Selling a house can never be an easy process; from decluttering, renovations, listing agents, to the final closing transactions and if blessed, you might be able to sell your house in less than two weeks.
This timeframe is often associated with cash house buyers, secondary to various reasons for faster closing deals (since there is no lender’s approval needed.)
If you are one of those who belong in the population of sellers with a deadline, you might be wondering how you can sell your house for cash. Cash home buyers often settle with houses that fit perfectly with their criteria. These buyers do not just come as one, or two, or three – but as a company. To further know more about selling your house for cash while being aware of your buyer’s legitimation, here’s what you should be aware of.
Cash House Buyers: Who are They?
Oftentimes, it is a huge inquiry whether cash buyers come as an individual (a company representative) or will a team of buyers bulge into their house for sale; the answer is – they do have specific representatives for purchase. By definition, these buyers are the types of entities that purchase the seller’s house without a doubt with no need for lender financing.
Some of these cash buyers involve large companies or group of entities such as:
- Buy and Hold Investors
- iBuyers or Instant Buyers
- House Flippers
- House Renters
- House Hosts
Cash Buyers are Not as Picky as You Think
It is a common misconception that cash buyers are quite high maintenance when it comes to picking homes to purchase – the truth is, in the real world, they are opposite to this belief. A lot of cash house buyers purchase homes in whatever condition. This is due to the categories of cash buyers involved in the industry – such as We Buy Ugly Houses (America’s number 1 leading House buyer), iBuyers, HomeLight Simple Sale Platform, House Renters, and the likes listed above.
This creates enough room for houses that are in challenging situations, i.e., in a financial crisis and cannot afford to renovate the house, to make a sale for their humble abode for cash. Apart from these, although it is true that cash buyers do have a set of standards to consider when it comes to purchasing a house, it is not much to be called ‘high maintenance’.
The Cash House Buying Process
Selling one’s house for cash can be twice easier than giving it to a mortgage client. This is secondary to the lack of house appraisals and inspections that are often required by the lender, or the bank. It is usually these steps that slow down a closing transaction – and worse becomes worse, not being able to approve a loan.
When it comes to cash buyers, closing deals are less hassle, especially in the long run. This is provided that the buyer is credible, valid, and are reliable when it comes to transactions. If a red flag has been raised even once, make sure to always check for credibility (background check) or do not make any further steps unless the real estate agent has been consulted.
In a hindsight, selling your house for cash can actually be based on your intention as to why you want to sell it. From that standard, you would know exactly what to do and what you need. The things listed above is good enough for you to understand the cash house buying process and its endless possibilities. As long as it benefits both parties, then you have made a great deal.