Who Buys Houses For Cash and Why
The “we buy houses for cash” companies — also known as iBuyers (instant buyers) — consist of house flippers, people looking to buy a new home, and people who are looking to purchase properties to rent out.
When buying houses for cash, the process is more straightforward than listing to a listing agent or realtor.
No mortgage application, documentation, and underwriting are required. But you’ll still need to arrange your title policy, insurance, proof of funds, and sign documents.
And when closing, you’ll sign a settlement statement, title, and deed. Then hand in your cheque or transfer the money and you can finally get the keys to your new house.
Aside from cash buyers, there are also benefits when you decide to sell your house for cash.
Why should you sell your house for cash? (What’s in it for you?)
Selling a house is expensive. You have to pay the realtor’s commission, taxes, other closing fees, house repairs, and your balance on your mortgage.
That’s why selling your house for cash can make things easier for you. It’s cheap, convenient, and fast.
With “we buy houses for cash” companies, you can sell your house for cash even if you’re behind your mortgage, and you can avoid realtor commission rates.
Also, with iBuyers, you can pick your closing date, and you can sell your house within a month or less.
Where to find people for cash offers?
You can find iBuyers online, and you can also find tons of “we buy houses for cash” advertisements lying around, go ahead and try contacting them. But always do your research and check their credibility. Look out for red flags. Check their customer reviews, case studies, and past transactions.
Along with their many advantages, there are few disadvantages:
Pros and cons
- Ability to close within a month or less (You can choose your closing date)
- Minimal to no risk of the deal falling through
- No open houses or showings — no staging and repairs
- No property appraisal needed
- No listing and marketing required
- Saves you time
- Lower than the true market value
- Associated fees you have to pay
- Lower than your expected price
Now you know who gives instant cash offers for houses, why they do, and where to find them. But who sells their house for cash?
Who sells their house for cash offers?
People usually have to sell their homes for different reasons. Here are a few:
- A new job
- House repair issues
- Financial reasons
- Inherited property
- Major life event
Buying and selling houses for cash is simpler and faster than the listing process with realtors. And the ability to buy properties on a whim or liquidate your asset fast regardless of your house’s condition is why selling to “we buy houses for cash” companies is something you should consider when selling or buying a house. We buy houses at SnapCashOffers.com. For more information, contact us today.