At one point, sellers had to wait months to sell their property after listing. Thankfully, the industry has revolutionized due to cash buyers. As a result, transactions are completed with convenience and ease. But unfortunately, there are several myths surrounding cash-for-home deals.
No worries, team Cash For Home Buyers is here to simplify the legalities and clear all the doubts for you.
Trustworthy Companies That Buy Houses
Home rental firms, trade-in companies, house flippers, iBuyers, and franchise cash buyers are involved in most cash home buying deals.
These are all legitimate buyers. They purchase homes, renovate them, and either lease them or sell them at a better price once they are back in shape.
It is best to work with companies that have good ratings with the BBB- Better Business Bureau.
Yes, there are individual cash buyers as well. They can afford to make cash offers as they use savings, gift funds, or money received after selling another property.
Why Do Homeowners Prefer Selling Fast in Charlotte?
Why would someone wish to sell a house without following traditional procedures? Well, there are several reasons like a job move, divorce, fear of losing on mortgage installments, or the house’s deteriorating condition.
You can even sell an inherited property for cash using probate shortcuts. Companies like Cash Today Home Buyers also help owners sell a house quickly after divorce. As a result, starting a new life becomes easy for both partners. It is perfectly legal to opt for a cash deal.
No Need to Spend on Legally Mandatory Repairs Before Closing
Some property owners often incur additional expenses on last-minute repairs requested by agents and buyers after inspection.
In most cases, buyers ask sellers to fix the following issues before sealing the deal:
- Fixing cracks and holes in walls and ceiling
- Replacing leaky faucets or pipes
- Repainting all the scuffed walls
- Fixing broken electrical fixtures
- Repairing HVAC systems
- Replacing stained or worn carpets
Reaching the finish line is not enough. You need to cross the closing point. Therefore, house owners seeking a better-than-market valuation have no option but to comply and spend money on repairs. However, if you choose a cash offer, you won’t have to worry about fixing or spending money on mandatory repair work.
No Delays or Legal Tangle Due to Mortgage
A traditional sale involves buyers who borrow from banks or mortgage companies. Therefore, they might require 30 days or more to close the deal despite being qualified for the loan. Plus, there is always the risk of an agreement not falling through due to bank loan rejection.
If the deal fails to go through, your estate agent must find another buyer and start from step one.
On the other hand, cash buyers can close the deal within a few weeks. Such individuals or companies can purchase your house without seeking a mortgage or assistance from financial institutions. And this factor alone makes the transaction less vulnerable to denials and delays.
A Straightforward Process
The three basic steps involved in selling a property for cash are simple:
- Fill up an online form and share the property details
- Schedule an on-site specialist visit as per your convenience
- Get an offer and review (accept or reject) the same for further action
The offer letter consists of selling terms and contract price. So, there is no terms setting or bargaining involved.
There is no processing or other waiting period as the deal does not involve banks or mortgage companies. Thus, you won’t have to face multiple property inspections.
When it comes to crucial documents, an offer-to-purchase letter, written contract, title search, and lien waiver are vital.
If the cash buyer is an individual, you can also seek an official proof of funds document.
Less Legal Risks for Sellers
One of the most circulated myths is surrounding the contracts and agreements in cash-for-home deals.
How would you react if you find it is the other way around? Yes, homeowners face fewer legal risks in the documentation.
How? You might wonder.
Well, in the case of a traditional transaction, your agreement makes you liable to disclose any known problems in the property and the neighborhood.
So, if the buyer feels specific facts were misrepresented or hidden, they can sue you for damages or compensation. On the other hand, cash buyers purchase your house in as-is condition. So you won’t have to worry even if you don’t know what’s lurking beneath those wooden floors.
A cash deal is a genuinely as-is transaction. Therefore, there is no need to think about detailed inspections and suggested repairs.
Cash buyers use simple as-is purchase agreements for transactions. Contracts are shortened and explain all the steps clearly.