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How to sell your house for cash – gray suburban home with brick front porch and “sold” sign in front yard
If you’re selling your home in this hot seller’s market, you may well get offers from multiple buyers. Each offer will outline the amount that buyer wants to pay, and how they’re going to pay. You might even see some that are referred to as all-cash offers. And as you drive around town, you may also see advertisements from businesses that say they buy homes for cash. Sounds appealing, right? But these deals can be complicated. If you’re interested in selling your home for cash, here’s what you need to know.
What does it mean to sell your house for cash?
The actual meaning of selling a home for cash can be a bit unclear. Especially because you’ll wind up with money in your bank account no matter how you sell your home, and a Hollywood-style briefcase full of bills is unlikely to be involved.
In essence, someone who makes a cash offer to purchase your home is offering to buy your home without having to apply for a mortgage. They have enough money to cover the full purchase price, liquid and ready to go. If you agree to the sale, the buyer simply transfers the money to you.
Why should you sell your house for cash?
There are several benefits to selling a home for cash. For one thing, it simplifies everything. Because there is no lender, you don’t have to deal with the rigamarole of the loan approval process.
Another benefit is that it’s much faster. Joe Horan, founder of Indianapolis-based Wrightwood Homes, says: “Since there are no lenders in the transaction, it cuts down on the timeline, as well as typical lender requirements such as buyer income and appraisals.”
Cash offers also have a smaller chance of falling through, since cash buyers have the full amount needed to buy the home upfront. If someone is relying on a loan to make the purchase, there’s always a chance that their application will be denied. No financing means no purchase.
Plus, you can usually sell your home as-is with a cash offer on the table. This means you don’t have to worry about making repairs or staging it before listing.
In fact, many cash sales happen before a home is even listed for sale. …….
Source: https://www.msn.com/en-us/money/realestate/how-to-sell-your-house-for-cash/ar-AAWSaAH