There are various reasons you might need to sell your home fast, from wanting to escape from burdensome maintenance on inherited property to avoiding repossession from your lender. But the bottom line is that you need to part ways with your property as quickly as possible. House buyers cash investors may be the most expedient way to free yourself from a house you no longer want or can no longer afford. How does it work?
Welcome to your quick crash course in selling your house fast for cash.
House Buyers Cash: What Does This Mean?
You have a situation, and it may be quite serious. You may:
- Need to sell your home to pay for care
- Want to relocate to be closer to family, work etc.
- Wish to avoid repossession
- Want to escape hefty maintenance expenses
- Need major repairs that you cannot afford
- Be stuck with an inherited property you do not want
- Need to sell quickly to access cash for other expenses (e.g. school fees, bills)
- Require a quick infusion of cash in order to cover a down payment on a new home or pay for a rental
There are any number of reasons that house buyers cash transactions may make sense for you. Now, how does it work? A cash buyer is an investor or, more likely, a group of investors, who has the purchasing power to buy homes outright. They have the capital necessary to complete a sale without a mortgage or loan.
In some cases, “cash buyers” need to sell another property before they have the funds to purchase your home. This is not a true cash buyer, however. It is important that you work with partners who have the money – on hand.
Is the Sales Process the Same?
Yes, and no. Working with a cash house buyer is the same in that there will be offers, due diligence completed, legalities handled, contracts exchanged and completion dates set. At the conclusion of the process, you hand over the keys, and they hand over the money.
On the buyer’s side, there are some major differences compared to a typical sale through an estate agent. One, we mentioned, is that the buyer does not have to go through a lengthy mortgage approval process. Another is that the due diligence and legal issues we spoke about are taken care of by the buyer. A fast home buying company should cover aspects such as valuations, inspections, solicitors’ fees, property searches and the like. You do not have to pay out of pocket for any of this.
And perhaps the most significant difference is that they work much more quickly; there are fewer hoops to jump through, so to speak, so you can move through to completion and payment on an accelerated timeline. Whereas the average house sale can take four to six months (and even longer given certain factors, such as the state of the market and the condition/location of your house), a quick sale can be completed from start to finish in three to four weeks.
Should I Consider the House Buyers and Cash Option?
You do have options here: you can work with an estate agent or try to sell your home yourself on the market. There is a great deal of hoping and wishing that goes on here if you need to move fast. You might find a buyer quickly; they might get financing in order straight away; they may offer an acceptable price from the get-go; there might not be any snags along the way. That is a lot of “mights” – and that might not suit you at all.
A quick sale with a cash buyer allows you to unload a property you do not want and access the cash you need for the next steps in your life.
Also consider the fact that a reputable company will have the financing necessary, as mentioned, and while there may be a second, revised offer, there is far less fluctuation and hassle.
This option is especially suitable for those with houses in less than ideal shape. For example, you may need wiring – which would be a key negotiating point with a regular buyer. A cash investor can take on properties in virtually any condition. This is why you may hear them referred to as “we buy any house companies.”
Is this the right option for you?