Selling your home in exchange for cash has become a popular trend in the real estate market. Data from several cities across the country reveal that cash sales made up a large portion of purchase transactions as opposed to the norm of house loans and mortgages. While cash sales no longer make up the majority of Florida’s purchase transactions, they do make up much more than the national average.
The cash sale process is relatively straightforward: Investors will buy your home for cash, invest in remodeling and renovations, and then resell for profit. It may seem simple, but a lot of factors come into play. Investors come in many different identities, and the process of selling the house for cash comes with certain advantages and disadvantages.
To ensure that you arrive at a well-informed decision before selling your Gainesville house for cash, we’ll be providing you with a breakdown of how to sell a house for cash, including the steps involved, as well as the advantages of selling in exchange for cash (they’re aplenty!).
How to Sell A House For Cash In Gainesville, FL
Many sellers conjure up images of buyers showing up with suitcases of money when thinking about a cash sale. However, this is a far cry from reality. Dispel those images of walking around with briefcases full of cash—a cash offer simply means that the offer won’t include the help of financing contingency. You’ll receive the money, but the buyer won’t depend on securing a loan.
Regardless if you’re selling your home on your own or enlisting the help of a realtor, here’s a quick guide on how to sell a house for cash:
Step 1: Find the right cash buyer
To begin your cash-selling journey, finding the right buyer is crucial. Unfortunately, the market is teeming with frauds and scams, so you’ll want to make sure that you transact with the right people.
Cash buyers are usually investors looking to make a profit off of your property, so make sure that they have all the right credentials. Work your way through the online world, making sure that you find necessary reviews and resources. Never hesitate to ask for references from other sellers. This is your property, after all—you’ll want to be as properly protected as possible!
Step 2: Review your cash offers
You’ll eventually receive cash offers, and your next step should be to evaluate these offers thoroughly. To know that you’re dealing with a fair number, look at other properties in your area that have recently sold. Make sure that they’re in the same shape and size of your property.
Apart from looking at possible listings and property prices, here are some questions you can ask as you evaluate your cash offers:
- Does the buyer wish to deposit a significant amount of money?
- Do they have a good track record of transactions?
- Is the contract up to date and standardized?
Keep in mind that serious cash buyers are more than willing to place decent initial deposits, which are typically a minimum of 5% of the purchase price. Don’t hesitate to ask for bank statements and letters, either. Remember: Trustworthy buyers have nothing to hide.
Step 3: Identify any unique requirements
Cash sales are straightforward and quick to process, but there are some exceptions. Depending on your home’s location, some houses are subjected to the homeowners association processes.
You’ll need to wait for up to 30 days before application approval, but make no mistake: cash sales are always faster than the usual house purchasing processes. Just be ready for extra legwork! Selling a house for cash may be the quick route, but you still need to exert a little effort.
Step 4: Close the sale
Mortgage loans and other financial contingencies make the closing process longer, but a cash sale is essentially a done deal. Cash sales are done in just a two-week close process, whereas purchase loans usually climb up to 45 days of waiting.
Apart from the speedy process, the actual closing won’t be that different from traditional sales. It will be held at a title company, where you’ll be asked to be present with your documents such as the deed, settlement statement, and other disclosures. After the process, you only need to wait a week or two for finalization—after that, you’ll now be a proud cash seller!
Sell A House for Cash: The Advantages
Now that you know the basic steps of selling a house for cash in Gainesville, FL, you need to know why it’s an appealing option for you. Let’s take a look at some of the advantages a cash sale has to offer:
1 – You’ll be enjoying faster sales processes
Some houses sit on the market lists for months on end, unable to get rid of “For Sale” signs. If you don’t want your house to fall under such circumstances, consider selling your house to a cash buyer.
When you sell your house outright for cash, the sales process moves and ends quickly. Most buyers can pay in cash in about a week, which can be the most efficient way to sell your home.
2 – You’ll be able to sell your home without renovations and repairs
Unlike soon-to-be homeowners hunting for their first homes, cash investors aren’t looking for a perfect property as they’re likely to flip it anyways. Selling to a cash buyer means you won’t have to worry about making too many expensive and time-consuming upgrades.
You have all the liberty to sell your home as-is, which takes the responsibility off your shoulders. Any condition will do, so long as the property holds potential!
3 – You’ll be stressing less
Selling your house with a realtor isn’t always a done deal, and more often than not, something can go wrong at the last minute. Some buyers, for example, fail to get their loan applications approved. Once this happens, the sales process falls through and you’ll be back to square one.
When you sell to a cash buyer, however, such instances rarely happen. Because they pay outright and with cash, the sale process can be quickly wrapped up, making the process a done deal.
4 – You’ll be able to stay for much longer
One of the many appeals of cash sales is the quick process, which allows you to move in a hurry. It goes both ways, however, as you’ll also be able to stay longer in your home.
This is very much appealing if you need more time to get your finances in order, especially if you’re not quite ready to move yet. The packing process is stressful enough as it is, and cash buyers are often willing to give you some time to get everything in order.
The Bottom Line
You may be looking to sell your house for cash quickly, and the idea of receiving money outright is extremely tempting. However, necessary precautions must be made. You need to determine whether or not an investor is credible, and if the price you’re offered is reasonable.
Fraud runs amok in the industry, but there are legitimate cash home buyers that are truly interested in your property. All it takes is careful planning, extra knowledge, and this guide to help you through the home sale process! No matter what anyone may think, learning how to sell a house for cash doesn’t have to be daunting!
Want to learn more about selling your house for cash?
To avoid complicated processes and abusive buyers, work with us at Honey Home Buyers! We’re a team of experts passionate about the real estate industry in Gainesville. We’ve simplified the home sale process for you, so sell your house without a realtor now!