Did you know that in the first five months of 2021, 22.4% of home buyers bought a home using all-cash? This is up from 2.7% in 2019. As you can see, the housing market at present is quite different from when your parents bought or sold a home.
Selling a home with all-cash is beneficial because it has faster closing times and carries less risk than homes sold with financing. If you would like to sell a house for cash, but are wondering about the logistics of it, keep reading our short guide below.
Do Your Research on Potential Cash Buyers
If you are wondering how safe it is to sell a home for cash, it’s all contingent upon how much research and due diligence you put in. You will need to ensure that the person who wishes to buy your home using all-cash has the necessary cash in their bank account – you can definitely ask for proof of this.
You will also need to take things slow and do your research upon this person, by doing the necessary credit checks, and other imperative checks.
Many companies buy homes for all-cash as well. But there are some scammers out there, so make sure the company has a reputable website and has lots of positive customer reviews online. Also, ensure the company has an accredited rating from the Better Business Bureau.
Make sure to put into your listing or online advertisement something like, “I wish to sell my property for cash” if you wish to attract cash buyers. You will end up getting a deluge of responses though from such an ad, and you will need to cull through all the responses to find the most suitable one for you.
Here’s How to Quickly Sell a House for Cash
Here are some steps to take with a cash buyer:
- Cull through all potential cash buyers and find the one that seems most appropriate to you
- Have the cash buyer visit your property
- Get an offer from the cash buyer
- Sign the purchase agreement once you agree on the purchase price
- Closing can happen in as little as 14 days
As you can see, the process with cash buyers is simple and expedited. It can be a breath of fresh air after dealing with the traditional buying process, which is much longer and takes a lot more effort on your part. This is especially useful if you are dealing with a personal crisis and need to sell your home quickly.
Keep Calm and Sell a Home Quickly for Cash
Not every one of us is dealing with traditional home selling circumstances. Perhaps you have to avoid foreclosure or are trying to liquidate assets to pay off some debts. Or maybe you had an illness in the family or a divorce.
Whatever your circumstance, you can sell a house for cash quickly, as long as you stay calm, do your research, and don’t jump on the first cash offer that comes your way.
Enjoyed this article? There are many more interesting articles on our website, so keep browsing!