If you need to sell your house quickly, selling to a cash home buying company can be a good choice. You can usually get cash for your home, “as-is,” within 30 days. However, if you’re not quite ready to move, you may be able to negotiate a rent-back agreement with the company.
What Does “As-Is” Mean?
The term “as-is” indicates the house will be sold in its present condition, and the homeowner doesn’t intend to make repairs before selling. Home sellers often don’t have the cash to invest in repairs. But on a real estate listing, “as-is” sends a “buyer beware” warning to potential buyers.
While an “as-is” home may be slow to sell if you list it on the market, the designation doesn’t faze a cash home buying company. They specialize in buying homes that aren’t in the best condition.
Why Sell to a Home Buying Company?
Selling to a home buying company has several advantages. You save money by not having to make repairs or clean up your house. Your house will not be placed on the market, and there will be no photographs or showings. The sales process is quick and easy. You contact the home buying company and they make a no-obligation offer. If you accept, you can almost always close on your home within a month.
What Is a Rent-Back?
Some home sellers want the fast cash, either to avoid foreclosure or for other reasons, but they don’t want to move out quite yet. This might be possible with a rent-back agreement. This is a rental agreement or lease with the home buying company.
Essentially, you stay in your home but transition from being a homeowner to a tenant. You pay rent every month but are relieved of the other responsibilities of home ownership. How long you can stay is a matter of negotiation with the home buying company.
Selling your home “as-is” to a cash buying company can get you fast cash, but if you’re not ready to move, ask about a rent-back agreement. If the company has no immediate plans for the property, they may be willing to work something out. You can sell your house and stay put.
Need to sell your Spokane area home in a hurry? Click here to learn more about selling for cash!