Houses: 10 Mistakes that Most People Make

Selling a House for Cash – Things to Know

There are lots of scenarios that can encourage you to sell your home. Maybe you acquired the house as an investment but it fell short of your expectations. Perhaps you inherited the property but don’t really want it, or you need to relocate soon for employment reasons.

In any case, there are some things you need to know before looking for a cash buyer.

Advantages

As you’ve probably heard, there are several advantages you can expect from a cash house sale. Besides the obvious – that you will get cash – you will also be able to close the deal very quickly. In certain cases, this could be as short as 3-5 days. Another advantage is that you won’t have to spend money to sell the property because the seller will usually pay for everything. People may hesitate to sell their homes for the reason that they don’t have the money to pay to do the repairs, renovation, staging and the rest. Selling your house for cash means this problem is good as solved.

Price

Investors who purchase houses for cash will purchase them in any condition they are in. In addition, as mentioned, they will take care of most, if not all, costs related to the transaction, such as appraisal fees, closing fees, and the rest, not to mention there will be zero agent commissions. A house sold for cash will typically have a lower price than its market value because of these very reasons. Since most, if not all, expenses will be shouldered by the buyer, you will find that this will even things out in the end.

Deeds

When it comes to real estate transactions, everything boils down to the deed. This document will specify who the property owner will be once the transaction has been concluded.

The two most common types of deeds are a warranty deed and a quitclaim deed. A warranty deed proves that the property in question is free of any liens or encumbrances. A quitclaim deed, on the other hand, says that you’re not giving assurances with regard to the property title.

Preparation

Preparing the details can speed up the process. Every buyer will look for basic information about the property. Be sure to have this ready from the get go.

Buyer

Scammers exist in all industries, including real estate. If someone makes you an offer without first checking out your house, be careful. Also be cautious with “buyers” who never show up in person and only speak to you over the phone or online. The safest thing to do is to research.

Record-Keeping

Lastly, once the transaction has closed, be sure to copies of all the paperwork. You can’t always rely on your memory. Besides, you might just need those papers for tax-related issues.

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