Selling your house fast for cash is the easiest but making sure that you get top dollar for that is another story. If you are thinking ‘how do I sell my house fast for cash?’ soliciting offers from different buyers could help. Getting multiple offers will make sure that the price you are getting is fair in exchange for the convenience of selling your house fast for cash. People sell their homes fast due to many reasons like a divorce or real estate inheritance.
Can I sell my house fast for cash?
The term cash buyer isn’t completely accurate as in the US, it is illegal to close a real estate deal using hard cash. Buying a house for cash actually means that a buyer is buying a house without doing any financing. The seller can transfer funds electronically or through a cashier’s check to close on the purchase.
By HomeLight Homes
So, who purchases a home in cash? Typically, two types of buyers make all-cash offers. The first type is individual buyers who are planning to live in the house. The second type of buyer is real estate investors who are buying the house as an investment. Also, individual buyers making all-cash offers have different interests as compared to real estate investors.
Individuals buy a house with cash to avoid paying closing costs and interest on the loan and to make their offer more attractive to the seller. They may also want to close on a house without hassle or live a debt-free lifestyle.
Real estate investors buy houses with cash to speed up the buying process, increase their cash flow, avoid debt and keep the closing costs low. Also, buying a house with cash gives real estate investors more control over the property as they don’t have to worry about foreclosure and their monthly expenses get low.
How to sell my house fast for cash?
If you have recently gotten divorced or inherited a home, you might want to sell your house quickly rather than going through the long-drawn process of selling it on the market. Or your property may be unique and not qualify for traditional financing and so selling it fast for cash is one of the options you may be left with.
Below is how you can sell your house fast for cash:
- Know the value of your home
It can get challenging to know the exact value of your home because the price of your house is exactly what someone is okay to pay for.
However, you can identify a range of your house’s worth. You can look up multiple different websites to get an estimate on the value of your house. The free home value estimation tool on such websites will give you a ballpark amount for your home.
Or you can hire a real estate agents to determine the worth of your house. They will estimate the value of your house through comparative analysis. In the process, they discover comparable houses recently sold in your area. And the basis of that, decide on a figure that is an apt selling price for your home.
So if you are thinking about how to sell your house fast for cash to a home buying company know that they will make you an offer that is on the lower end of the range. Because they almost always buy a house ‘as-is,’ and fast but at a discounted price.
- Decide if you want to sell your home ‘as-is’
Many home buying companies that make cash purchases buy the home ‘as-is’. As they buy your home in its current state, you don’t have to fix any problems in your home in the deal.
However, you are responsible to disclose the issues in your house known to you. Disclosure laws differ from state to state and you have to adhere to laws in your state. You must be honest in answering questions about your home.
Fixing issues before selling like structural issues, leaky roofs, asbestos, etc. can hugely improve the value of your home. This slows down the selling process as you must take time aside to remedy the problems and you also have to put money into the home before making the sale.
Apart from fixing big and small problems, you can make sure that your home is well-maintained. You can do some landscaping and boost its curb appeal or re-paint it. You may even hire home-stagers to make your home look appealing to buyers.
But selling a house ‘as-is’ saves you from all this hassle and expense. And it may reflect on the purchase price of your house.
- Look at the options you have
You can look for and find cash buyers at many different places. You can market your home to your social network on Facebook, to Realtors on Craigslist, place a for sale sign on your yard, attend real estate auctions to find potential buyers, or connect with a home-buying company. If you want to sell your house fast for cash, a home-buying company is the fastest option for you.
- Research different companies and do not pay any up-front costs
Not all home-buying companies work in the same manner. And that is why it is important that you find a reputable company. Don’t just transact with the first place that you connect with. Ask family and friends for their recommendations, and research well to make sure that the company you are choosing to work with is legit. You can look up online reviews of the company from credible sources or even find out the details of the homeowners who have transacted with such companies in the past.
Also, even when a company feels completely legitimate, do not pay any up-front costs. Say no to paying any application fee or applying for anything.
You’d still have to wait…
The timeline for selling a house fast for cash is much more reduced than when you are selling it to a seller who is getting financing. However, even selling a house fast is a step-by-step process that takes a few days.
Below are the steps in the process of selling a house fast for cash:
- You accept the offer made by your cash buyer
- You wait for up to a couple of days to verify whether the cash buyer has the money to buy your house
- The money is moved into an escrow account until the deal is closed and the title, secured
- A title search happens that takes about three days
- An inspection takes place if the cash buyer wants it in as a part of the purchase agreement
- Home appraisal happens if the buyer wants the same
- A final walkthrough of the buyer happens
- The closing happens fast as there is no mortgage paperwork required
Thus, selling a house fast for cash takes time. However, it is no doubt a quicker process as compared to the traditional means of home selling.
Final word
You have many options when you want to sell your house fast for cash, but you must determine what is the best option for you. You may consult with a real estate professional to help you with the decision. You must sell your house for cash only to the right company after thorough research. We hope you find amazing, fair real estate companies to sell your house.
