Why Sell Your House for Cash?
Selling your property to a cash buyer can appear to be too good to be true, but the reality is that there are really buyers nowadays that engage in cash only transactions. The first question you might ask is: is this completely legal? After all, not all of us have the ready cash to purchase a house on the spot. Remember however that cash-only buyers are typically a group of people with the common objective of purchasing properties fast and hassle-free for profit, explaining the instant cash.
So the question is, why would you want to sell your house to these people? Below are some very good reasons:
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There is no question about the fact that cash-based sales complete faster. As soon as you and the buyer have an agreement, it is all a matter of paperwork and moving the payment. A cash-basis sale is usually closed in as little as 1 or 2 weeks, depending on the terms that should be smoothed out. In a conventional purchase where buyers still have to apply for a loan, the process can be a whole lot longer.
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Though interested buyers may act like they will actually purchase the property, some difficulties can still occur over the course of the transaction. For example, their loan may disapproved or something may happen and make them change their plans. This can be awfully frustrating for a seller like you. With a cash buyer, the deal is sealed the moment intent has been conveyed.
What’s great about cash buyers is that when they purchase a particular property, they usually plan to sell it or profit from it through some other method. For some sellers, this can mean getting the option to rent their old property, hence not having to move out or find another home.
If you need cash immediately, a cash-only buyer can obviously provide it you for whatever purpose you may have. This is particularly true for failure to pay your mortgage, in which case, there is a big chance that your home will be foreclosed. A cash sale lets you get the money fast, dodge deadlines and start over clean.
People tend to think there’s a catch when it comes to cash purchases, but this isn’t the case all the time. Buyers typically initiate valuations to ensure fairness for both parties. This way, you’ll be receiving your fair share of the property not having to wonder whether you could have sold the property at a better price from the other buyer.
Cash buyers are generally well-rounded in terms of the house-buying process, having all the crucial qualifications to conclude the sale as speedily as possible. This keeps you from having to pass through an extensive process, skipping some of the most common problems related to this type of transaction.