When you want to sell your house but it needs repair, you might consider selling it “as is” to a cash buying company. These kinds of cash sales are fast—so fast that you might not be quite prepared to move. In these cases, you may be able to rent back your home from the buyer.
Why Sell “As-Is”
Sometimes circumstances can leave you in financial straits. Situations such as losing a job, divorcing, or high medical bills can make it difficult to afford the costs of home ownership, especially when that house is in need of repair.
You may need to sell your home to relieve the costs, but at the same time, you might not have the funds to invest in making the necessary repairs. Selling “as is” on the market can be difficult since many buyers want a house that’s move-in ready.
How a Cash Sale Benefits You
Selling to a cash home buying company can be a good option. Cash buying companies will not require you to make any repairs or order any home inspections. They’ll buy your home in its present condition.
Cash buying companies also don’t charge commissions or closing costs. You can also save money with a quick sale because you won’t have to pay ongoing costs like taxes, insurance, and utilities.
How a Rent-Back Can Help
The speed of a sale is an advantage if you are having financial difficulties, but it may also put you in a bind with your living situation. If the house closes in just a couple of weeks, you may not have time to find a new place to live. Or, you just may want to stay for other reasons, such as a child’s schooling needs.
In these cases, you might ask the cash buying company about the possibility of staying in your home after the sale and renting it back from them. If the company doesn’t have any other immediate plans for your home, such as selling or rehabbing, they could agree to a rent-back agreement.
A cash sale to a fast home buying company can relieve your financial burden. A rent-back can give you some time after the sale to sort things out. For these reasons, working with a home buying company is an option worth exploring.
Thinking about selling your Utah home for cash? Learn more about the cash sales process by clicking here.