What is a typical home sale?
When you sell your home to a cash buyer, you are skipping the typical process of listing your home with a realtor. If you own a home, you are probably familiar with using a realtor to buy a house. To sell it, you have to find a listing agent. They will tour your home, take a lot of photos, review tax records, and compare your house to similar houses on the market or those homes that recently sold. After that, they will come up with a listing price, list your property, and wait for someone to buy it. This isn’t to say they won’t push your home and market it, but it is a waiting game. When you sell it, the listing agent and the purchasing agent get a commission on the sale, which comes off the total price and your profit. In a typical house selling scenario, all of this isn’t a bad situation.
Difficulty arises, however, if you are pressed for time, maybe because you have to move quickly or you are going through a foreclosure. Also, if your market value is too close to what you owe on your mortgage, it won’t be worth it for a realtor to list it. Finally, if the condition of your house isn’t pristine, and you don’t have thousands of dollars to fix it, buyers through realtors may not be interested. One other thing to consider, during negotiations, purchasing agents often ask for concessions or repairs which you may not be able to afford. So, even if you get a buyer, you could run into trouble that could cost you money.
Who is a cash buyer?
A cash buyer, on the other hand, doesn’t go through a realtor. They may contact your directly, or you may come across a website for a company that will buy your home directly, like http://www.sospropertysolutionsllc.com/. For this type of sale, the cash buyer will get some basic information from you over the phone about your home, like how much you owe, how much you are interested in making, the condition of the home, and any known damages or need repairs. They will probably schedule a time to come take a look at your house, which is usually just a quick walk through. After that, they will give a cash offer to you. Some places do it within 24 hours!
Selling to a cash buyer
The process of selling to a cash buyer is fast and easy. First, they will draw up contracts for you. Be sure to read them carefully before signing. Most of the time, you won’t bring any money to the sale. You won’t have to make any repairs or change anything on your home. The two of you will agree to a closing date, which can be in one to two weeks. Just like when you purchased your home, you will go to a closing to sign all the legal paperwork. Any money above what you owe on the mortgage will come to you. It is quite simple!
How much money can I make?
Because a cash buyer is purchasing your home as-is, they don’t pay the same amount you may expect when listing your house with a realtor. The trade-off boils down to the ease and convenience of being able to sell your home quickly, without spending any money to do it. For thousands and thousands of home sellers, selling to a cash buyer is worth it, just to be done with the property fast and easy!