How to Sell Your House for Cash

What Does it Mean to Sell Your House For Cash?

Selling a house for cash means you receive payment in full from the buyer. This process is usually significantly faster than a traditional real estate transaction because there are no lengthy appraisals, in-depth inspections, or loan approvals required for the sale to go through.

You will also not have to make any mortgage payments while waiting for closing day, because it can happen in less than a month. This can be most attractive if time is of the essence and you need cash quickly.

Cash Sale or Traditional Sale?

There are two main options when selling your house: a quick cash offer or a traditional sale. A cash sale is when you accept an all-cash offer from a buyer and close the transaction quickly, usually within a few weeks. A traditional sale involves:

  • Listing your home, either by owner or with a licensed real estate agent
  • Entertaining offers from buyers
  • Negotiating a purchase price
  • Filing several forms of documentation throughout a series of closing procedures

When deciding between a cash sale and a traditional sale, it’s important to weigh the pros and cons of each. A cash sale is often the fastest and most convenient way to sell your home, but you may not get the full market value of your home. On the other hand, a traditional sale may take longer and require more effort, but with higher sale price potential.

Let’s take a deeper dive look at the major drawbacks of a traditional sale versus the noticeable benefits of a quick cash sale.

5 Drawbacks of Traditional Home Sales

Selling your house through a traditional sale can be a long and complicated process. From finding real estate agents to waiting for the right buyer, it can take months to complete the sale. Here are five drawbacks of going the traditional route:

1) Costly Fees

Working with real estate agents or realtors usually comes with paying a commission fee, which can often be a hefty lump sum. You also need to consider closing costs, inspection fees, and other charges along the way like cosmetic repairs to prep the home for showings.

2) Lengthy Timeline

Traditional sales can take a few weeks to a few months, depending on the market and the buyer’s financing. During this time, you will have to keep your house in show-ready condition, which can be difficult to maintain. If it takes months, don’t forget you’ll be required to keep up with mortgage payments as well.

3) Uncertainty

You never know how long it will take to find a buyer or if the buyer’s financing will be approved. This can be stressful, especially if you need the money quickly.

4) Buyer Contingencies

Buyers can often include contingencies in their offer, such as requiring you to make major repairs or pay for closing costs. This can add more time and money to the sale.

5) Limited Options

With a traditional sale, you are limited to the buyers who come to you, either through seeing your listing online, their own realtors, or through word of mouth. You won’t have access to the same pool of cash buyers that you would through other methods.

7 Reasons Why You Should Sell Your Home to a Cash Buyer

Selling your home to a cash buyer can be a great way to make a quick sale and move on to your next project. Here are seven reasons why you should consider this option:

1) Fast Sale

Selling your house to a cash buyer can be incredibly fast. You won’t need to wait for a bank to approve a loan or the buyer to get their finances in order. A cash sale can be completed in as little as a couple of weeks. In fact, at Double Eagle Property Solutions, our average closing period is 17 days.

2) Sell In As-Is Condition

Cash home buyers don’t expect you to make any repairs or upgrades to your home before they purchase it. This means you can save money and time by not having to do any renovations.

3) No Contingencies

Cash home buyers don’t need to wait for a loan to be approved or for any other contingencies to be met. As soon as you’re ready to pull the trigger, so are they.

4) No Real Estate Agent Fees

When you sell to a cash buyer, you don’t need to pay service fees or commissions to a real estate agent. This can save you a lot of money in the long run.

5) Less Hassle

Selling to a cash buyer can be incredibly stress-free. You don’t need to worry about potential buyers backing out at the last minute or any other complications that inevitably creep in with traditional sales.

6) No Closing Costs

Cash buyers don’t require you to pay any closing costs. This means you can save more money.

7) Increased Flexibility

Cash buyers can be more flexible regarding payment options, so you can negotiate a payment plan that works for you.

Drawbacks of Selling Your Home For Cash

Selling your home for cash may seem like an attractive option, but there are are a few drawbacks to consider.

Lower Selling Price

Cash sales tend to be less than the home’s market value. This is because buyers who buy houses with cash are looking for a bargain and may take advantage of the fact that a seller needs to sell quickly, likely being willing to accept a lower price.

Limited Time

Cash buyers are typically looking to close on the sale quickly, so you may have to accept a lower price or move out sooner than anticipated to meet their timeline. This can mean a lower return on your investment.

