This Is How to Sell Your House for Cash
Picture this: you need a lot of money ASAP. Or maybe you’re sick and tired of your current location, and want to pick up and move as soon as you can. Perhaps a relative who recently passed pawned their old house (that you didn’t want) off on you.
Whatever your circumstances, you’ll benefit if you sell your house for cash. However, the process of selling a house for cash can be tricky, especially with the number of scammers out there. Our guide’s here to help you out.
Sell Your House for Cash Step 1: Research Your Potential Buyers
There are many different types of cash house buyers. These can range from real estate brokers to buy-and-hold investors who intend to rent out the property. They can also include “we buy homes as is” iBuyers who give instant cash offers online and house flippers who are willing to invest in a fixer-upper.
If you want to maximize your home’s sale value, a real estate broker or buy-and-hold investor might be your best bet. If the goal is to part ways from your old home as soon as possible, iBuyers will work best. House flippers should be the main people you contact if your home needs some serious work before it sells.
Look into your moving and financial needs and choose the best buyer type for you.
Step 2: Get and Review Your Offer
Once you’ve decided on your buyer type, it’s time to see what they can offer you. If your home’s in decent shape, the best way to ensure your cash offer is fair market value is to compare similar-sized and featured homes listed in your area.
If your house needs some TLC before it’s up to snuff, you should compare it to updated homes near you. Then subtract what it’s likely to cost to get the home to that shape from the price. That figure should give you a fair approximation.
Step 3: Draw Up and Sign Your Contract
If you’ve got a fair offer in your hands, then it’s time to draw up and sign your contract. The contract should include the buyer’s intended close date, whatever deposit they intend to place, and the finalized purchase price of the home.
Most cash home buyers will use a standardized housing contract for this, but if they don’t, feel free to ask if you can have an attorney review the terms with you. The last thing you need is the fine print coming back to bite you.
Step 4: Close the Sale
A cash home sale closes much faster than a standard home sale through a lender. When selling your house for cash, you should close on the sale within two weeks. Once the paperwork’s complete at a local title company, you’ll have your cash in hand.
Congratulations! You’ve finished selling your home for cash.
Need More Real Estate Tips?
Now that you’ve learned how to sell your house for cash, are you in the market for more real estate and home improvement tips? If so, check out our blog for more articles like this one!