It’s estimated that 21% of home sales are all-cash transactions.
People encounter difficulties in their lives at all stages. When you need to sell your home fast and the conventional method is failing you, companies that buy houses for cash are your best bet.
In this guide, we will cover the various reasons that might lead you to sell your home for cash, the benefits to it, and more.
Reasons to Sell Your House for Cash
There are many reasons you might need to sell your house fast for cash. Each person’s reasons will be unique and personal to them.
Some of the most common reasons are:
- Divorce
- Bankruptcy
- Foreclosure
- Expired Listing
The Benefits of Selling for Cash
There are many upsides to selling your house for cash.
When undergoing the traditional method of selling your home, it can take between 4 to 7 weeks before the deal is closed. A cash sale with an investor will move far faster.
Another pro to selling for cash is that you know with 100% certainty the transaction is finalized.
With a conventional sale of being listed and waiting for someone to offer, you have to worry over a multitude of things. Sometimes the potential buyer gets cold feet and backs out or they fail to qualify for their finalized loan.
But with a cash sale, once it’s agreed to, the sale is done and the cash yours. You can expect the sale to take between 1 to 3 weeks.
There is also the benefit of not having to worry over things like repainting, repairing, or undergoing a home inspection when you go with a cash sale. All of these factors can significantly delay a conventional sale and also amount to heavy costs.
Who Are the Companies That Buy Houses for Cash?
In general terms, cash buyers are a person or company that buys your house without lender financing.
A few various types of cash buyers have grown into their own category.
1. Buy-And-Hold Investor
This type of investor buys homes and then converts it into a rental property. The buy-and-hold investor category breaks down into different sub-groups.
One type of buy-and-hold investor is an individual investor. They are people who buy properties and then rent them out for passive income.
The other type is an institutional investor. They often purchase a minimum of ten different properties each year. At the start of 2019, 1.9% of home and condo sales were to institutional investors.
2. House Flipper
Thanks to HGTV, house flippers are on the rise and popular.
A house flipper buys a home at a much lower cost, then renovates it and sells it for more. In 2018, 207,957 homes were flipped.
3. iBuyer
This is a newer development in the cash buyer game.
An iBuyer is short for instant buyer. They prefer to use automated valuation models to make a competitive offer on your home. They also tend to choose homes in better condition than a house flipper will target.
With an iBuyer, you should get up to 98% of the market value of your home.
It’s a Sellers World
Whatever your reasons, if you need to sell your house fast and get money now, then companies that buy houses for cash are for you.
If you’re trying to sell your property in the Fort Collins, Colorado area, NOCO Invest can help. We have a team of experts on standby to answer any and all questions you may have. Contact us if you want your house sold now and to be holding cold hard cash in your hands.