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Selling your house for cash is appealing to many people because it is quick, simple, and reduces the hassle of dealing with a typical real estate transaction – but an all-cash offer might not be for everyone. What’s best for you depends on your individual circumstances. To help you make the best decision, we’ve compiled four things to consider when selling your home to a cash home buyer. Ready to get started?
Oftentimes, homeowners don’t want to sell their property by listing their home through a real estate agent. That’s because working with a home cash buyer can be a much better alternative. You might be a landlord sick of dealing with problematic tenants or simply want to retire from the gig. Maybe you got a job offer out of state and need to move quickly. Other prime candidates for selling their homes for cash include beneficiaries of an inherited property because the process is quick, and it is easy to divide up the proceeds amongst multiple heirs. Similarly, couples going through a divorce may want to expedite the process and evenly divide their shared assets. If you’ve fallen upon hard times and would rather receive cash then keep up with costly home repairs and maintenance, you might also benefit from an all cash offer.
In March 2016, the National Association of Realtors released data showing that the median number of days on market for a property was 47 days. That means if you want to list your home and get it sold, you’ll have to keep your house perfectly tidy and leave at a moment’s notice for showings for over a month and a half! Who wants to do that? This can be even more challenging if you have tenants. Even after you get an offer, you’ll have to go through the negotiation process. Assuming you reach an agreement with the buyer, you then have to wait for the inspection report to come in, which could add more money, repairs, and time to the process. The deal could even fall through. What if the buyer’s financing doesn’t get approved? You’ll have to start all over. An all cash buyer like Solid Rock Houses buys your house in as-in condition, and we work on your timeline to ensure a speedy closing.
Partnering with a real estate agent when selling your home can add a lot of benefit if you’re listing the property for sale. They can help you advertise, bring in interested clients, and… take a large chunk of the sales price. In fact, as a seller you’ll have to pay both your agent and the buyer’s agent, which typically amounts to 6% of the sales price. Then there are closing costs to pay, not to mention any closing costs the buyer negotiated into the offer. You could very likely end up paying tens of thousands of dollars, all of which comes out of your profit on the home. Using a home cash buyer eliminates all of those extra fees and leaves you with the entire profit from the sale.
One important thing to note when working with a cash home buyer is to ensure they are reputable. A common scheme by supposed cash buyers is to pay you with a check, then back out of the deal and request a refund before the check clears. After receiving the cash, the original check bounces and the seller is left having essentially paid for the house again. Do your due diligence by finding out your buyer’s background and always waiting for the money to clear. At Solid Rock Houses, we are a family-owned business and have been buying homes with cash since 2014. Stephen is a fully licensed Realtor and is a member of the Metropolitan Indianapolis Board of Realtors. We buy houses in Indianapolis and surrounding areas and are happy to provide references of previous successful transactions.
No matter what your personal or financial situation is, Solid Rock Houses can help you find a solution to your problems. Contact us today to get started so that you can sell that property fast and move on to the next adventure in your life.