Sell Your House for Cash Companies: How do They Work?

Selling Your House for Cash Companies: How do They Work?

Real estate is a hot topic these days, and you might wonder how these sell your house for cash companies work. 

When it comes time to sell your home, these types of companies are one option you should consider. Below, we’ll cover how this type of company functions, and why you might choose to use it.

What’s the Process?

The process is quite straightforward and simple, especially as compared to the traditional homeselling route. You would first submit information about your property to the house buying company, such as the street address and your contact information. From there, the company is able to determine whether your home fits the criteria they are looking for, which may differ depending on the specific company or area. If it does, they will be able to quickly make you a cash offer, and then close with the title company. Since the house for cash companies already have the funds to purchase your home outright, the process can move very quickly, even as few as seven days.

What are the Pros and Cons?

As you are weighing your options for selling your home, here are some of the pros and cons of using sell your house for cash companies:

Pros

  • Avoid contingency clauses. One of the most challenging aspects of selling your home the traditional way, is that contingency clauses are often involved. These often protect the buyer, but cause problems for the seller, as they allow the buyer to back out of an offer. For example, a common clause is the offer being contingent on the buyer’s current house selling within 3 months.
  • Sell your home as-is. You can avoid having to make costly repairs, which represents both time and money saved, and sell your home in its current condition.
  • Shorter timeline. One of the most appealing reasons for using a cash for house company is that you can bypass all of the most lengthy parts of selling a home. According to the July 2020 Ellie Mae Origination Insight Report, the average loan took a whopping 44 days to close. 
  • No need for showings, staging, or photographs. Ask anyone who’s sold a home recently, and they’ll tell you one of the biggest hassles is constant showings or open houses, and the need to have your house looking picture-perfect during the whole process. 

Cons

  • Repairs could affect cash offer. If there are substantial repairs needed on your home, the cost could be reflected in the cash offer. Even so, these costs are likely what you would have to absorb yourself in preparing the house for the traditional selling process. In addition, there are many other costs that come out of a traditional house purchase, such as real estate agent commissions, closing costs, appraisals, inspections, plus cleaning and staging. Using a house for cash company completely bypasses all of these hidden costs that detract from your total profit, giving you one fair, straightforward, cash offer.

Leave it to Bob Buys Houses

There are many reasons you might use sell your house for cash companies, such as a job relocation, divorce, impending foreclosure, or simply not having a lot of time. No matter the circumstance, you can trust Bob Buys Houses to help you through a streamlined process, with a no-obligation cash offer in as little as 48 hours. If you live in the Salt Lake City area, contact us today to get started selling your Utah home!

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