Selling a house is no small task. Receiving a quick cash offer for your property gives many advantages over a traditional sell and rent back process, including speed, price cuts, decreased time, and above all, decreased stress. But what are those benefits of selling a house fast in Fort Worth, TX? For most first-time sellers and buyers, receiving a fast offer is not only an attractive option; it’s become a need.
Sales of newly constructed houses decreased last month to the lowest level since the first days of the COVID-19 pandemic in April 2020. That’s where selling a house for cash comes in. Also, it is important to understand that there are some circumstances where sellers will not actually receive the cash value from a house. These include properties that have been neglected for a long time and have not sold at all.
How does it work?
Cash buyers share a few basic characteristics: they don’t require lender financing to pay for your property, and usually, they will buy your house off-market. That means that you’ll get an offer with far fewer contingencies (you won’t need an appraisal to appease the bank, nor will the buyer need to sell their current home before they can get a loan, for example). The absence of a loan minimizes a lot of the unknown on your end as a seller, and — the great news is — you can avoid the stagings and exhibitions rigmarole.
Cash buyers will vary depending on the intention behind the purchase, the kinds of properties they’re interested in, and the general experience they offer to sellers.
- The first type of cash buyers are also known as “Buy and hold” investors, they plan to keep the property for a prolonged period of time, habitually with the intention of renting it out.
- House flippers usually buy at a higher discount and decide to make repairs and improvements to a property before selling it to make a profit.
- The last type of investors are known as “instant buyers”; they make quick offers on homes online. iBuyers utilize automated valuation models and web platforms to give a streamlined experience for sellers.
Based on the type of investor homeowners end up selling to, the process of receiving an offer and closing will change, but people can expect to undergo these principal steps:
1 – Find a cash buyer
Here are some of the most simple and practical ways to find a qualified cash buyer:
- DFW Buy My House
- Online search
- Work with a wholesaler
Regardless of the way you use to find great and qualified cash buyers, make sure to investigate any prospects and ask for references from other sellers.
2 – Get a cash offer and review it
If your home is in perfect condition, you can look at similar homes that have sold most recently in your neighborhood with a comparable size and level of finish, and then deduct the real estate agent’s commission and add in any discount you consider the benefits are worth. On the contrary, if the property isn’t in great form, it is advised to take the estimated value of the updated houses in your neighborhood, deduct what it would cost to get your house to that condition, subtract the commission, deduct the investor and that will arrive at a fair price.
3 – Prepare and sign the purchase contract
The contract should incorporate the following aspects: the purchase price, the amount of the deposit, and the closing date. The seller has the option to sign and accept the terms or have a lawyer review the contract.
4 – Identify any unique requirements
Although most cash sales are quick and straightforward, there are occasionally extenuating factors that can extend the process a bit. But regardless of any possible delays, a cash sale will always be faster than a conventionally financed transaction in the same situation.
5- Close on the sale
The common time to close a purchase loan is around a month and a half, on the other hand, cash sales are fast and easy; in most cases, they can take up to two weeks to close, which is a lot quicker than a closing for a conventional sale. When it comes to the actual closing, most people probably won’t see much difference from a conventional sale, apart from the fact that it will be faster and easier.
If you need to sell your house for cash and don’t have time and/or money to invest in improvements, and can not wait any longer, contact us! We will buy your house in Forth Worth, TX, regardless of its condition.