Earlier, we used to find handwritten posters stuck to poles, saying ‘will buy a house for cash’. But it is not the same anymore. Now they are called ibuyers. These companies offer cash on the spot for your house and the process will be wrapped up in days. Well, there are merits and demerits to everything. The same goes with sell house for cash.
- Advantages Of Selling Your House For Cash
It is very easy when compared to the conventional way of selling a home. The conventional method involves a lot of closing costs which include appraisal fees, credit checks, processing fees, and so on. Above all the process happens very quickly within days.
There is less risk in cash sales and the stress you have to go through is also very less when compared to the method using traditional financing.
Paperwork is one thing that most sellers hate to go through. So much form filling and even a small error costs you so much. If you can spend some time going through the reviews of cash buyers, you can find some of them who will do it for you. Most reputed buyers handle such things for their sellers.
Another major thing is most of the real estate agents charge you around 6 percent of the sale amount if you are selling in the conventional way. But here you can save this to yourself as a cash buyer won’t charge anything like that.
- Disadvantages Of Selling Your House For Cash.
There is a lot of convenience and time saving when you sell your house for cash and all that is bound to cost you. This is because you need to give up a large part of the equity in your house and people willing to buy in this way won’t pay market value. The rate will be below market value.
The only reason someone is giving you cash is that he/she is looking for undervalued properties and are interested in reselling them in the coming days for much more cost. Well, you should not be surprised to see your sold house again for sale shortly.
Though most of these companies are legit, the unfortunate truth is as with every other sector, even this has scammers.
Though this method promises you quick closing, there are many buyers who sign a contract and then start searching for someone who is ready to buy the same property for a better price. If they don’t find anyone then they will just wait till the contract expires and then they leave. And all you have is wasted time.
In a nutshell, selling your house for cash is a good idea but it comes with a lot of risks as well. So unless you find a legit buyer, don’t sell your house. Wait if it is not urgent. If you are in a desperate situation only then sell your house this way or else it’s best to list your house and wait till you get a good deal. There are many aspects to buying and selling a home. However, keeping the above-mentioned advantages and disadvantages before deciding on how to sell your home should be safe.