If you’ve ever sold a home before, you have at least some idea of what all goes into the process. There’s the photos, the listing, the staging, the cleaning, the showings, the negotiations, the wait on financing, the fees, and a whole host of steps that have to be taken first. The cash buying process is a little different though.
You might think that you’d be getting money instead of spending it since you’re selling a home and not buying one. While that’s mostly true, there are still commission fees and closing costs that you have to pay as a seller when you sell your home through an agent. That’s not the case with the cash home buying process though. With this process, there’s no agent to pay a commission to and Joe Homebuyer of Dallas covers the closing costs. You don’t even have to pay for any repairs if you don’t want to.
No Inspections or Appraisals
Most homebuyers have certain expectations when it comes to the condition of a home they’re interested in buying. That’s why most of them will have an inspection done, which can change their mind about making an offer on your house. Then there’s the appraisal. Lenders want to make sure that the houses they’re financing are actually worth the money that they’re lending, which is why there’s an appraisal as a part of the closing process. Again, that isn’t the case with the cash home buying process. No financing is needed, so appraisals aren’t necessary. All that is needed is a single showing to determine what a fair offer for your house would be.
Contingencies are essentially clauses that allow a buyer some wiggle room, either to negotiate a more favorable price for themselves or to back out altogether. There are both inspection and financial contingencies. That means that the sale can fall through without there being anything you can do about it. There are no contingencies in the cash home buying process, however. Once you have an offer, it will be honored, no backing out.
There are some similarities between the cash home buying process and the more traditional route. For one thing, you’ll still have to show your home (though only once to a cash buyer), and you’ll still have to weigh the offer you’re given. You’ll also have to close the deal on your home before you can get paid. Still, as a whole, the process is much simpler and much faster. For some homeowners, that’s exactly what they need.
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