Homeowners turn to cash buyers since the process of traditionally closing a sale on a house may seem too problematic and it often takes months to get a good enough offer and get the paperwork through. Selling a house for cash can help a homeowner in a hurry cut right down to the chase, forego complicated renovations and upgrades, and get a good price in a short period of time.
Professional appraisal by a market researcher or a real estate agent can help you deduce the reigning real estate market conditions and decide on a price. Professional appraisal takes into account what price homes in the same or nearby localities are selling for. An appraisal will also consider the condition of the property and the amount of money the cash buyer will inevitably need to invest to bring it up to par. For houses that require considerable upgrades, the best way to get a brilliant price is to go the cash-selling route.
Selling a house for cash typically cuts out a real estate agent's commission so find cash buyers on portals and platforms like iBuyer for example where you can offer your property for sale or even for rent. A market hack to remember is to always find a cash buyer who either wishes to live in the house himself or sell it off for profit. If you sell to a middleman who says "we buy homes for cash" but is purchasing for someone else, you may get a lower price overall.
If you are not averse to paying a nominal fee, consult a realtor who will then connect you with cash buyers they know or have on their waiting list. If cash buyers are keen to start investing in a certain neighborhood, they may already have approached realtors for knowledge on available properties.
Companies that buy properties for the purpose of reselling are also a valid option especially since they specialize in cost-effective fixer-uppers and quick renovations such as hiring commercial roofers for a broken or leaking roof. Damaged or very old houses can benefit from pitching to these companies.
Saving yourself from financial fraud should be a topmost priority so always evaluate each cash offer carefully and hire an attorney if you can to look over the terms of the offer. Acquire proof of funds from your buyer and always check clauses such as the timeline of payment or compensation of appliances or furniture being left behind. Furthermore, ascertain if the cash offer that has been put forward corresponds closely with the estimated home value by the appraiser.
The last step is to sign the contract which will include a deed of sale amongst other legal documentation. Always read the fine print and work with your attorney on negotiating any clause you deem unacceptable. If the cash sale is going to be paid in installments, decide on a method of payment and ask for security or collateral to protect your interests.