When we think of selling a house, we are reminded of documentation, mortgages, registrations, and all that other market-related jargon. And while selling and buying homes is important in terms of investment, emergency funds, and other reasons for financial security, this arduous task can be made easier and quicker if we sell our house for cash and do so smartly. To understand how to do it, we must first understand what it means to sell our house for cash. A cash offer suggests that all the money will be drawn directly from the buyers existing funds without mortgage loans or other financial help. While this comes at a slight cost of selling at a lesser price than you would in other cases, this method of buying and selling has many pros.
The procedure
One must have comprehensive knowledge of the value of their home and an understanding of the market before they choose to transact in this manner. The seller makes an offer to a prospective buyer, skipping the stages of staging and showing, and the house is then evaluated and inspected by the buyer; a contract is made between the seller and buyer, which has to be agreeable by both parties. In this procedure, a wise seller would make sure to get proof of funds from the buyer. After all the stages of inspection, the deal is closed. Without any lender’s involvement and going through a chain of procedures, selling for cash ensures fast and smart closing.
The advantages
Buyers of properties in cash are usually those that are long-standing in the market or are agencies themselves. Therefore selling them a house involves much fewer requirements of repairs, and thus it proves cost-effective.
There is an added advantage of certainty, speed, and convenience, given that there are two people involved in the contract and much less official involvement. This means that once the deal is finalized, there is a fixed date in hand when the transition will complete, and for those in immediate requirement of funds or are moving to a different city urgently, this procedure is most feasible.
Some disadvantages
Given that this is a cash transaction, it is often sold at a lesser price than one would sell with the involvement of loans and finances.
While the seller doesn’t have to worry about getting the repairs done themselves, the buyer can deduct a particular value from the final offer to compensate for the money that would go into the repairs.
Beware of scams. They’re rare, but they do exist. For example, in a transaction that solely involves buyer and seller, the seller needs to make sure that they’ve found their buyer through a reputed estate agency and proof of the buyer’s funds to make sure he is indeed financially secure to transact in cash immediately.
Barring a few minor cons, which when dealt with smartly can, in fact, be eradicated, selling your house for cash is advantageous with lesser complications, faster selling, and quick, ensured returns.
To conclude:
Selling your house for cash can be a cheap, easy, and fast way of selling a home. EZ-Way-Out offers a great opportunity for people looking to trade off their property for cash owing for any reason. Call us today at 877-EZ-WAY-OUT to request no obligation free consultation from our experts.