Frequently Asked Questions About Cash House Sales
A cash house sale is a private real estate transaction between a house seller and a local house buyer or house-buying company. The buyer should have cash or access to cash so that there is no need for a bank or loan.
A local house buyer is either a house-buying company or an individual that pays cash for a house. A house buyer is not a real estate agent, broker, or wholesaler. However, some house buyers may carry a realtor license.
You do not have to make repairs or upgrades to the house. You do not have to schedule an inspection or appraisal unless the buyer requests it. You do not have to stage the house or even clean it. In most cases, the buyer prefers to see the house in its current as-is condition. The buyer also agrees to purchase the property in its current condition with no stipulations.
Yes. No regulation or law prevents you from selling your house directly to the buyer as long as both parties agree on the terms and conditions of the sale.
Each house buyer has a different purchasing process, which affects the timeline. However, you should expect to close the sale of your house within 3 to 21 days (one to three weeks). Some house buyers can close in less than seven days. It depends on how quickly the title company can process the paperwork and transfer ownership.
Most house buyers agree to pay up to 100% of the closing costs. Any selling costs you incur will be minimal.
The process is simple and typically involves three steps.
- Meet with the buyer to discuss your house or schedule a walkthrough.
- The buyer schedules an inspection and makes an offer on the house if they’re interested.
- Accept the offer, sign the paperwork, transfer ownership, and collect the proceeds from the sale.
The only downside to a cash house sale is that you may sell your house at or below market value. However, you avoid common selling costs, such as realtor commissions, house repairs, and closing costs, which can add up to thousands of dollars. Not to mention the quicker average closing times and cash offer. If these benefits are important to you, there really is no downside.
Yes. A cash house sale may help you pay off most or all of your mortgage. If necessary, the buyer can also assume responsibility for handling the balance or assuming the loan. A cash sale can help you get out of your mortgage if you are going through bankruptcy or foreclosure and need to downsize quickly.
No, Home Downsizing Solutions® is not a wholesaler. Wholesalers are often the ones posting “We Buy Houses” signs or sending you direct mail asking to buy your house. Although they may seem promising, they often come with many associated risks since they typically have no intent or ability to actually purchase a house. If a wholesaler can’t find an end buyer, they may back out of the contract and you’re stuck having to start over the whole process of selling your house. Home Downsizing Solutions® isn’t reliant on other buyers, so you never have to worry about the deal falling through. We’re the end buyer - there are no middle men or hidden fees. This lets us present you with the best cash offer.