Selling your house to a cash buyer may seem too good to be true, but the truth is that there are actually buyers these days that engage in purely cash 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. Note however that cash-only buyers are usually a group of people with the common goal of buying properties fast and clean for profit – thus the automatic cash.
But why should you sell your home to them in the first place? The following are some really great reasons:
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There is no doubt that cash-based sales are faster to complete. 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 instance, their loan may be disapproved, or maybe something happens and it makes them change their mind. This can be awfully frustrating for a seller like you. With cash buyers, the deal is considered closed once intent has been communicated.
The good thing about cash buyers is, when they buy a certain property, the purpose is actually to sell it or get a profit through some other means. For some sellers, this may mean enjoying the option of renting their previous property, therefore not having to move to another home.
If you need money fast, a cash buyer can obviously provide you with the funds you need for any purpose you might 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.
People often think that there’s a catch with outright cash purchases, but this isn’t true all the time. Buyers usually initiate valuations to make sure they are fair. 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 mostly well-rounded when it comes to the process of buying property, having all the essential qualifications to seal the sale as quickly 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.