You may have seen signs or heard ads that offer to pay cash for houses, but what exactly does that mean? Is it a scam or a legitimate offer? This blog post will give you a look into the real estate investment industry to answer these commonly asked questions.
Why Would Someone Pay Cash for My House?
If a person or company is offering to give you a large sum of cash for your house and promising to do it quickly, it is safe to assume they are in the real estate investment industry. Real estate investors buy houses in any condition, fix them up and then list them back on the market. They often buy houses quickly that would typically take a lot of time, money and stress to sell on the standard market. Selling your house to a cash buyer is a great option for anyone feeling motivated to sell their house fast.
Is it Smart to Trust a Cash Home Buyer?
There are many companies out there that promise to pay cash and close quickly, but don’t actually have the financial means to do so. In these cases, the sale falls through, leaving the homeowner disappointed with nothing to show for their effort but wasted time. Homeowners should thoroughly research the company before signing any document or committing to the quicksale. In addition, it is a smart idea to ask the buyer for a proof of funds. If they cannot provide proof, it would be smart to find a different company that can.
Will I Literally Be Receiving Cash When the Sale is Complete?
You won’t actually be handed a briefcase full of dollar bills, if that’s what you’re thinking. At closing, you will receive the full, agreed upon amount in a check. Make sure whoever you are selling your house to goes through a title company to ensure that everything is legitimate and fair for both parties.
That is definitely a good option for some people. However, homeowners who sell to a cash buyer typically have a reason that they need to sell the house quickly. Reasons to sell the property fast include going through a divorce, inheriting an unwanted property, avoiding foreclosure, relocating for work, the house is damaged and needs major repairs, and many more. Additionally, selling a house to a cash buyer allows you to receive payment quickly and avoid the stress and fees that come with using a realtor.
If you are interested in seeing what a cash offer for your house looks like, contact us to receive a free, no obligations quote from Colorado All Cash.