How familiar are you with selling houses? If you’ve done it before, you may already be familiar with the traditional selling route. You know, the one that involves a real estate agent. Did you know that isn’t the only way to sell a home? You can also sell your house for cash. So what does it mean to sell your house for cash?
What You Should Expect
There are some distinct pros and cons to selling your home for cash. Most of the time, homes that are sold for cash are sold this way because they tend to be more run down and in disrepair than many homes on the market. Because of this, they tend to sell for less. On the other hand, selling for cash also tends to be a faster process. It lets you get out of your mortgage faster, could help alleviate financial difficulties, and takes a lot of the work out of selling your home.
Who You’re Probably Selling To
Most home buyers aren’t cash buyers. Most of them will take out a mortgage to afford their home. Cash buyers tend to be buy-and-hold investors, house flippers, or iBuyers. Buy-and-hold investors purchase homes for cash, fix them up, and then rent them out to tenants. They may sell the property at a later date if the value increases. House flippers are similar to buy-and-hold investors, but they don’t rent them out. They buy, fix, and then sell. iBuyers are companies that make near instant offers on homes. Their offers tend to be closer to market value, but they also tend to charge a commission fee. As with the other types of buyers, their goal tends to be to resell the house later.
How the Transaction Works
Selling for cash may sound like you’re going to have someone hand you a case full of money, but that isn’t quite how this works. For one thing, carrying around that much money just isn’t a good idea for safety reasons. For another, the large amount makes it a little tough to take out. Instead, you’ll get the money in the form of a cashier’s check or an electronic transfer.
So there you have it: another way to sell your home. Which option you go with will depend on the specifics of what you’re trying to achieve. Sure, the traditional route could let you see a higher offer on your home. If a fast sale is your goal, however, selling your house for cash is almost guaranteed to be the best way to go.
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