You probably already know that selling a home is hard work.
After listing your house, it can take months before you get a buyer, and if they’re getting financed to buy the property, closing the sale can be a long, costly, complex, and stressful process.
You, however, can avoid the stress that comes with selling a home by opting to sell it for cash.
Home cash buyers don’t need to apply for a mortgage, and they have the money to fully pay for your house if you agree on a price, which simplifies the sale process.
In the following sections, I’ll explain to you why, where, and how to sell your home for cash.
Why Sell Your Home for Cash?
Many stressed-out or first-time home sellers find selling their property for cash appealing for several reasons, including:
The timeline for closing a home cash sale is much shorter than the time involved if a buyer is using a lender to purchase your home.
For example, HomeBuyers of Pittsburgh can give you a competitive cash offer for your home within hours of getting in touch with us and complete the sale a few days after if you accept the offer.
For a financed purchase, the mortgage approval process takes at least 30 days and can go up to 60+ days.
Cash purchases have a lower chance of falling through because the buyer already has all the money needed to pay full price for your home.
A buyer relying on a mortgage can be denied the facility, which increases the chances of you not closing a home sale after weeks of waiting for a loan approval.
Before you list your home for sale, you might have to repaint it, spruce up the curb, upgrade appliances, etc., to make it more appealing to buyers. This will cost money, which you might not have.
In a cash sale, you don’t have to do improvements on your home because it can be purchased as is. I must say, however, you’ll likely be offered a lower price for your home if it requires a lot of repairs.
The conventional way of selling a home has too many processes. You, for example, have to undertake repairs, advertise, organize views for potential buyers, go through a lender-ordered home appraisal, wait weeks for the buyer's home loan to be processed, etc.
Selling your home for cash can be done in as few as three steps. I’ll go into detail about the home cash buying process late in this article.
How Can You Get a Cash Buyer for Your Home?
Several types of homebuyers can pay you cash for your property. Here are some of the most common:
House Buying Companies. If you decide that a traditional listing won’t work for you, contacting a home buying business in your area can be one of the quickest ways to sell your house for cash.
House Flippers. These are individuals who mostly buy houses for cash at a bargain, renovate them, and sell them for a profit quickly. This can be a good option if your house is rundown and you don’t want to spend money doing renovations before you sell.
Individual Investors or Real Estate Investment Companies. Real estate investors often have money ready to buy properties that will guarantee them a good return on investment, and they often close quickly on properties they’re interested in.
In most instances, they’ll rent out the property they buy to earn a passive income or hold on to it until they can sell it for a profit.
How Does a Home Cash Sale Work?
These are some of the key steps involved in selling a home for cash.
Contact a home buying company in your area or look for an investor or home flipper who would be interested in buying your home for cash.
When you make contact you’ll likely be asked to provide basic details about your home.
At this stage, you also want to tell the potential buyer whether you’ll be selling the house as is or will be doing some renovations.
Assessment. Once you’re in contact with a potential cash buyer, they’ll likely want to visit your home to assess its condition. For home buying companies this usually happens within 48 hours.
Get an offer for your home. Once a buyer has evaluated your home, they can give you an offer on the spot or within a few days. Once they give you an offer you can accept, try to negotiate or decline it.
Begin closing. If you accept an offer, you can begin the home sale process by signing a sale and purchase agreement. This is a contract between you and the buyer, which outlines the price they’ll pay for the home, contingencies for closing the real estate transaction, closing date, etc.
At this point, you’ll also ask the buyer to verify they have the funds needed to purchase your home. Once you do this the buyer can provide you with an investment or bank statement to show proof of funds.
Some cash buyers may also request that a home inspection be done even if you’re selling as is. Depending on the findings of the inspection, they may want to renegotiate the sale price.
The buyer will also determine if there is a property lien on your house. A lien is a legal notice placed on your house if you have unpaid taxes, didn’t pay a contractor for work done, or owe other debts. Until you clear the lien, you might not be able to sell your house.
Finalize the sale. If the above process goes smoothly you can complete the sale of your house in a few days or within two weeks. To close you’ll receive the money for your home and transfer the home title to the buyer.
It's that easy. No repairs, advertising, staging, or open-house needed. Because you won’t be using a real estate agent you also avoid paying commissions for the sale of your home.
HomeBuyers of Pittsburgh: The #1 Professional Home Buyer
Ready to sell your home for cash? Get in touch with us at 412-444-8914 or fill in our cash home offer form, and we can help you quickly and stress-free sell your house.
Once you contact us, we will organize a visit to your home to evaluate its condition and offer you a competitive cash offer for it as is on the spot or soon after the visit.
If you accept the offer, you can pick the closing, which can be as quick as a few days, and we will even help you move, so your transition to your new home is smooth.
Call us today and avoid dealing with realtors, banks, appraisers, or having to plan open houses.