The rise in the number of companies that offer homeowners a chance to sell my house fast Houston has changed how properties are sold. Unlike the traditional selling process, where homeowners have to contact a real estate agent and upgrade their property before listing, these companies now offer cash amounts to buy houses.
The good thing about cash offers is that they are flexible, allowing sellers to complete the deal, whether in a few days or weeks.
If you’re looking to sell your home, chances are high that you’ve heard of cash home buyers but have questions about them. This article answers everything you need to know.
Are Cash Offers Faster?
Cash house buyers allow property sellers to complete the sale process faster and with cash payment. Unlike the traditional real estate sale process, there’s a lower level of scrutiny, and sellers are not required to invest in home improvements.
The inspection waiver, amongst other things, makes the entire cash home buying process faster than traditional real estate sales.
Who Buys Houses With Cash?
Unlike the traditional property sale process, cash house buyers are property investors who specialize in buying properties in any condition. This means that they already have access to funding and are able to pay cash to sellers.
Cash home buyers often invest in those purchased properties, addressing the repair and improvement needs and repurposing the property for other uses.
Read more: The Fastest Way to Sell a House
Cash House Buyers vs. Private Buyers
When deciding how to sell your property, the two options available are selling the traditional way to private home buyers and selling for cash to property investors or cash house buyers.
We compare both options below to help you weigh your options.
Time Required to Sell
The time required to sell your property is an important consideration, especially if you’re looking to sell fast and move on with your life.
Cash house buyers or property investors offer property sellers a chance to choose how soon they wish to close the deal.
In some cases, sellers can close the deal in 3 to 7 days, or they can prolong the closing period based on their personal preference or circumstances.
On the other hand, the traditional property sale process often takes an average of 90 days. Real estate agents often take the period to market the property in hopes of getting the right buyers and interests.
Capital Investment
The capital investment required to sell your home to a cash house buyer is zero. This is because you can sell your house in whatever condition without bothering about repairs or home improvements.
On the other hand, selling your house the traditional way will often require you to declutter, repair some areas, and improve it to meet the potential buyer’s standards. You may also need to spend extra on marketing the property to gain attention and attract potential buyers.
Selling to a cash house buyer may be better if you’re unwilling to spend more money on the property.
Property’s Condition or Situation
Private buyers often avoid homes facing issues like liens, foreclosure threats, inherited properties, homes with unruly tenants, etc. You may find it hard to sell such properties to private buyers, especially as they may not wish to inherit damages or issues.
Cash house buyers, on the other hand, are open to purchasing such properties, including those that have been flooded or badly damaged. This option may be the right decision for owners who wish to get rid of their properties fast, irrespective of the condition surrounding the sale.
Property Price
The price of your property is an important aspect of the sale. It’s important to note that you have a better chance of selling at a higher price when you sell the traditional way. However, working with cash house buyers offers a relatively lower price but convenience, quickness, and cost-savings.
The traditional real estate sale process may often involve repairs, upgrades, and home improvements that may, in the end, reduce your profit margin after the property is sold. However, selling for cash means you don’t have to worry about those extra costs while selling at a reasonable price.
In addition, you can compare quotes from different cash house buyers to get a feel of what your property is truly worth.
Selling Costs and Commission
Selling your property the traditional way means you’ll have to deduct taxes, closing costs, real estate agent/agency commission, and other costs from the sale amount. However, working with a cash house buyer is often easier, especially as they will likely handle the costs and paperwork.
It’s important to consider the intent behind the sale and how quickly you wish to sell before deciding what’s best for you. Contact a cash house buyer nearest to you for a quick quote.
