Can You Really Sell a Home for Cash?
Millions of families bring their homes to market for sale each year. If you have a house for sale, you might wonder how much the house is worth and whether you can make a profit from selling it in a cash-only transaction. Many sellers get offers to sell a home for cash. Offers like this may seem too good to be true at first glance. Some skepticism is understandable, but these deals happen every day, and it can be a great way to get quick cash for your home.
Does This Really Work?
All-cash home sales are deals for real estate that don’t involve financing or other complications. These happen all the time. In fact, cash sales currently make up around 20% of the housing sales market in America. Private buyers frequently pay upfront for the title to a family home in transactions that can generate real returns for homeowners. While it’s important to be careful when you’re selling your biggest investment to a private party, cash sales are very real.
The advantages if you sell a home for cash are obvious. When a serious buyer offers cash in hand for your house at a price you can agree to, there’s nothing holding up the deal. For pressured sellers who are eager to move, the speed of a cash transaction can be a lifesaver. This is even more true for owners facing foreclosure or relocating soon for work. The general absence of financing and brokers’ fees also helps cut out the middle of most home sales. This saves money for both the buyers and the sellers. It also potentially leaves more money in your hand than a conventional home sale would.
Find Trustworthy Buyers for Your Home
It should go without saying that all offers to buy for cash call for thorough research before you agree to sell. Bad actors do exist in the market. It is essential to only agree to a cash sale when you’re comfortable that the offer is genuine. You should also make sure the formalities of transferring title are observed.
Be Ready to Sell Fast
Due diligence done, be ready to sell in a hurry. Cash sales don’t require third-party approval of a loan. There aren’t any credit checks or slow communication between realtors and both sides of the deal. This means a cash home sale can happen literally overnight. In some cases, the sale concludes when the buyer hands cash or verified funds (usually a cashiers’ check from a reputable bank) directly to the seller. The parties often sign a contract that gives the seller a set time to move out that’s far enough out to comfortably move. Finally, the title is transferred to the new owner, at which point the deal is done.
It’s a good idea to go into the meeting with your buyer expecting to agree on a price and get paid that very day, if not on the spot. Before you accept an offer, be sure you can pack up and vacate the property on the timescale the buyer needs. This can smooth out the process and prevent you from feeling pressured at any point.
If you own a home and would like to sell, you might be able to get more than you thought from an all-cash sale. Reach out to SellHouseFast for a consultation about what your house is worth, and to learn more about how to sell a house for cash.