Cash home buying is amongst the fastest and the easiest ways to sell your home. Typically, a traditional home selling endeavor can take up to anywhere between three to six months. However, when we talk about cash home buying or selling it can take anywhere between 1 day to 7 days! Yes, that’s how fast a cash home selling deal can be.
By this time, you would be wondering what actually cash home buying is and how you can make the most out of it. In order to reveal all the secrets of securing a good cash home buying offer keep reading below. We will walk you through the all things that you need to know about cash home buying:
What is Cash Home Buying?
Cash home buying is when a buyer has hard cash available that they can use to buy the house. In such scenarios, the buyer doesn’t have to sell their existing home to buy the new one or invest in another house apart from the one they are living in. We can say that most cash home buyers buy a house for investment and flipping purposes and not for living or settling in them.
A cash home buyer doesn’t have to rely on mortgages or loans for the money which means they have money at hand and will be able to give you the money and take ownership of the house from you without any delays. They will have the property and you will have the money.
Another great thing about selling your house for cash is that you do not have to spend money on renovating the house since the buyer will buy it in its current condition. This is known as buying the home “as-is.” The perk here is that you will not have to spend time, money, and effort in making repairs in the house since the buyer will take care of it.
Cash home sale is perfect for those in San Diego who want to avoid all the hassle that comes with listing your house and taking multiple home offers that have no guarantee of going through. There are many benefits of selling your house for cash. Similarly, if you are moving to a new house or a new city or for any reason you want to sell the house fast this method will be your knight in shining armor and serve the purpose of why you wanted to sell the house!
Now that you know how great cash home buying is, read below to find how you can negotiate a cash home buyer offer:
- Look at the Offers like Sherlock
Do not say yes to the first offer you get! You have to play smart and to do so, you must be aware of all the possibilities and opportunities coming to your pay. You have to decide whether you want to play safe or take risks.
For example, one buyer might be ready to pay the next day and take the house ownership from you for $1,000. On the other hand, a buyer might be offering you $2,000 but would be paying 4 weeks from now. What would you do? Would you sell your house tomorrow for 50% of the other that you are getting or you would take the risk and wait for 4 weeks and get double the price that you were offered in the first offer?
That is for you to decide. If you want to play safe then take the first offer however if you are willing to take a risk then go for the second offer and see how things turn out for you. The choice is yours!
- Get Proof of Funds
It is very important that you have proof of funds because anyone can send a bogus offer just so you drive the other offers off and are left with nothing. You must be thinking that why would someone do that? But this happens very often than not. Once you drive off all the other offers depending on the bogus offer you will have to go for a lower offer
Whenever someone comes to you with an offer that is too good to be true (or not) make sure that you have proof of funds before you make a move and say no to other offers. The ideal way is to play safely in the real estate market because the market goes up and down with every passing minute and you have to be careful about that. Once you have the proof of funds ensure that you authenticate them to know that no one is fooling you.
At first, it might seem awkward, but you need to be sure so you don’t regret it later!
- Select a Closing Date
Closing day is when the transaction will be made which means you will get the money and you will transfer the ownership of the house to the buyer. If you are not willing to leave the house the moment you get the cash offer (because with a cash offer the deal can close in as little as 1 hour) then make it clear to the buyer beforehand. You can let the buyer known that you will need approximately a week to leave the house and give the possession to the buyer.
This also plays a great role in selecting a buyer for your house – a buyer might be offering a good amount but they will need you to immediately leave the house which is not very practical until and unless the house is empty. However, on the other hand, you might have a competitive offer that allows you to stay in your house for up to a month.
You have to negotiate with the buyer a closing date so both parties are on the same page.
- Finalize the Deal
Now that you have chosen a buyer and the amount as well as the closing date are set now is the time for you to finalize the deal. To do so, the ownership title inland will be transferred to the buyer and they sign on the dotted line, and you will have the money in cash. The contract will be valid right after the transaction has been done and you will no longer be the owner of the house.
Why Should I Sell My House For Cash?
Selling your house for cash is a good idea, as we have mentioned above as well. But this is the best for those who are being forced for a short sale or foreclosure as cash home selling will have much better results than foreclosure or short sale. While you will still be able to sell fast, you will be saved from all the negative effects of short sales and foreclosure.
Moreover, for any financial or personal reasons you want to sell the house fast, this will work wonders for you as you will not be stuck in the lengthy processes of obtaining loans and mortgages. Did you know, most deals fall off at the last stage of the deal because either the buyer doesn’t get approval for a mortgage or they find faults in the house and they walk out of the deal?
Walking out of the deal can cause a lot of time wastage for you especially if you want to sell fast – that is why it is best to sell to someone who has money ready and is ready to buy your house in its current conditions.
Selling your house for cash is great idea especially if you don’t have time to wait!