Read This Before You Accept Cash For Your Home

You probably have seen ‘We Buy Houses in Pittsburgh’ bandit signs multiple times in your neighborhood. Have you ever tried contacting them to enquire how they buy houses? The idea may not have struck you until you are in a situation that demands a quick sale of your home. It could be possibly a job transfer, or you recently inherited a property that you no longer want to manage along with your busy schedule, or you need some funds for an emergency. In such instances, selling your home for cash is an ideal and viable option.

With the rising number of cash home buyers in the USA, it’s highly important to know whom to sell to avoid any potential real estate fraud. Let’s take a deep dive into cash home sales and how you can secure a better deal.

What Is It Like Selling Your Home For Cash?

Most people who go for a cash home sale are desperate, motivated sellers. Their decision to sell off a home arises due to a pressing situation, like divorce, a vacant home, a bad neighborhood, job transfer, debts, etc. Cash home buyers search for such sellers and offer to take their homes for a fair price, usually below the market value.

The seller will certainly receive a low price when compared to the prices offered in a traditional sale. But that’s not all. Apart from enjoying a quick sale, the sellers don’t need to make expensive repairs for staging or negotiate with too many buyers to bag a great offer. Cash home sales happen quickly in less than 30 days, and in many instances, much less than that.

Here is how the entire process in a cash home sale works:

Step 1: Request A Cash Offer

You will need to contact a cash buyer with your property details and request a cash offer.

Step 2: Home Visit

The cash buyer will visit your home directly or send a representative to evaluate the value of your home. They will check your home’s condition and analyze various other factors like the neighborhood, market condition, etc.

Step 3: Get Your Fair Cash Offer And Review The Contract

Most cash buyers typically respond within 24 hours with a detailed cash offer for your home. You can take enough time to review the contract and explore other options if needed.

Step 4: Get Paid In Cash

If you accept the offer, the cash buyers will close the deal in less than a week. You can get paid in cash on the closing day and walk out from your property.

Although most home buyers may say there are no appraisals, some of them may carry out inspections to understand your property. Similarly, the buyers will require a title search to know if your property is free of any claims, liens, unpaid taxes, or encroachments.

Things To Watch Out For While Selling Your Home For Cash

While there are several legitimate cash home-buying companies, you need to choose the right buyer who can provide a reasonable offer and a great experience without any hassles. Do a background check on the buyer and check their track record of sales.

Ask for proof of funds to ensure they have enough cash to carry out the transaction. Check if they are an accredited member of Better Business Bureau (BBB) and have excellent ratings and reviews.

You can also call up people who sold their homes to them and learn from their experience. Contact real estate agents in your area to check up on any cash buyers, as they can easily tell you about the credibility of the cash home company.

Overall, cash home sales offer a quick solution to manage your current demanding situation. It relieves you from expensive repairs, staging, tedious negotiations, paperwork, and a lender-mandated appraisal. However, do your due diligence on the buyer and make sure you go through a fair and reasonable sale.

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