Potential Risks

It’s important to remember that not all cash buyers are as reliable as those who are financing a purchase. Be sure to do your research and verify the buyer’s ability to purchase before signing any contracts.

Should You Still Consider a Cash Offer?

Ultimately, deciding between a cash sale and a traditional sale depends on your individual needs and preferences. A cash sale may be the best option if you need to sell fast and don’t mind getting a slightly lower sale price. A traditional sale may be the better choice if you have the time to sit on the property, keep up with maintenance and mortgage, but want to try and maximize profits.

How To Sell My House For Cash

Now, if you do decide to sell your house to cash buyers, here are a few steps you can take to make sure you get the best deal possible:

Determine Your Home’s Value

Determining the value of your home is the first step in selling it for cash. It’s important to understand the fair market value of your home so you can set a realistic price that will attract potential buyers.

To do this, you can research comparable properties in your area, look at recent sales, and even consult a real estate appraiser. Once you have an idea of the fair market value of your home, you can set a price that will attract cash buyers. With the right price, you can sell your house for cash in no time!

Find a Cash Buyer

The second step is looking for the right cash house-buying company in your area. Many reputable companies buy houses for cash. At Double Eagle Property Solutions, we specialize in the Columbus, Ohio region and have been purchasing homes here for over 20 years.

It’s important to research and ensure the company you choose is reputable and trustworthy. Ask for references, read reviews, and compare offers from different cash home buyers. Once you’ve found a cash home buyer company that meets your needs, you can start the process of selling your house to them.

Acquire Proof of Funds and Evaluate Offers

Before accepting offers, ensure the buyer has proof of funds. This can be a bank statement or a letter from their financial institution. Then, compare and contrast the offers you receive.

Consider the offer amount, how quickly they can close, and any contingencies they may have. Doing your homework in advance can help you make the best decision for your situation.

Compare Cash Offer to Home Value

It is important to compare cash offers to the current home value. Consider researching the current market value of your home, as well as the condition and features of the house.

Additionally, research the cash offer to determine if it is fair. If the cash offer is close to the market value, it may be a good option; however, if it is significantly lower, you may want to consider other companies that buy houses for cash. Ultimately, weighing the benefits of a cash sale versus the current market value is important to determine if it is the right choice for you.

Sign the Contract

Once you are satisfied with your chosen offer, you’ll need to sign a contract. This contract will outline the terms of the sale and the amount of money you will receive. It’s important to read through the contract carefully and ensure you understand the terms before signing. Once you have signed the contract, you’ll be able to receive your money quickly, usually within a few days to a week of closing.

Home Inspection

Before closing the deal and getting your cash, most potential buyers will want to inspect the home to ensure there aren’t any major issues that could cost a lot to repair.

This could include checking for structural damage, signs of water damage, or any other issues affecting the home’s value. It’s important to be honest and upfront about any known issues so that the buyer can make an informed decision and you can get the best price for your house.

Additionally, having all necessary documents and paperwork ready for the buyer to review is a good idea. Doing this will help make the process smoother and more efficient.

Clear Escrow and Title

Before you can close the deal and receive your cash, you’ll need to make sure that you have a clear legal title to the property. This means that you need to provide proof that you are the rightful owner of the property. This can be done by providing a copy of the deed, title insurance, or a title search report. Once you have proof of ownership and have verified that there are no legal issues with the property, you’ll be ready to close the deal and receive your cash. In fact, even if there is an existing lien on the property, most cash buyers won’t be deterred.

Review and Sign Documents at Closing

When you’re ready to close your home sale, you’ll need to review and sign various documents. This will include the sales contract, deed, title documents, and other required paperwork.

Make sure you read through each document carefully and understand what you’re signing before you put pen to paper. It’s important to remember that once you sign, you’re legally bound to the terms of the documents.

So, take your time and ask questions if something isn’t clear. Once you’re comfortable with the documents, you can sign and move forward with the sale of your home.

By following these steps, you can easily sell your house for cash and get the money you need.

Looking For a Cash Home Buyer?

If you are looking for a cash buyer, Double Eagle Property Solutions can be a great option. With decades of experience in the real estate industry and a strong commitment to customer service, we can provide you with the best possible outcome for your home sale.

Double Eagle Property Solutions specializes in cash home sales, so you can be sure that the process will be quick and efficient. With Double Eagle Property Solutions, you can rest assured that you will get the best deal for your home sale. Head to our fair cash offer form today to begin the process with us.