Why hadn’t I heard about their buying proficiency and fair cash offers before now? I chose to sell my house to cash buyers because the process was more secure than the standard, and I knew I wouldn’t be let down. Initially, when I made my first cash home buying inquiries, I expected selling to a ‘we buy houses’ company to come with some negatives. My first property was a traditional starter home and required nominal financing to afford. Sherry Davis Zander began writing professionally in August of 2006. The seller can choose to sign and accept or have an attorney review the terms. “Investors expect to get a better deal because they are a sure thing and can close quickly,” explains Steinemann. Once an investor or iBuyer has presented you with a cash offer, how do you know it’s a fair number? We’re always happy and ready to talk! If you need help determining what your property is worth, you can start with our free Home Value Estimator, which draws from multiple sources to create a real-time home value estimate based on current market trends. Header Image Source: (Colin Watts / Unsplash). With a cash offer on the table, the buying and selling process is a little different than it would be with a mortgage involved. Because the cash buyer won’t be working with a lender, you’ll likely shave time off the window during which the house would otherwise need to be professionally appraised in a conventional sale, as well as the time it would take for the buyer’s loan to go through. Evaluating a cash offer can be tricky, and there is no one-size-fits-all formula. Contact us at 316-217-9675. There’s no mortgage … Selling your house for cash is exactly that; it promises cash in hand instantly. “For example, for a $400,000 house, the deposit shouldn’t be $1,000.00 — it should be closer to 3%-5% of the purchase price.”. This was great for me to relocate. “By getting a quick cash sale and closing, you could have a better bargaining chip for the house you want,” she says. The process of selling your house for cash is one of the simplest ways of selling your house. With a cash sale, it’s usually not a matter of if you’ll close, but when. Very few buyers want to acquire a home that needs major home repairs and lacks that move-in ready appeal. When it comes to selling a property, homeowners have many options. Thankfully, selling my house for cash meant selling without making any costly remodels or renovations. “It depends on the market hold times and costs, but sellers may expect to leave on the table anywhere between 8% to 15% of what they would have projected to get from a successful retail sales process,” says Aponte. He presented documents that appeared to be legal, such as a passport and proof of funds statement. Reputable cash buyers offer numerous far-reaching benefits that make selling a home a simple process. When it comes to the actual closing, you probably won’t notice much difference from a traditional sale, other than the fact that it will be quicker. “They usually know their numbers and won’t buy emotionally, unlike most first-time homebuyers. Cash buyers share a few common traits: they don’t need lender financing to pay for your house, and typically they will buy your house off-market. The cash buyer assumes the role of the realtor and assesses the property – sometimes with walkthroughs, sometimes using comparable homes – to determine a fair market value cash offer. As Nebraska real estate agent McCoy points out, by taking a cash sale on your current house, you’ll be in a better position to secure your next home, because that seller won’t have to wait around on any contingencies or financing delays. Be wary of any buyers who show no interest in seeing your home in person and who only correspond via email, as those could be red flags of a scam. “Usually, sellers for cash sales are okay with a two-week close,” says Qiu. How to Complete Commercial Property Transactions, Cleveland: Beware of Cash Offers for Homes: Fake Check Scam Targets Sellers, Title Agencies, The Independent: Property: Beware the Cash Buyers. “They would do this if they know their price is so good that anything wrong with the home is not an issue, or if they are planning on tearing down the home and the land value is all that matters to them,” he explains. The money could originate from illegal activities, such as the sale of drugs and money laundering. If all of this sounds too good to be true so far, there is a flip side of the cash offer. When Must a Resident Be Informed of a Foreclosure? The standard selling process most homeowners encounter is fairly straightforward. AN ATYPICAL SELLING PROCESS. “These are signs that the homeowner is dealing with a wholesaler that intends to sell the contract to a third party instead of buying themselves, and can easily walk away from the transaction if it doesn’t work out,” says Qiu. Once I procured a higher paying job out of state, I knew I needed to sell my house quickly in order to relocate. The seller or real estate professional accepted and deposited the check. Undoubtedly, cash buyers are real estate experts that are trained to determine a home’s value. How to Safely Sublet an Apartment Through Craigslist. When the purchase of a home is haggle-free, it may not always be legitimate. You don’t have that time, and we understand that.