Do you want to sell your home fast for cash? It takes more than two months to sell a home after listing it even in a hot seller market like today. The time doesn’t account for pre-listing preparations like decluttering, cleaning, and staging. On average, it takes 50 days for your mortgage to be processed if you are a financed buyer.
If you don’t have that much time on your hands, you’ll have to take an eccentric path. Thankfully, you have an option: you can request a full cash offer from we buy houses for cash companies to shrink your closing timeline to about 10 days. Read reviews like MarketPro Homebuyers reviews and Redfin cash offer reviews before choosing to work with the cash company.
Reasons people sell their homes for cash
So, you want to sell a house fast as possible. You could be facing any one of the following common scenarios in which treading through a lengthy sale process is best averted as it can be challenging and cause financial strain.
Below are the main reasons why people sell their homes for cash:
- Tax liens
If you have to your name unpaid income taxes or property taxes, the government can place a tax lien on your home meaning they can claim your home until the debt you owe them is paid. In case you don’t have the liquidity to clear the tax burden, you may require to sell your home quickly for cash to cover the balance.
- Bad tenants
Bad tenants can turn your investment futile. A home wrecked by tenants doesn’t qualify for any traditional financing and so the only option you are left with is to sell your home for cash. You can research online by reading MarketPro Homebuyers reviews and Redfin cash offer reviews among other reviews to learn about home buyer companies.
- Loss of income
If your primary source of income dries up, it can get difficult to cover any house-related expenses and mortgage. At such a point, quickly selling your home for cash can get you out of the financial hole.
- New job
Even when many companies are following remote work policies, they are still asking their employees to come to the office part-time. You have to start a new job on time as jumping between locations can become tricky and for that, you have to sell your house fast.
- Foundation issues
Foundation or any major issues in any home can be difficult to deal with. For example, a major foundation repair involving hydraulic piers can cost about USD 8,000 and even exceed USD 10,000. Instead of letting a problem like that threaten the structural stability of your home, the smart decision is to sell your home fast to someone who can make the repair. However, know that a large structural problem can be alarming in an inspection and reduce your selling price by a lot.
- You find your dream house
Even when you are not actively looking, if your dream house hits the market you may be lured to buy it. During such a time, you need to act fast to get that new property but you won’t be able to afford two mortgages. So a quick sale of your current property can help you get the cash for the new one.
- Water damage
Flooding or water intrusion can cause catastrophic damage to your home. And if you know real estate, you’d know that a home with a water damage history is a hard sell. Water damage is expensive to fix. Even an average water damage insurance claim exceeds USD 11,000. If you don’t have the cash required to make the costly repairs, selling your home quickly with the right disclosures is your best option.
- Bad location
Maybe there is nothing wrong with the look and layout of your home. Still, the area surrounding your home can make it less than desirable. For example, if a high-traffic commercial building nearby is under construction or crime rates have increased in your locality, you might want to sell the property.
- Fire damage
Like water damage, fire damage is costly and difficult. A significant fire can completely destroy your home. The cost to restore your home from fire damage can range from USD 11,900 to USD 50,000. In absence of any homeowners’ insurance or money to make repairs, investor buyers with plans to gut it can take on your property.
Even when your mortgage company has initiated the process of foreclosure, you can still sell your home before the scheduled auction date. But if you are behind on your payments, you may only have a month or a couple of months to sell your house before it gets auctioned.
After a divorce, selling a house is often regarded as a fresh start. Because until the home is not sold, you’ll have to take care of mortgage payments and maintain your house, which can cause financial strain and tension. Instead, selling your home fast can help you move on to the next chapter of your life.
If you have inherited a property from a relative somewhere far away and you don’t see any need for that property or don’t want to sell the house going to that place, selling that home fast for cash is the quickest way to get rid of the home easily.
Why you must sell your home for cash
Sell your house fast for cash is the best way to sell your house. Because the process of selling your house by listing it is slower and you face many unknowns like:
Will the home inspection or loan underwriting delay the home sale?
As per a NAR survey, below are the top three causes for delayed property settlements:
- Issues related to buyer financing
- Home appraisal issues, and
- home inspection issues
Because of the above issues, your contract may even get terminated and you may have to secure a new offer from the start. But selling your home with cash axes any such potential home loan-related problems as there is no loan involved.
When will you start getting offers?
Statistics from NAR suggest that the average time homes sat on the market was 18 days in 2022. But for some years, your home may sit on the market for even about 35-40 days. If your house is in a rough condition, it will take longer than average to sell. A buyer planning to live in your home would need it to be ready to move in. She may need the house to meet certain property standards for it to appraise.
With cash offers, you can request an offer and get a response within a day or two.
Will the buyer be qualified for a home loan?
As per data, almost 90% of the buyers finance their home purchases. Even when your home is ready to sell and you find a buyer in no time, you have little control over the closure of your buyer’s loan. It can take 30 to 60 days!
But when you sell your home for cash and request an offer from a trusted home-buying company, you can receive a full cash offer without any lender involvement.
How does selling a home for cash work
You can expect the following process when you sell your house for cash:
- You connect with a seller. You have to contact a company or an investor that buys homes in your area and give it some basic information about your home. Some companies can even proactively reach out to you enquiring about the sale of your home. You must read reviews like Redfin cash offer reviews of the particular company to gauge its credibility.
- You get an introductory offer. In just 24 to 48 hours, you will get a preliminary offer for your home that is subject to change after the assessment of your house.
- Your home is assessed. Within a few days, the company that is considering buying your house schedules an exterior inspection of your house to evaluate its condition.
- You get a fixed offer. After the evaluation, the company makes you a firm offer that you can either accept or decline. Most companies do not alter their offer after making one leaving no scope for negotiations.
- Your home closing begins. Once you accept the cash offer, the company and you each sign a contract, and the closing begin.
- You give title clearance. Before paying for the property, the cash buyer ensures that you can convey a clear title to them. If there are any liens involved, certain house-buying companies can assist you through the next steps.
- You get paid! You receive payment quickly, typically within a few weeks as per the company. You can choose a flexible move-out date that works for you.
Thus, selling your home for cash is lucrative as along with getting the money from the sale you want quickly you also enjoy the ease in the home selling process. Make sure you read reviews of the company you are engaging with beforehand like MarketPro Homebuyers reviews and Redfin cash offer reviews as the market also has scammers!