Cash home buying companies are challenging the traditional way houses are bought and sold. Rather than assisting homeowners in marketing and selling their homes, cash buying companies purchase houses directly from the owners. This process is simple and easy to understand.
Selecting Homes to Buy
People who sell their homes to cash buying companies typically want a quick sale without the headaches and expenses of listing their homes on the market. They may be in life situations where they need to sell quickly, such as a divorce or a sudden relocation for a job.
Cash buying companies also purchase many homes that require repair. Some houses have serious problems while others need widespread small repairs, updating, and cleaning. The companies make profits by rehabbing and selling distressed homes.
Calculating the Offer
The cash offer you receive is based on several factors, including the size and location of your home. The cash buyers also consider the condition of your home so they can estimate their expenses in fixing up the home for resale. They also consider the profit they expect to make.
The resulting offer you receive will be fair, considering you don’t have to pay contractors for repairs or do the physical labor of cleaning and rehabbing the home. You won’t be charged a commission or closing costs, as with a traditional real estate transaction.
Closing on the Home
The closing process in a cash sale is similar to a traditional sale because you sign over the deed, turn over the keys, and receive the money. However, it’s much more streamlined and straightforward. For one thing, there are no third parties to pay—the sale is a transaction between you and the cash home buying company.
Closing can happen much more quickly, also. The cash sale doesn’t involve any formal home inspections or appraisals, and the cash buying company doesn’t need to secure financing from a lender. They can be ready to close within a week or so.
Selling a house to a cash home buying company appeals to many homeowners who want a fast, hassle-free process. Since the offer is no-obligation, it makes sense to explore the option, especially if you have a home that’s not in perfect condition.
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