There are a lot of reasons why you might consider selling your house to a cash buyer. It can make the process of selling your house way faster, less stressful, and more convenient, to name a few.
If you’ve seen news stories about people getting cash offers on their homes, you might be wondering “how do I get cash for my house?”
There are a number of different avenues you can take if you’re thinking about selling your house for cash. There aren’t necessarily any wrong answers when it comes to how you can sell your house for cash, but you’ll want to consider which route makes the most sense for you.
Let’s take a look at what you need to know.
How Do I Get Cash for My House?
There are a number of different types of cash offers that can be made on real estate. However, the thing that relates them all is the fact that the buyer isn’t relying on a lender for financing.
Buyers might be motivated to make a cash offer on a house for a number of reasons. For one, it’s possible that someone might make a cash offer for a home that is on the open market in order to make their offer more appealing in a competitive market.
Some cash buyers might come in the form of a house flipping company. These companies buy homes that need some work, fix them up, and then sell them again with the aim of making a profit.
There are also online cash buyers that make offers on homes. They might be interested in buying the property to rent it out, flip it, or hold it in the hopes of making money from appreciation over time.
Other people might be real estate investors that are looking for rental properties or investment properties.
How Can You Find Someone That Makes Cash Offers for Homes?
There are several different options available when you are selling your house for cash.
One option is putting your house up for sale on the MLS which is the traditional marketplace for real estate. You could wait for a buyer who is interested in making a cash offer on your home. This will be much like a regular real estate transaction except that you won’t have to deal with the time and money that goes into waiting for a buyer to get financing from a lender.
You also could choose to work with a wholesaler. These are companies that work to match sellers with cash buyers. It’s worth noting that these companies don’t work for free and will take a commission on the sale price for the part they played in helping the deal go through.
You can also look online for house flipping companies or “we buy houses” companies.
Selling Your Home for Cash: What Are the Pros and Cons?
There are both pros and cons to selling your home for cash. Whether or not it’s the right choice for you has to do with your own personal and financial situation.
One of the biggest benefits of selling your house for cash is that you can get offers instantly. Some companies and buyers might want to set up an appointment to look at your home before making an offer, while others might make an offer online without seeing the home first. Either way, though, you typically won’t get the official final offer until they have inspected the home.
In addition to fast offers, your home sale can also go way faster than selling your home on the traditional market. True all-cash buyers can usually close on your home within a few days or a few weeks. This is compared to the multi-month-long process of selling your home on the open market.
Many home buying companies also let you set your own closing date. This means that you can decide when you move out in a way that works best with your schedule.
Another huge benefit of going this route is that you won’t have to pay for home staging or repairs. Most cash buyers buy properties as-is and are more able to see through superficial problems than traditional buyers. Avoiding the process of fixing your house up for the market can save you a lot of money, time, and stress.
This is also a reasonable avenue if you’re selling in difficult circumstances. If your home has title flaws, needs major repairs, or is otherwise the type of property lenders don’t want to approve mortgages for, this can be an option that still allows you to sell your property.
As with all things, though, there are also some downsides to going this route. You can expect that the offers will be lower than you would receive if you put the house on the market. The offer price will deduct the repairs and improvements that the buyers expect to put into it.
You’ll also want to be careful when choosing a “we buy houses” company. There are, unfortunately, people out there that want to prey upon others. Make sure to choose a reputable company that you can trust.
Is It Time for You to Sell Your House for Cash in the Columbus Area?
Now that you know the answer to “how can I get cash for my house?” it’s time to think about whether or not selling your home this way makes sense for you. Consider your personal and financial situation and look into the different options when it comes to cash buyers in your area.
At John Buys Houses Ohio, we pay cash for houses throughout Columbus and the Greater Columbus area. If it’s time for you to turn your house into cash, contact us today.