How to Sell Your House for Cash
When you have an emergency and substantial need for cash, you may think of selling your house as your only option. Maybe you bought a house as an investment, but things didn’t go as planned. Or you may have inherited a home you don’t really want and you want to dispose of it quickly. No matter why you have decided to sell your property for cash, you need know a few crucial things and make some minor preparations.
Types of Deeds
In all real types of real estate purchases or sales, the deed is the most important document. This specifies who will own the property once the transaction has been concluded. The two most common types of deeds are the warranty deed and the quitclaim deed. A seller guarantees that his house is free of liens or encumbrances by executing a warranty deed. On the other hand, a quitclaim deed makes no such guarantees.
Details On Hand
When you are ready with the details of your property, you make the sale process even quicker. As expected, any buyer will want to know more about the property they’re interested in. Make it a point to have information ready anytime.
In any industry, scammers abound. In short, research the background of your prospective buyer.
Also be sensitive to the indicators of a scam. For example, if someone wants to purchase your property without having seen it personally that’s fishy. Also be careful of those who only communicate through email, or those who don’t negotiate the asking price. Don’t worry, there are more legit house-for-cash buyers than not, and as long as you do your homework, you’ll be safe. Usually, you can choose between established and reputable investors, and individual buyers.
A cash house sale is reasonably for a lower price than the property’s traditional market value. This is totally understandable however, considering that the investor will buy your home in the exact condition it’s in. That means you don’t have to spend for repairs or renovation, and even the costs of the transaction, such as inspection, appraisal, closing, etc. are usually shouldered by the investor. Hence, everything will even out and you can still get a pretty good deal in the end.
As soon as the deal is done, you have to ensure that you have copies of all the relevant paperwork, organized neatly and stored in a safe spot. This is very important, especially when handling tax consequences of the sale. As you probably know, the IRS will want to be in the loop regarding any profit you made with the sale.