Should You Sell Your Home To A Cash Buying Company?

You have probably seen commercials on TV or heard on the radio about companies that want to buy your house for cash. The question is why would someone want to sell their house for cash? And how do you go about finding a reputable company that will in fact buy your house for cash. Keep reading to learn the answers.

Advantages of selling your home for cash

In our last article “How To Sell Your Home By Owner” we discussed just that, selling your home yourself. Now you maybe thinking that one of these cash buying companies maybe is the answer for you.

There are a couple of distinct advantages of selling your home for cash.

The first is that when someone has cash to pay for a property that can close in a rather short time period compared to someone that has to get a mortgage. Some of these cash buying companies like to emphasize the fact that they can close in as little as 5 or 7 days. Provided that there are no title issues, this is possible.

The second advantage of selling to a cash buyer is that you don’t have to worry about buyer contingencies. In all realtor contracts when selling to a buyer that gets a mortgage, there is a stipulation in the contract that allows the buyer to back out if they can’t get a mortgage. Most people do get prequalified these days, however on occasion the buyers financing will fall through, leaving the homeowner having to start the sales process all over again with showings and negotiations on price.  Once a cash buyer decides to buy your property, your house is sold.

Another perk to selling to a cash buyer is the convenience, as Eddy Flower points out –

Most cash-only buyers are well-rounded in the process of buying property, having all the necessary qualifications to close the sale as fast as possible. This prevents you from having to go through an extensive process, bypassing some of the most common headaches related with the sale of a house. In fact, some of these buyers give you the chance to decide when you want to move out of the house. Hence, with this kind of direct sale, you’ll have all the time in the world to make plans and make sure that you’re moving on at a relaxed and orderly pace.

From the article “The Advantages of Selling your Property to Cash Only Buyer

For some sellers, selling to a cash buyer makes good sense, especially when they let you control when you move out of your property.

Here is a quick video that gives one more great reason for selling to most cash buyers –

 

So how do you go about finding one of these companies?

Finding a reputable company

There are a few ways to make sure that it is a legitimate company that you are dealing with. Probably one of the best ways is to contact the Better Business Bureau.

Next, search the web, as recommended here –

Can you easily find them on the web? After you call one of those we buy houses signs and get their information, do yourself a favor and Google them. Do they have a website? Can you find who the owners are of the company? If not, you may want to think twice about using them.

From the article “Finding A Reputable Company That Buys Houses

Another thing you can do while searching out a company on the internet is to also look for reviews in Google, Yahoo and Yelp. The internet is probably the best place that we can recommend to verify the company you are dealing with.

Closing thoughts

There are some real advantages of selling to a cash buyer. The ease and convenience as well as knowing that once you find a cash buyer your house is sold.

Just do your own due diligence on the company, or companies that you find to make sure they are on the up and up.

An Important Note:

Because these companies are paying with cash they will want a significant discount because of this. Most of these companies are wanting to buy your house, only to make repairs to resell to another company. So if you aren’t in a hurry to sell, they your best bet would be to sell your house through an agent so that you could get the most amount of money as possible from the sale of your house.

Looking for more home selling tips? Check out these blogs –

Selling Blog – Home Truths

Home Selling

Styled, Staged & Sold

Sell Your Home Quick Tips