When attempting to sell your house as quickly as possible, you need to consider the option of selling a house for cash. Cash buyers are willing to buy homes as-is, which means that they can often move more quickly than traditional home buyers due to a lack of need for repairs. Furthermore, they benefit from the ability to offer a full payment in cash, speeding up the process even further.
Yet there are still things that you need to do on your end to ensure that the sale goes as smoothly as possible. Most people who choose the option of selling a house for cash do so because they need to move the sale along due to some pressing matter. Alternatively, you just want to get your hands on your payment as quickly as possible. So what should you remember to do as the seller when selling a house for cash?
1. Work With Buyers Your Trust
There are plenty of cash buyers out there in the world, but not all of them are going to work with you on the level that you deserve. Cash buyers are typically more familiar with the market than sellers and will likely be leading you along through the process. However, if you don’t work with the right buyers, you could find yourself feeling a little lost. Confusion and mistakes will of course add some bumps to the process.
So when looking for cash buyers for houses, do your research. Don’t simply take up a buyer that has plenty of cash on their hands and is buying as an individual. These types of buyers often fall through and are too good to be true. Look for a company to work with instead. A company has a systematic process that will be easy for you to follow. For that matter, they’ll typically come with plenty of reviews that will help you determine whether or not you want to work with them. You may even be able to find recommendations from other sellers on message boards and similar websites. The more you trust your buyers, the easier it will be for you to move forward with the process.
2. Be Aware of Contingency Clauses
When you agree to sell your house to a buyer without a listing agent, you have a lot of freedom to do things your way. Furthermore, you’ll be able to make more of a profit than you would if you owed a real estate agent commission. But you also need to be responsible and ensure that you’re informed. You don’t have anyone else to fall back on but yourself.
Cash buyers are often open about contingency clauses in contracts, but you need to read those contracts over before committing to a sale. For example, a buyer may only commit to buying your home if you own it entirely on your own. You need to make sure that you can essentially fulfill your side of the bargain before assuming that the sale will go through without issue. The buyer has their side covered, but do you? Fortunately, cash buyers who buy homes as-is usually skip contingency clauses (like the home needing to pass an inspection prior to sale finalization).
3. Be Ready to Leave
Do you have anything left on your property? Do you keep your gardening tools in a nearby shed? Make sure that you’ve emptied the property completely and are ready to leave before committing to a closing date with a cash buyer. You won’t necessarily have as much time to clear out your home when selling a house for cash. This can be a good thing, but you should make sure you’re prepared. While the typical American home spent about 65 to 93 days on the market in 2018, you can expect that timeframe to be shortened by as much as half or even more when you work with cash home buyers. You won’t need to repair your home, but you certainly shouldn’t leave anything behind.
Selling your home for cash does alleviate a lot of the issues that you normally would have to be concerned with when selling a house. But you still need to be careful. You’re representing yourself in the sale, so if you have questions for your cash buyers, just ask!