A cash offer for my house is generally more appealing primarily because there's no fall-down risk with the sale and there's usually a faster closing speed. This may not be the case in all cases, so it helps to know a little bit more about the actual process. Basically, a cash home buyer doesn't need to get a mortgage, since it's implied in the offer that they already have the funds for the sale. The first step to buying a home with cash is to find one that you would be interested in at a fair market value. This could be done by talking to your real estate agent, or even doing some research online. You should know that it isn't always an easy task to find this, especially in today's economy. It can take days before you actually find something that is in the "trend." When you do find it, however, it should still be at a fair market value. Once you've found something that is a good buy, you can then set up to sell it to the dependable house buyers with cash. Your real estate agent will probably want you to sign an agreement of purchase and sales contract, but there really isn't much that you have to do until you actually sell the home. If you're selling on your own, make sure you've got a sellers permit, since you might have to get a real estate license before you can sell in some states. If you're selling through your real estate agent, he'll just give you the keys and you can go from there. Any cash home buyer will take into account any repairs that need to be done prior to the closing date. Some people may have a few hundred dollars to spend, so a few hundred dollars to get all the repairs done could keep you from losing money on the sale. Some buyers may decide that they can live with some repairs, but it doesn't hurt to be able to quickly finish the repairs up. In fact, if you want a fast closing, then having the property ready for the cash offer will help you out more than it hurts your potential buyer. When you sell through an investor, you have a little more control over what happens. Usually the person selling the property will act as the "salesperson" for you, but some investors are so anxious to sell that they can do pretty much anything they'd like. For example, they might want you to close on the property as soon as possible, even if they aren't planning to sell the house themselves right away. If an investor is acting as your agent, make sure that they are really experienced with real estate and can sell you very quickly. Most investors aren't going to waste their time trying to sell you a home that they can't sell! While these types of deals can be profitable, there are also risks involved. Cash home buyers are usually in for quite a few headaches when it comes to the closing process. Selling these types of homes is often much easier for investors if you have a mortgage buyer working for you. Even if you don't consider this as an option in case you can't get approved for a conventional mortgage and need to find another option. Read this Blog to get more facts on the topic: https://en.wikipedia.org/wiki/Cash_offer.
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