Working with a buyer who lets you sell your home for cash rather than going through a more typical listing and sale with a real estate agent has an undeniable appeal. Especially in a strong market, even the lower price you might get by selling your home for cash may offer you a good return on your investment, all without the hassle of preparing the home to sell in the regular market.
So what should you expect when you need to sell your house fast and are considering cash offers from investing companies? Here is how the process tends to go.
Asking For Offers and Reviewing a Contract
When you first decide to sell your home for cash, you’ll need to tell the investors you’re interested in working with that you’re open to an offer. You may have already gotten interested from them, hence your own interest, or you may have to reach out and ask for an estimate. At this point, they will crunch the numbers on the location, state, and desirability of your home. You’ll want to clarify with them whether they are evaluating it for an ‘as-is’ sale or if you’d potentially need to make some house repairs.
At this point, an investor who is still interested will give you at least two things: one is an actual number they are committing to pay given their own budget and priorities, and the second is a contract for you to review, listing terms of the agreement and how the process will go. If you don’t have a real estate attorney you can work with, it might be worth talking to one about this contract, since it may contain terms you aren’t familiar with if you’ve only gone through the more typical seller’s agent and buyer’s agent real estate transactions before.
Following the Process, With Fewer Hurdles
The next part of the purchase process tends to be faster and simpler than in other cases. For instance, many home sales are contingent on the home appraising or being independently verified as being worth the price. Others are contingent on a lender providing financing, and sometimes financing can follow through. While of course there are circumstances that can impede even a cash offer, these processes tend to be faster.
They may still require inspections and appraisals since they often are working to either flip or resell this home and want to understand it and its value as thoroughly as possible. There also will have to be a title search similar to any other home sale, since they don’t want to buy a home from you if it is determined that the home actually belongs to someone else. Overall, however, you are likely to receive your cash payment faster from a cash buyer than when you go through a typical sale process that involves lenders and agents.
Weighing the Benefits
There’s clear evidence that top seller’s real estate agents do help their clients achieve much higher sales prices than if you sell your home for-sale-by-owner or to a company that buys homes for cash. However, if the top dollar isn’t your priority and speed and ease are the goal, many cash offer companies will make the process faster and simple for you. It’s worth considering all your options and making your choice based on your unique goals.