People move multiple times throughout their lives. In fact, nearly 40 million Americans move every year. That’s 13% of the population.
Most people who own the house they’re moving out of must sell it before they can qualify for a new mortgage. Unfortunately, the home selling process is unpredictable at best. Even if you have an amazing home in great condition, there’s no guarantee it will sell quickly.
But what if you have a home in disrepair or need to sell it as quickly as possible to avoid foreclosure? Have you ever considered selling to fast cash home buyers?
The best home buying companies can help you sell your home as quickly as possible so you can move on with your life. Whether that means avoiding foreclosure or getting rid of a home that needs too much work, they can make it happen.
Keep reading to learn all about the benefits and how it works.
Who Should Sell to a Cash Home Buying Company
First, let’s look at the homeowners who can benefit the most from selling to fast cash home buyers. While anyone who wants a quick, hassle-free sale can sell to a home buying company, there are some homeowners who rely on these services.
Sellers with Distressed Homes
If your house has seen better days, it can be a difficult sell on the traditional real estate market. Most home buyers are looking for a home in perfect condition. They don’t want to buy a home they’ll need to invest a ton of time, energy, and money into.
It’s for this reason that the average home seller spends over $21,000 prepping their house for the market. But what if you don’t have that kind of money?
Fast cash home buyers will give you an offer on a house that’s beyond repair. If you don’t have the time or money to invest in repairs and updates, you can still sell your house quickly.
Homeowners Facing Foreclosure
We all fall on hard times at some point. This should come as no surprise, as more than half of Americans are living paycheck to paycheck.
People stuck in this cycle can have their worlds turned upside down by financial emergencies. This includes emergency hospital visits, vet visits, car accidents, home repairs, etc.
If any of these occurrences cause you to fall behind on your mortgage payments, you could find yourself facing foreclosure threats from the bank. Rather than allowing the foreclosure to happen, consider selling your house to a cash home buyer.
The selling process is so fast that you can avoid foreclosure entirely. This will also prevent a substantial amount of damage to your credit score.
Recipients of an Inherited Property
Fast cash home buyers are ideal for those who have inherited an unwanted property. While the gesture of being given a home from a loved one who’s passed is meaningful, you may not have the means, energy, or desire to look after the property.
Moreover, if the house isn’t paid off and it becomes your property, you’ll be responsible for making the monthly mortgage payments. If that’s not something you can afford, the inherited property will add a lot of emotional and financial stress to your life.
If you want to sell the house quickly before you’re forced to start making payments on it, a home buying company can take it off your hands. They would also be the ideal buyer if the home needs a lot of work you’re not willing to put into it.
Couples Going Through a Divorce
During a divorce, it’s sometimes easier to sell a house than to decide who gets to keep it. Trying to decide who keeps the house and how the other person will be compensated fairly is tedious and frustrating.
Yet, coordinating with your soon-to-be ex-spouse to sell the house traditionally might not be a good idea either. If your divorce is turbulent, trying to work together on anything can prove to be impossible.
If, on the other hand, you agree that selling the house to a cash buyer is the way to go, the whole thing can be completed in a matter of weeks. Then, you can split the profits of the sale fairly.
People Being Relocated for Work
Not all reasons for working with fast cash home buyers are negative in nature. For example, you might need to sell your home quickly because you’ve been promoted at work. If this promotion or new job opportunity is located elsewhere, you need to sell your home so you’re not stuck with two mortgage payments.
A home buying company can help you sell the home fast so you can follow your new life path without anything holding you back or slowing you down. Having a home in limbo may distract you from your new job, prevent you from being able to buy a new home, or add unnecessary stress to your life.
Property Owners Who No Longer Want to Be Landlords
Finally, some of the best clients for cash buyers are landlords who are tired of owning property. While owning rental units can be incredibly lucrative, they take a lot of work to maintain. Additionally, dealing with difficult tenants is taxing.
No matter why you’re tired of owning your rental unit, you can sell it quickly to a cash home buying company. Then, you can wash your hands of your landlord duties and responsibilities.
How It Works
Now that you know who can benefit from fast cash home buyers, let’s talk about how the process works. After all, selling your house with no fuss and no hassle probably seems too good to be true.
Let’s walk through the process together.
Verifying the Buyer
First, understand that not all cash home buyers are the same. Some offer better rates, faster closing times, and better customer services skills.
If you want to find the best home buying companies, we recommend looking at their customer reviews. These testimonials from other homeowners who were in your shoes will provide valuable insight regarding the cash home buyer. You can see exactly what other people think of the company based on their real experiences.
Getting Your Cash Offer
Once you’ve verified the home buying company, it’s time to reach out for a free cash offer. Contact the cash buyer to express your interest in getting an offer. They will ask you questions and/or come to the property for an on-site inspection.
After getting to know more about the property, the cash buyer will give you a written cash offer for your home. The beautiful thing about all of this is that you’re under no obligation to accept their offer.
If you don’t like the figure they give you for your home, you can walk away with no hurt feelings. Otherwise, you can accept their offer and proceed into the next stage of selling your home.
Selling your home to cash home buyers can obviously save you a lot of time. However, it can also save you a lot of money.
When you sell to a home buying company, you don’t have to spend money on realtors, who usually charge a 3% commission rate for the sale of your home. You also don’t have to pay for renovations, repairs, appraisals, or inspections.
Furthermore, cash buyers cover your closing costs. In the traditional real estate market, this fee is another 3% of your home’s sale price.
Once you agree to sell your home for the offer provided, you get to select the closing date. If you need to wait a few months, no problem. If you want to sell your home as quickly as possible, that’s great too.
While the traditional closing process can take up to 45 days (or longer), the best cash home buying company will be able to secure the sale of your home in one or two weeks.
Furthermore, fast cash home buyers offer guaranteed closing, which you won’t find in the traditional home selling process. In the traditional closing process, the buyer can become disqualified for any number of reasons.
For example, if they get a new job, they’ll need to start the qualification process over again after providing several months’ worth of pay stubs to prove their income. They can also make themselves ineligible for the loan by maxing out a credit card, buying a new car, or making any other changes to their financial status.
As the seller, this means disrupting, delaying, or completely derailing the sale of your home. You might have to start the process from scratch and find new buyers.
Interested in Selling to Fast Cash Home Buyers?
As you can see, there are a lot of ways in which you can benefit from selling to fast cash home buyers. Is it the right call for you?
If you need to sell a home in disrepair but lack the time, money, or desire to make improvements, the answer is yes. It’s also a good move for people facing hard times or tight timelines.
We’re here for you. Contact us today if you want to sell your property to us. We promise to give you a fair price for your home while helping you solve a complicated problem.