There are several reasons that someone might choose to sell their home for cash, and why someone might choose to buy a home for cash. Today, we will discuss some of the most common reasons people sell their homes for cash, who buys homes in cash, and tell you how you can sell your home for cash too.
Reasons People Sell Their Homes for Cash
The topic of today’s article is why people buy homes for cash, but first, we should figure out why someone would even accept an all-cash offer. Here are a few of the most common reasons people accept cash offers for their homes:
Quick and Solid Closing
Not often, but not rare either, some agent from above comes along and wants to buy your house at the full asking price for all cash. Sounds too good to be true, right? Well, believe it or not, some people list their homes and receive all-cash offers, which they will most likely accept because it simplifies the selling process a lot. When someone offers you all-cash, it usually means they can close quickly and they are less likely to hit snags while financing the purchase.
Urgency
A very common reason why people may choose to sell their homes for cash is that they need the money urgently. This could be due to job loss, mounting debt, or other financial difficulties. In these cases, selling for cash can provide the much-needed relief that homeowners are looking for.
The issue that a lot of people run into when they are urgently trying to sell the home is that people can sense desperation, and they often knock down the asking price because they know the person selling is in a pinch. A rock-solid liquid offer with a quick closing date sounds like a pretty sweet deal to someone in desperate need of cash, even if it’s less than what they’re asking. Some people can’t afford to wait, literally. The sharks will attack when they see someone floundering. If you are interested in selling your home for cash and you want to avoid a low-ball offer, find your home’s current market value by taking Blue Diamond Realty’s online home valuation quiz. Within just a few minutes, you can get a fair cash offer value.
The Simplicity of a Cash Buyer
Another reason is that some people simply prefer not to go through the hassle of listing their homes and dealing with showings and open houses. If you don’t want to deal with real estate agents, you want to save money on closing costs, and you just want to be done with the whole process, selling for cash can be a great option. However, the caveat to solo cash sales is that they take a lot more time and safeguarding on the part of the seller than going through a traditional sale with a real estate agent, so keep that in mind.
Who Are These Cash Buyers?
There are so many creative and unique ways that everyday people generate enough money to pay cash for land or property, and they do it for so many unique reasons. Today, we are going to talk about the most common cash buyers, as well as a new unique type of cash buyer.
Local Real Estate Investors
Cash buyers are typically investors who are looking for a quick and easy cash sale. They usually submit a cash offer at a lower price than what you would get if you were to sell through a real estate agent, but it’s hopefully still a fair price considering the convenience and speed of the sale.
There are so many ways rental property investors or house flippers get their cash to buy houses. Some of the most common scenarios are that they’ve either flipped or wholesaled other properties to generate liquidity or they have other investors going in on the cash offer with them.
Zillow
Over the past few years, the home marketing website giant, Zillow, launched a massive campaign to buy up homes in different areas of the country and essentially flip them for profit. They would go into these areas and present all-cash offers to entire neighborhoods, often for a lower-than-satisfactory asking price. Then, they spruce up the places and re-list them on their own website for a higher price. By accumulating multiple properties in the same neighborhood, they became the ones in charge of setting the market value prices.
They pitch their service as easy and hassle-free because it’s all online, quick and because they offer cash. They’ve run into some trouble off-loading many of their properties in the recent past, but they are still making cash offers all over the country. Who knows, maybe they’ll knock on your door and ask if you want to sell your house for cash. Would you say yes?
Would You Sell Your Las Vegas House for Cash?
There are many reasons why people sell their homes for cash. Some of the most common reasons are that they need the money urgently, they want to avoid the hassle of listing and dealing with agents and high closing costs, or they are investors who are looking for a quick and easy sale. There are also a growing number of companies like Zillow that are buying up homes for cash all over the country to flip and resell for a profit.
Whatever your reason is, if you’re thinking of selling your home for cash, be sure to do your research to know when you’re getting a fair cash offer. If you want to know your home’s current fair market value for when that cash buyer comes along, take Blue Diamond Realty’s quick and easy home valuation quiz. Likewise, if you’re a local real estate investor looking to be a cash buyer and buy houses in Las Vegas, visit Blue Diamond Realty’s website to view available properties or get linked with an experienced real estate agent.
