Maybe you’re considering selling your house to a cash buyer, but you’re not sure if your house qualifies. Generally, a cash buyer is looking for any kind of house, but there are some circumstances where homeowners will seek out a cash buyer.
Homes Facing Foreclosure
When you’ve fallen behind on mortgage payments, you are considered in default of your mortgage loan. After 120 days with no payment, the lender can initiate foreclosure proceedings. If that happens, you will lose your house and any equity you have built up.
To avoid foreclosure, many people try to sell their homes to pay off the mortgage. Many times the lender will approve a short sale, meaning you can sell it for less than you owe. With a cash sale, you can get cash for your home in just a couple of weeks or less.
If you’ve inherited a home, or if you are the executor of a will, you might need to sell the house. If you haven’t been living in the home, you may not know what condition the house is in, and you might not have the funds on hand to pay for repairs.
If the house is under probate, you will be anxious to distribute the property among the heirs and close the estate. Selling a house on the market can drag on for months. With a cash sale, you can sell quickly.
Homes Needing Repairs
One of the most common reasons people sell to cash buyers is that they don’t want to make repairs. Fixing up a house can cost thousands of dollars. If you try to do some of the work yourself to save money, you could be doing hours of physical labor.
Many people don’t have the cash on hand to pay for repairs. Or, they may be too busy or not have the health and strength to do the work needed. Cash buyers will never ask you to make repairs in order to sell the house.
If you consult with a cash buying company, they explain the cash buying system and discuss how a cash sale may help you. Cash buyers will buy almost any kind of house, regardless of its condition or your circumstances.
If you have a home in Utah you’d like to sell, learn the benefits of selling to a cash buyer by clicking here now.