Many people think that buying homes for cash is just another way of flipping real estate property. But the truth of the matter is that buying homes for cash can actually be one of the soundest financial decisions you can make for your future. Not only will you make a big profit on the home when it is finished, but you will also make money off the appreciation of the property over the years that follow. So what are the advantages of buying and selling homes at Sell My House? Here are some.
First, you will have cash when you need it. You may not be able to get access to credit until you sell your house fast in many cases, and with a cash down payment, you have instant access to credit. You may also be able to finance the home at this time without a loan. The real estate agent may seem opposed to lending, but in reality, lending has become just too expensive for many cash-strapped real estate investors. Once you get your cash from the sale, there are little maintenance and upkeep required on your part.
Second, the bank will be willing to work with you. Most banks will not take full advantage of homebuyers who have few assets. They know that if they take full advantage, home buyers will quickly run out of cash to make repairs on their homes, and they will not be able to keep up with the escalating value of their homes. The real estate agents do not want to see this happen; they often negotiate a fair cash offer on your behalf.
Third, you will not have to deal with local government red tape. There is nothing worse than dealing with local government red tape when you are trying to close a deal like this. This can take months or even years, depending on the amount of time involved in the planning and filing the necessary paperwork. With an open house or short sale type transaction, you are not required to submit any formal paperwork or other documentation to the bank. This can oftentimes save you a tremendous amount of time.
Fourth, you will not have to compete with other people for the home. You do not have to compete with other home sellers who may be trying to sell their own homes in a similar price range as yours. With a cash buyer, you can often sell your property for more than others are selling their own homes for. It really does not matter how many transactions you have had with the same real estate agent as your seller since the bank has already pre-approved your loan and you are selling based upon what you can pay cash for. The bank will accept your offer and work out the specifics.
Fifth, you will not have to spend hours or days trying to sell your home. Most cash buyers spend a few hours during the week trying to market their property. This is typically more time than it would take to list and sell a similar property.
Sixth, you will not have to make repairs before selling your home. With a real estate transaction, you need to pay money to get rid of the property and remove any structural damage that needs to be addressed before putting your home on the market. With a cash offer, the repairs and other expenses will be taken care of by the cash buyer. This is a huge advantage over what you would have to spend on repairs and fees before putting your home on the market.
By no means is a home buyer an “organic” or “uniform” type of buyer. Real estate investors, homeowners, and builders all have specific needs and wants. However, if you have these needs and want to get into the real estate market quickly, you should look into using a home buyer to take care of the properties you need. There are plenty of companies available today that can help you find and purchase properties, but a few companies specialize in helping people buy homes for cash. If you have a specific need in mind and you’re also skilled at negotiating, then you may want to consider using a cash buyer to take care of the negotiations for you.