Selling your home isn’t the same process as it was back in the day. Technology has come to the forefront of the real estate game, and more people are turning to alternate ways of selling and buying houses. One major player that we’re seeing pop up is a cash buyer. Cash buyers come in multiple forms and essentially take the work out of having to sell your house. Hiring a Realtor has always been the popular and traditional route, but with more and more of these cash buyers showing up, people are beginning to shift away from the norm. Is selling your house for cash the best way to go? Read this before you make that choice.
Why Would I Sell for Cash?
When people think about selling their home, they think of all of the steps leading up to doing so. Real estate, especially nowadays, can be very time consuming. By going the normal route of hiring a Realtor, you’re going to need to put in some time and effort into selling your home. Between home improvements, listing your home, marketing it, and waiting on a buyer to be approved for a mortgage, the process can feel like ages.
Cash buyers, however, remove all of those time consuming tasks from the process. Additionally, you don’t need to worry about the mortgage issue, which can sometimes take months for approval. The closing will be quick with cash buyers and you’ll get your payment much faster.
Who Are These Cash Buyers?
Cash buyers consist of a few different groups. First, there are house flippers who purchase fixer-uppers for a lower price, work their renovation magic, and then sell the house for a profit. Then, there are your classic investors who will purchase homes that are in pretty good shape and use them for rental properties or other similar investments. Last on our list are iBuyers. Via technology, they’ll purchase a bunch of homes at close to value prices and sell them using their online platform. Oftentimes, they’ll charge the seller a fee as well as the cost for any repairs.
What Are the Risks?
The biggest risk associated with selling for cash is missing out on any profit you can make on the home’s sale. Because cash buyers will usually buy your house less than what it’s appraised for, you’re potentially missing out on thousands of dollars. Additionally, real estate agents with a great track record can potentially sell your house for more than market value. Before selling your house to a “Sell Your House for Cash” site, consult a net proceeds calculator to see how much money you can potentially make with a Realtor.
Is Selling for Cash the Right Choice for Me?
Everyone has a different motive for selling for cash. Some people just want to remove themselves from the lengthy home selling process, and some people might be struggling with affording home improvement costs. Depending on your situation and motives, selling your home to a cash buyer might be a great option! There are plenty of reputable companies out there who can make a great offer.
At the end of the day, and one of our biggest tips for first-time sellers is that the most important thing you can do is weigh the pros and the cons. Do a lot of research and make sure that you understand the risks that can come along with selling your home for cash!