The Simplified Process of Selling a House for Cash
Selling a House for cash is different than a traditional sale. It also tends to be much easier. Today’s homebuyers typically rely on help from a lending company to purchase a house. The lender often guides to obtain a loan in the form of a mortgage from a bank. Then the mortgage is paid monthly by the buyer for a specified period.
This one part of the home-buying process can have negative consequences for the seller. If the financing falls through, the seller must start the process again and find another buyer. But, when you choose to sell for cash, you can avoid the lender’s involvement.
If you want cash now and your only option is to sell, it is possible to sell your house for cash. Once you’re under contract, you can sell your house quickly for cash.
In this blog, we will cover the steps and processes you need to know when selling a house for cash.
Why would you sell your house for cash?
There are many reasons you may want to sell your house fast for cash in as-is condition, and they are:
- Need to sell fast
- Death in family
- Loss of job
- Job transfer
- Bad tenants
- Outdated house
The House Assessment
The first step, in most cases, is to find a real estate agent to perform an evaluation and performance of the house. They provide a realistic asking price for your house based on the location, condition of the home, marketability, comparable houses in the neighborhood, amenities, etc. However, when you are willing to sell the house for cash, you could work with an investor or cash buyer who will take on the property challenges and allow the sale to go through much faster.
Finding a buyer that can afford to buy your house for cash
Once the assessment is done and you figure out the value of your home, it’s time to start looking for a cash buyer. There are many reputable cash buyers offering cash for homes. These cash buyers should have experience in closing a home sale. They should also be able to resolve any issues that arise. However, remember that it is important to do your homework before reaching anyone. There are many house-buying schemes. But, verifying a “We buy houses for cash” company’s reputation should be simple.
As a seller, you begin by going through their website. A reputable company like NeedtoSell.com offers
- Easy to access the professional website
- Verified customer reviews and ratings
- Licensed agents with knowledge of the real estate market
- An accreditation and verified rating
- Professional Marketing
- High-level customer service
The steps of selling the house to cash buyers
Selling your house to a cash buyer is best if you want to sell it fast. It helps to speed up the overall process and makes it simple.
- Contact the cash buyer and provide the information about the property
- The cash buyer visits the property and presents a fair cash offer
- Once the offer is accepted, you can sign a purchase and sale agreement
- The closing can happen in as little as 14 days
- You will be guided throughout the process, including the closing documents, transfer of funds, and legal paperwork for the sale
Selling a House Traditionally
The biggest disadvantage when selling the home in the traditional method is time. According to Zillow, a home for sale in the United States stays in the market for 55-70 days. This was the national average in 2020. Can you afford that much time to wait? There might be news where you hear multiple offers the day the house is listed. However, most homes for sale are not “move-in ready.” Traditional home selling includes many steps, including:
- Finding a reputable real estate agent who knows the local market
- Making the repairs and upgrades before listing the house for sale
- Stage the house for the real estate agent showcase
- Stage the home again for open houses
- Negotiate the offers
- Wait for the secure financing of a potential buyer
- If the potential buyer falls through, begin the showing process again
So which process makes the most sense for you?
The process of selling a house for cash has many advantages. It is easy and less stressful when compared to selling to cash buyers.
The process of selling a house for cash means:
- No listings
- No appraisals or banks to cause delays
- No home inspections
- No closing costs
- No real estate agent commissions
Working with NeedtoSell.com means you no longer need to deal with real estate agents, pay the realtors’ commissions and listing fees, organize showings, or renovate or fix up your house to sell. Contact us if you have questions about how we work and our process.