There are many ways to sell a house. But in this article, we’ll skip all other options and focus on the quickest way to sell your house–selling it to a cash home buyer. Last year, 23 percent of home sales were cash sales according to a survey done by the National Association of Realtors.
In general, many sellers prefer cash offers because it eliminates the risk of a sale falling through due to unapproved mortgage financing. Even if you did everything to prep your house and hire a top real estate agent, there is no guarantee you get a fast sale using the traditional approach.
Ideally, you attract an offer in just one week, and even in this dream scenario, it would still take weeks, if not months to wrap up the deal. There are more steps that are needed in the process such as inspection, appraisal, and buyer’s loan being processed which can take up to 51 days on average.
For those who need to sell house quick and can’t afford to wait for more than a month to close a home sale, accepting an all-cash offer is the best way to go. Read on to learn everything you need to know about selling your home to cash home buyers.
What It Means To Sell Your House To A Cash Home Buyer
The best alternative and the quickest way to sell a house is by requesting a cash offer from a local house buyer or a local real estate investor. As the term implies, a cash house buyer offers a seller cash for the full cost of the home instead of getting financing from a mortgage lender or other institution.
Most buyers need to have some type of financing to afford to buy a house, typically in the form of a mortgage. Cash buyers who are often local real estate investors, on the other hand, have enough funds at their disposal to purchase your home so they don’t need financial assistance.
One thing sellers should know when accepting cash offers is that you won’t get the full market value of your house, but this is reasonable. First of all, cash offers as mentioned earlier come with low risk, you don’t have to be concerned about buyer financing falling through.
Second, the thousands of dollars you would lose would be offset by the faster process plus you don’t have to spend time, effort, and money on repairing, upgrading, marketing, and negotiating the property. Moreover, most Cincinnati home buyers like us take care of the closing costs.
How Quickly Can You Sell Your Home To A Cash Buyer
Closing can be done in 10 days. This is five times quicker than the typical financed sale in the current market. On top of that, you can choose a move date that fits your schedule. This is indeed the quickest way to sell a home.
How To Sell Your Home Quickly: How Selling For Cash Work
Their may be differences depending on the We Buy Houses for Cash company you are working with but in general, these are the steps in selling a house to a cash buyer:
- Make contact and receive an initial offer – You can find several cash buyers online. If your property is in Cincinnati, you can simply type in “sell my house in Cincinnati Oh” on Google search. You can also ask family and friends if they can recommend someone.Reach out to the investor of your choice in your area. You will be asked for some basic information, and some cash buyers can give you a ballpark offer within 24 hours. This offer may be subject to change after a home inspection.
- Home inspection – Within a few days time, the company will schedule a walkthrough or exterior inspection to assess the condition of the house.
- Get a final offer – You will get a final offer which you can accept or decline. Most companies will not change their price.
- Closing starts – Once you accept the offer, you and the cash buyer sign the contract and closing will start.
- Title clearance – The company will wait to make sure that you are able to convey a clear title before purchasing the house. If there are any liens discovered, some companies will help you through the next steps.
- Receive payment – Payment will be disbursed quickly, usually within one to a couple of weeks. Another advantage of selling to cash buyers is that you can choose a move out date that works for you.
Tip: It’s best to find out what your property is worth before asking for an offer to determine if you are comfortable with the price.
Should You Sell Your Home To A Cash Buyer?
If you need to sell house fast, then selling a cash buyer is the best option for you. You get to close the home sale in just a matter of weeks or even days. It’s the quickest way to sell a home without spending a dime in repairs, upgrades, renovation, and staging. There’s also no risk your buyer’s mortgage will fall through.
If you feel uncomfortable with the money you’d lose in accepting an all-cash offer, remember that there are no agent commission fees and repair expenses. Taking all these into consideration, there won’t be a lot of difference. In fact, some homes in good condition may end up with a similar amount of money from a cash buyer as those with a traditional listing process.
You also have to go with the quickest way to sell your home if your facing foreclosure due to an unpaid mortgage. Selling your home for cash enables you to pay for your mortgage and start over sooner. The Cincinnati Property Twins have helped homesellers in this situation as well as people who want to downsize, sell an inherited property, and other people who need to sell a house quickly.
If you’re looking for a Cincinnati cash home buyer, contact us today. You can also get a ballpark offer for your home here.