Many owners of buy-to-rent homes typically bought into the property market, only to realize they didn’t have the experience they thought they had to dispose of their investments. They can sell their properties quickly for cash. So can families who don’t have the time or budget to fix their house before they need to leave.
Property owners who have seen too many house flipping TV shows or ‘selling my houses fast’ commercials may wonder if these situations are legitimate, or if it’s even wise to sell their home for cash. The quick method is gaining popularity as a convenient way to sell. Here’s why.
No Risk of Withdrawal
Cash sales don’t require the agreement of a bank, leading to a much faster sale. They also eliminate the risk of a purchaser’s bank withdrawing the offer at the last minute.
Sell a Home in any Condition
Homes in a state of disrepair may be difficult to sell by the traditional route. Banks may be unwilling to lend for properties they consider a financial risk. If the building has structural issues or requires extensive renovation, banks may also be unwilling to approve a mortgage. In the case of a cash sale, the buyer accepts the property in its current condition.
Selling in cash means the seller doesn’t have to pay for repairs or to decorate, keeping their costs low. This is good for landlords whose tenants have damaged their property.
Solve a Debt Problem
If the seller has debt problems and needs to downsize the home, he/she can do it by selling for cash and using the income to move to a smaller property and live mortgage-free.
Some companies buy a home in cash and rent it out to the previous owners so that they can continue to live there. It is sometimes done when a house is about to be repossessed. Cash sales can be made in as little as a week, stopping the bank from reclaiming the home.
To avoid the hassle of a long, drawn-out sale and high repair costs, selling your home for cash is a swift and convenient way to dispose of your property.