When you have a house on the market, those “we buy houses for cash” ads look tempting. Having money in hand and finishing the selling process would take the stress off, but what exactly goes into those transactions?
While cash for homes is a quick process, it’s not for everyone. Urgent financial and moving needs make these offers worth considering.
To help you know what to expect, let’s look at how “buy houses for cash” transactions work.
Contact the Buy for Cash Company
The first thing to do is to find a reputable company that buys houses for cash. There are a lot of scammers out there, so be careful when choosing who to work with. Check with the Better Business Bureau to search for a local we buy houses company with good ratings.
Once you contact a cash buyer, they’ll want to gather some information about your house. The process is easy and depends on the individual company, either fill in a form online or answer some questions over the phone.
They’ll Assess Your House
The next step is for the cash buyer to come out to the house and look over the property.
Appointment times are usually scheduled soon after your initial contact. Many companies promise to assess the house within 24 hours of your phone call, or at least 1 to 2 days out.
They’ll walk the property with you and take note of its condition.
You Can Leave the House As-Is
In most buy houses for cash scenarios, you never have to worry about fixing your home up to sell. Even if the house looks run down or damaged by unruly renters, you won’t need to foot the bill for repairs.
A cash buyer will buy the house as-is. That eliminates the need for home inspections and appraisals, which means the closing process will be a speedy one.
Get a Cash Offer
Now it’s time to get your all-cash offer! As with appointment times, offers are fast and usually comes within 24 hours of initial contact.
Don’t expect to make a profit with an all-cash offer, which can be the downside of going this route. These transactions usually fall well under your home’s market value, with most homeowners only receiving enough to cover the outstanding amount of their mortgage.
Cash for houses is ideal for those in urgent financial situations, houses in poor condition, or for those who need to sell quickly.
Close on the Deal
Once you receive an offer you agree on, the closing will happen faster than a standard closing. Since there’s no need to wait for a buyer to secure financing or deal with inspections, you save a lot of time.
Closing can happen in as little as 7 days, but most cash buyers will work with your individual schedule.
Know What to Expect With Buy Houses for Cash Companies
When you need to get out of your home or loan fast, buy houses for cash offers may be the answer you’ve been looking for. When you know how the process works, you will have the peace of mind knowing if the offer is right for you.
Looking for more real estate advice? Be sure to check out the other articles right here on our blog!