You’ve probably noticed those “We’ll buy your house for cash” advertisements at some point. And if you need to sell your home fast, you may be tempted to call. But before you decide to sell your home for cash, let’s take a deeper dive into the pros and cons.
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Who are these companies?
Companies offering to pay cash for a house fall in one of two basic camps: Some specialize in distressed properties, and others are interested in buying houses that require little repair. It may be a small, one-person operation or a large, nationwide company.
As tempting as it may be to skip the middleman and sell to an all-cash buyer, make sure you understand what you’re gaining — and what you’re giving up — by selling your house to a company for cash.
Pros
Here are some of the advantages of selling your house without ever putting it on the market.
1. No prep necessary
If you’ve read about selling your home, you know all about deep cleaning, decluttering, and presenting your home like a pro. Unless you’re in the habit of keeping your house in pristine condition, getting it ready to sell is a lot of work. When you sell to an all-cash company, you don’t have to worry about doing any prep work. In fact, your kids can leave their dirty socks on the floor. Cash buyers are not interested in how clean or messy your house is and know the furnishings will be gone when they take possession.
2. Fast closing
Let’s say you sell your home the traditional way, through a real estate agent (as 89% of all sellers did in 2020, according to the National Association of Realtors). Months can pass between the time you put the house on the market and when you sit down at the closing table.
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Source: https://www.fool.com/the-ascent/mortgages/articles/5-pros-and-cons-of-selling-your-home-for-cash/