Are you planning to sell your home? You are probably thinking by now what’s the best way to sell it. Are you going to work with a real estate agent or sell it to a cash house buyer? Or are you going to do FSBO? The answer depends on a number of factors such as the offer, your priorities, and your situation.
In this article, we will get into what a cash home buyer is, myths about “We buy houses Cincinnati” companies, and when should you consider selling your home in Cincinnati, Ohio to cash home buyers.
What is a cash house buyer?
A cash house buyer is an individual or company with the funds at their disposal to buy your property outright. They don’t need a mortgage or any type of financing to purchase your home.
But one thing that should be kept in mind is that not all who professed to be cash home buyers are legitimate. For instance, a wholesaler may call himself a cash home buyer but in reality, he is like a middleman who goes into a contract with the seller at a particular price and find a flipper or landlord to purchase the property for more than the set contract price. As a concept, there is nothing wrong with wholesaling. It is a legitimate business. The issue is with wholesalers misleading sellers to think they are dealing with actual cash house buyers despite not having the funds. If they aren’t able to find another investor to pay more for the contract price, they will back out at the last minute.
Sellers should also do their due diligence and not just believe any individual or company who claims, “We buy houses in Cincinnati for cash.” Make sure to deal with an experienced and reputable cash home buyer.
What are the myths or common misconceptions about companies that buy houses for cash?
Selling a house is a big decision. You have to be informed of what you are getting into. To know if selling to a cash house buyer is the best option for you, you should know the common misconceptions about cash home-buying companies.
Myth # 1: “We buy homes for cash” companies are scammers
This misconception stems from companies that engaged in a bait-and-switch strategy. These are investors who originally gave a high offer only to renegotiate as the closing date nears citing “unforeseen repairs” or other issues. But this is just the case in any industry. There will always be bad apples but it doesn’t mean that cash home buyers are con artists. There are reputable companies that buy houses, and they don’t lowball sellers. In fact, when you deal with a trusted cash house buyer, they’ll give a fair offer and you get additional cash because you won’t have to pay for additional costs such as legal fees and agent commissions.
Myth # 2: Cash home buyers prey on desperate home sellers
A common misconception about cash for your home companies is that they take advantage of sellers who need to sell their homes quickly. There may be some companies that do this but a trusted and reputable company like The Cincinnati Property Twins respects each seller. We streamlined the process of selling your house to make it easier and faster for you. It is not just about making profits.
Myth # 3: Sellers are ripped off when selling homes for cash
While you won’t get an offer as high as the full market value of your home when selling to a cash home buyer, a number of benefits can compensate for the price difference. When you sell to one of the ‘We buy houses in Cincinnati” companies you don’t have to worry about prep work including repairs, updates, and cleaning.
Myth # 4: Claims of All Cash for Homes Companies are too good to be true
Close in 10 days! No hassle! Sell house fast! These claims make people feel skeptical about cash house-buying companies but these claims are all possible. If the company has a good standing, good reviews, and passed your background check then you should not worry. Legitimate and experienced cash home buyers have streamlined the process to make it convenient and fast for home sellers.
Myth #5: Selling houses for cash is only for sellers who are in a desperate situation
Selling your house to a cash buyer is not only a good option if you are in unfortunate circumstances. It is also helpful if you need to sell your house fast because you unexpectedly need to relocate or you want to sell a rental property because your tenant has stopped paying rent.
When is it best to consider selling a home for cash?
Cash sales are rising, meaning it is getting more common. If you are still thinking about whether or not you should sell your home to a cash house buyer, we list down the situations when it’s best to sell home for cash.
- When you need to sell your house fast
Selling to cash house buyers closes faster. The transaction can close as fast as 10 days, a whole lot faster than the average time for a financing transaction which is 50 days.
- When you want the certainty of closing the deal
In general, a cash home buyer does not require financing, appraisal, or home sale contingency. Inspections are done just for informational purposes.
- When you need cash asap
If you are having a difficult time keeping up with your mortgage or trying to avoid foreclosure, a cash offer may give you a quick way out of that tough situation and the opportunity for a fresh start.
- When you want to sell as-is
If your home needs a lot of prep work, typical home buyers won’t usually bother to take a look at it. But cash home buyers usually look for houses that need work.
- When you don’t like to do showings
You may be one of the people who have major anxiety in doing showings, or you simply don’t want to prepare or stage your home.
There is no single best way to sell a home. But if you want to do it fast and hassle-free then selling to a cash house buyer is the way to go. Looking to sell a house in Cincinnati? Request a ballpark offer.