Contacting a cash home buyer is probably the best decision, especially when planning to sell your home quickly and for cash. Another advantage is that cash home buyers buy homes as-is, meaning you don’t have to spend extra on repairs, cleaning, and renovation. However, you need to be able to tell the genuine companies from the tricky ones, so we have created this guide to help you discover cash home buyers in Columbus GA.
Follow the tips below to improve your home selling experience while also enjoying a smooth transaction.
Expect Non-Contingent Offers
Non-contingent offers are designed to waive the most common processes involved in traditional real estate buying. When a cash house buyer offers this, they’re forfeiting their privilege to perform due diligence and inspections of the property before purchasing it.
A non-contingency offer also means that the buyer will not perform additional property inspections other than the as-is representation of the property, will not review the seller’s disclosures, will not confirm the situation or condition of the property, and will not carry out final walkthroughs.
By forfeiting all those steps, cash house buyers can move a lot quicker with the purchase process, especially because they do not need an inspection period.
The non-contingent offers also mean that sellers can save money on pre-sale inspections, repairs, and renovations.
Avoid Long Inspection Periods
Selling your home to a cash house buyer is easier than using a real estate agent. One of the flexibilities is the ability to sell faster without delays. So, it’s important to check with the cash house buyer whether they need an inspection done and how soon they can get it started.
Most cash house buyers are able to send out their team within the shortest possible time to inspect the home and present an offer. However, you should be wary of cash house buyers who take an unnecessarily long time before scheduling the inspection or before completing the inspection.
The typical financed house takes 17 days, on average, for an inspection to be done and completed. You should expect your cash home buyer to complete any due diligence or inspection in a much shorter period, usually within 1 – 3 days. If the process is taking longer, you should consider other cash house buyers who have shown interest in purchasing your property.
Request a Low Earnest Money Deposit
A low earnest money deposit is the cash home buyer’s way of showing an interest in your property. By paying you an amount upfront, usually within 72 hours after the offer has been accepted, they’re sealing the deal and telling you of their readiness to finalize the purchase.
In addition, the money offer guarantees you against losses, especially if the buyer opts to pull out of the deal before its completion. In that case, you are not liable to return the deposit paid to you. However, you – as the seller – may incur some costs if you choose not to sell your property after the deposit has been made.
So, as part of the sale process, watch out for the low earnest money deposit offer to show the cash house buyer’s willingness to proceed with the deal.
Avoid Unusually High Offers and Promises
If it looks too good to be true, it probably is too good to be true.
It is important to set realistic expectations when selling your home in an as-is condition. You should consider the property’s value and the discount that comes with selling it fast to a cash house buyer. With these discounts, you can estimate how much your property is worth and gauge it against what is on offer by the cash house buyer.
If the offer is unusually high or comes with unusual promises, chances are high that the process may not be as transparent as you’d want it.
Some cash house buyers often offer ridiculously high prices to reel sellers in and tie their property up. It’s best to avoid such situations – especially if you intend to sell your property quickly.
Prioritize Local Cash Home Buyers
Dealing with local cash home buyers has many benefits, including being able to investigate their reputation and antecedents. The proximity can also help with faster inspections and quicker deals.
While it isn’t compulsory to sell your property to a local company, it’s recommended that you exhaust your local options before looking out of your city or state for a cash home buyer.
You should also understand that out-of-state cash home buyers often require more due diligence, especially because they may be unfamiliar with the local neighborhood and property prices in the area.
Following the above steps can help improve your home sale experience and make the transaction easier and smoother.