Have you received a cash offer on your house and aren’t sure what to do? We can help.
When you receive a cash offer, it means that the buyer has cash-on-hand and wants to purchase your home without a mortgage. The major benefit to accepting a cash offer on a house is that you won’t have to worry about the deal falling through like you would if the buyer has to take a mortgage from a bank.
With a cash offer on a house you also won’t have as many delays like you do when the buyer is relying on the speed of a lender where red-tape can cause “sticking” points. And when you get a cash offer on your house, the money will be transferred directly to you once your closing services have been finished. But there are risks with taking cash offers.
Not every cash offer will be legit, and many deals can fall through putting you in a bad spot if you need to sell quickly. Whether you received a pre-foreclosure notice from the bank, or you need to relocate quickly for work, be careful who you sell to.
To determine if a cash offer on a house is from a legit buyer, ask these questions:
There are a lot of reasons someone will make a cash offer on a house. So don’t be alarmed if you get one, even if your house is not currently for sale.
Previous owners, or people who lived in your home as a child may want to raise their kids or retire in the home they had incredible memories in. Experienced homebuyers know that cash offers make the sales process easier, so they may make a cash offer to gain the upper hand when others have made offers.
Real estate investors will know the area and if they think your home is prime for a fix and flip, they’ll pay cash to get in before the market begins to spike. And when a homebuyer that plans on living in the house pays cash for the one they want, they’ll avoid a real estate agent who would charge a fee for finding the home. This saves the home shopper money, it’s as simple as that.
The process to sell a house for cash is fairly straightforward and usually takes two weeks or less.
All of this can take place within 10-14 days. If everything checks out, you’ll have your funds wired to you asap.
While there isn’t as much paperwork with a cash offer, there is still some, including:
A cash offer on a house is pretty common and has many advantages for you as a home seller. Receiving cash offers on your house can also be a sign your property values are about to rise. Whether you’re actively selling your home, or randomly got a cash offer, now you know why someone makes a cash offer on a house and how to tell if they are real or a scam.
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