If you have seen house listings with the words, “cash sale only, quick close,” in the description, you may have wondered what this means. What does it mean to sell a home for cash? And why would anyone sell their home for cash or purchase a home for cash? Keep reading to find out.
What Does it Mean?
Selling your house for cash doesn’t mean that the buyer plans to run by the ATM and show up with a briefcase filled with $100 bills later that evening. Rather, when a home is bought with cash, it means that the buyer has paid for the house directly with zero financing—or, in other words, without a mortgage. As a result, buying upfront is a much simpler process for the seller compared to buying a home the traditional way.
Why Do it?
You might be wondering why more people don’t sell their homes for cash given that it is a more simple and immediate process. The reality is that, when selling for cash only, there is a chance that you may not make as much of a profit on your house compared to the traditional selling method. Nevertheless, if you are trying to sell a home quickly, need quick cash, or have a home with issues that would likely lead to foreclosure, selling for cash to an investor or home buying company can be a helpful, strategic choice.
Who Would Buy?
Now you are probably thinking, well, who has that kind of money anyway? After all, your average ‘Joe’ doesn’t tend to have thousands of dollars saved to dish out on a new home. As mentioned, the type of people who are most likely going to buy your home for cash would include real-estate investors, house-flippers, and home buying companies. A home buying company is a company that, after evaluating the worth of the property, offers cash for your home so that you don’t have to worry about all the hassle surrounding the traditional house selling process.
If you are in a pinch, selling your home for cash can be a fantastic idea. While there are disadvantages (decreased profit, for example), the advantages may far outweigh any drawbacks (speedy sale, quick money, getting rid of a high-risk property, etc.). If you think selling your home for cash is a good choice for you, be sure to consult with an expert to ensure that you know how to get the very best deal.
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