Although cash home buying companies are a relatively new concept that most people in Greensboro, North Carolina have got very little or no experience of using, you should not be put off by this fact and should definitely consider the option as a means of selling your house. There now exist a wide number of companies out there that allow you to sell your house fast in Greensboro, meaning that you no longer have to wait weeks or even months for the typically highly stressful process to be completed. This is ideal for a variety of life situations, such as being in financial difficulty, going through a divorce, changing career, etc.
However, if selling your house to a cash home buying company is not something that you have ever done before, then it is likely that you have some questions about the process. Some of these are answered below.
What does selling your home for cash actually mean?
The process of selling your home for a cash payment comes with the same type of benefits that trading in your rusty old car to a dealership has when purchasing a new car. Selling privately may have resulted in you getting a bit more money, but it would definitely have taken longer and probably required more input from yourself.
For instance, with a cash home buying company you get to skip the process of showing and staging your property and go immediately to asking for an offer to be made. When doing this, you must state if you are selling your home in its current condition or if you plan on performing any repairs or renovations to it, such as replacing the carpets, fixing leaking taps, or replacing light fixtures.
After this stage, the cash home buying company will perform a full evaluation of your property in order to determine what the value of it is and what they are willing to pay you for it. It is the job of the seller to review this offer, along with all the terms and conditions of the sale, to see if it is acceptable or not. If you do want to go ahead with selling your home this way, it is recommended that you ask the cash home buying company to provide proof that they have enough funds to be able to purchase your property with cash.
As the process moves on, further inspections and appraisals of your home may be required. Because there are no lenders involved in the transaction, the sale can move much faster than the 51 days that it typically takes with a mortgage. All in all, selling your home for cash can take just a couple of weeks or even several days to go through.
Are cash home buying companies legitimate?
There are lots of completely legitimate cash home buying businesses out there that you can trust to sell your house with. These companies will provide you with a good experience and will be honest with you at all times. However, when committing to anything on the scale of selling a house, it is always recommended that you do proper due diligence into the company before committing to starting the process with them.
One way of doing this is by checking to see if they are a member of the Better Business Bureau (BBB). Additionally, you should check their website and other review type websites in order to try and obtain some honest feedback on the service that the company provides its customers with.
If you have any concerns about the legitimacy of a particular cash home buying company, then you are perfectly within your rights to ask them to prove that they have the funds needed to purchase your property. Alternatively, speak with a real estate agent in your neighborhood to get some advice on which companies are legitimate or not, as these experts will likely have knowledge about the entire real estate sector.
What will a cash home buying company pay for your house?
The answer to this depends on a wide number of variables, such as the location of the property, its price point, and the condition that it is in. This means that the value of your house may differ in the eyes of one cash home buying company to another. Although what is consistent with all of these companies is that they will offer you less than the true market value of your property – as much as 30 percent less in some cases.
How long does it take to sell your home for cash?
It can be quite an ordeal ensuring that the buyer’s financials are all in check and is something that can hold up the process of a traditional sale. The latest data (from June 2021) shows that the average number of days that it takes a sale with a mortgage to close is 51. That means that you have to wait around for practically two whole months.
In contrast to this, cash home buying companies are much more agile and are able to move pretty swiftly. In most situations when selling your property to a cash home buying company, they can provide you with proof of their funds, make an offer, and close the sale in as short a space of time as one week to 10 days.
Should you sell your house for cash?
If you are in need of selling your house fast, or are looking for a greater level of convenience, then it makes perfect sense to use the services of a cash home buying company. By going down this route it eliminates any and all questions that exist around the sale of your property. Many of the pain points that exist for traditional buyers that require a mortgage simply do not exist for cash home buying companies.
However, be prepared to get a lower offer for your property than what you may have been expecting, after all, these companies are looking to make a profit.