as well as proof of funds, before closing. Redfin estimates that selling a home to an all-cash buyer takes about two weeks, while a mortgage loan can take up to 43 days to close.
A home buyer who pays an all-cash offer should have a plan for how the transaction will proceed. Ideally, the offer should be based on comparable sales in the area. The buyer should also take the seller’s timeline into account, as they may need additional time to move. In either case, they should coordinate closing with the seller’s timeline. If the buyer isn’t willing to accommodate their timeline, they should look elsewhere.
Faster sale
While selling your home to a cash investor can save you a significant amount of stress and complications, you should realize that you’re not likely to receive more money than you would with a traditional sale. Before signing any contract, hire an attorney to review the contract, and be sure to have the closing documents drawn up by a lawyer. You should also conduct a home inspection and get a HUD settlement statement before closing. You’ll also need to pack your belongings, load a moving truck, and sign closing papers.
Selling a home to a cash investor is faster than selling it to a traditional buyer. Because cash investors are often the ones who purchase property in their entirety, they can close a transaction in as little as two weeks. By comparison, a buyer with a mortgage will require a minimum of 60 days before the sale can be final. That’s a significant difference. However, you can still expect a faster sale by selling your home to a cash investor.
No real estate agent required
If you don’t have enough equity in your home to get a traditional loan, you should consider selling your property to a cash investor. This type of buyer will make an offer for your home and close on the date you choose, which can make the entire process much faster and more convenient for you. Additionally, cash investors are able to offer specialized solutions for sellers. Ryan Substad is one of these investors.
A cash buyer may seem like too good to be true, but be wary of scams. The biggest scam involves an investor posing as a foreign buyer or out-of-town buyer and contacting you directly. You may even receive a fake cashier’s check, sign a purchase contract without seeing the property, and lose thousands of dollars. Buying a home for cash from a cash investor is not for the faint-hearted, and if you’re not careful, you could end up losing thousands of dollars.
Saving you time
If you’re facing foreclosure, selling your home to a cash investor may be the answer. These investors can buy your home for as little as cash, and some specialize in distressed properties. Many of them will renovate your property, and some even pay up to 50% less than the resale value! While these investors can be a great option, you should keep in mind that you may be dealing with a cash buyer who is less than reputable.
The process of selling a home through a traditional buyer can be stressful and time-consuming. You have to deal with paperwork, wait for offers, and spend precious time making your home move-in ready. By selling your home to a cash investor, you can sell your home in a much shorter amount of time, and you will avoid the stress and hassles of dealing with traditional buyers. A cash home buyer will buy it even if it’s not in perfect condition.
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