There are lots of scenarios that can encourage you to sell your home. Maybe you bought the house as an investment that turned out to be far from what you thought it would be. Perhaps you inherited the property but don’t really want it, or you need to relocate soon for employment reasons.
Regardless of your reasons, there are a few considerations you should make before selling your house to a cash buyer.
As you might have heard, there are many advantages to selling your house for cash. On top of the obvious – that you will get your money in cash – you can also close the deal very fast. In some cases, this can be as short as 5 days. Another great thing about a cash sale is that you will have no costs to pay since everything will often fall on the seller. People may hesitate to sell their homes for the reason that they don’t have the money to pay to do the repairs, renovation, staging and the rest. Selling your house for cash means this problem is good as solved.
When companies or individual investors purchase a house for cash, they will do so irrespective of its present condition. In addition, as mentioned, they will take care of most, if not all, costs related to the transaction, such as appraisal fees, closing fees, and the rest, not to mention there will be zero agent commissions. A house sold for cash will typically have a lower price than its market value because of these very reasons. Since most, if not all, expenses will be shouldered by the buyer, you will find that this will even things out in the end.
When you talk about real estate transaction, the deed is central to everything. This document will indicate the name of the owner of the property as the transaction is closed.
There are two widely used types of deeds – warranty and quitclaim. A warranty deed serves as proof that a property has no liens or encumbrances. A quitclaim deed, on the other hand, says that you’re not giving assurances with regard to the property title.
Preparing the details can speed up the process. All buyers will want to know basic information regarding the property. You should have this ready from the beginning.
No industry is immune to scams, so watch out. If someone makes you an offer without first checking out your house, be careful. Also be cautious with “buyers” who only communicate with you through email or phone and never show up in person. The best thing to do is do your research.
Finally, after closing the transaction, make sure you keep copies of all the documents. It’s wise not to rely purely on memory. Besides, when it comes to taxes, you’ll never know when you’ll need those documents.