Here at White Sand Property Solutions, we hear a question from prospective home sellers quite frequently: “Can I sell my home in Colorado fast for cash”. Many of them believe that an all-cash offer is rare, but you will be surprised to know that more than 30 percent of all home deals in America are all-cash.
So if you are planning to put your property on the market, the chances are you will receive an all-cash offer, but here is the next question that will come to your mind when a buyer offering all-cash approaches you: “What things do I need to consider when accepting this offer?”
Well, the answer lies in the question itself: you would want to sell your home for cash because by doing so, you can sell it fast! Ask anyone who has sold a property what is the most time consuming element in the process of selling a home, and he or she would tell you without thinking twice: it’s the transfer of money from the buyer to the seller.
The majority of buyers take out a mortgage to finance a home deal. The mortgage approval process is quite lengthy. First, the buyer needs to get pre-approved from a lender. The lender then examines the creditworthiness of the applicant, gets an appraisal done and has the applicant sign a number of documents before approving the mortgage.
The process is so cumbersome that many things can go wrong even after the lender has pre-approved the buyer. For example, if the lender comes up with a low appraisal, the amount of loan is reduced. It can render the buyer unable to purchase the home simply because he or she can’t afford the home with the reduced amount of mortgage.
So if a buyer is offering cash, you can sell your home to him or her without any hesitation. By selling your home for cash, you eliminate the possibility of any financial hiccups that can otherwise cause unnecessary delays and in extreme cases even cause the deal to fall apart.
Now let’s discuss your primary concern, that is – “what things should I consider if I want to sell my home fast for cash”:
Beware of scam artists: The majority of buyers who’ll want to buy your home for cash are real estate investors. They are genuine people. They would want to close the deal quickly because they are capable of it. But that said, you should also watch out for scam artists who pose as real estate investors. To avoid any issues, get the name of the investor and do research online to see who they are and ask for references.
Pay attention to red flags: If a deal looks too good to be true, you should be cautious. If a buyer passes on inspection, doesn’t want to reveal his or her identify, doesn’t want to negotiate the asking price and engages in any kind of suspicious behavior, it’s time to your losses and move on.
There’s is always a risk of fraud in any financial transaction, but such frauds are not very common. Just do your due diligence and you will smile all the way to the bank.