There are many reasons why people sell their houses for cash. The most common reason is that they owe more on the mortgage than the house is worth. Other times, homeowners sell because they want to move out of state or even out of the country and don't want to sell it through traditional means like listing it with a real estate agent.

Whatever your reasons may be, here are some things you should know about selling your home for cash.

What Kind of People Buy Houses With Cash?

When you're traveling around town, you've probably seen the "we buy houses in Las Vegas" and "cash for houses" signs. So, who are these Las Vegas, NV cash home buyers?

The majority of cash buyers are real estate investors, such as House Buyer 24/7, whose purpose is to create win-win scenarios for homeowners like you. 

We buy houses for cash at House Buyer 24/7, which means we don't need a bank to finance the transaction. We buy houses in any condition and don't require a traditional mortgage.

Are we the real deal? We are glad to say that we have a solid reputation for being a trustworthy and ethical business.

Getting a cash offer from a legitimate real estate investor will definitely go smoother than working with a regular or first-time homebuyer. They don’t have to deal with tasks like applying for a mortgage or getting the home appraised.

If you have any further questions don't hesitate to schedule a call with us or leave a comment at the bottom of this page.

What Are the Pros to Selling Your Home For Cash?

Consider a Cash Offer Instead of a Financed Offer

It may seem exciting to imagine diving into a pool of money when you receive a cash offer but keep in mind that money from the sale will likely be used to pay off your mortgage unless you own the house outright. Nevertheless, cash offers are attractive to many home sellers for several reasons.

For one, you won't have to deal with the frustrations of waiting months for a buyer to secure a mortgage from a bank just to find out that the buyer couldn’t get approved and you're back to square one.

Confidence in the Success of the Deal

When the buyer pays cash, they either have the money or they don't - as long as the proof of funds is verified, you know you'll be able to close. As of April 2021, only 5% of contract terminations were reported by the National Association of Realtors. Still, some sellers want a greater degree of certainty. Over the last three months, 22% of transactions were delayed due to a delayed closing, according to the same report.

With House Buyer 24/7, you won't have to deal with a lot of folks who are just window shopping for properties. We will not waste your time. This is our line of work.

Fast Sale Process

Moreover, this method of selling a home is very fast. There's nothing better than knowing that your closing is approaching, allowing you to begin a new chapter of your life. If all the title work, insurance, appraisals, and inspections have been finished, and the closing agent can work around their schedules, all-cash buyers usually close within a few days.

Buying a home with a pre-approval requires obtaining a mortgage approval, then underwriting. The entire process can take between 45 and 60 days. Closed cash transactions are often completed within two weeks. Once you accept the cash offer, we can close on the timeline that you want.

Fewer Contingencies 

Generally, cash buyers do not ask for an appraisal, or any other contingencies before buying. The chances of getting an inspection contingency, financing contingency, appraisal contingency are lower.

Typically, we do our own inspections so we can give you a Fair Cash Offer.

Easy Closing

In order to make sure paperwork is complete and correct, cash buyers should find a title and escrow company and hire a real estate agent (and perhaps an attorney). Even so, without a lender, there is less paperwork to review and authorize.

Stress-Free Appraisals

An appraisal must be completed before a mortgage can be approved since the property is the guarantee of the loan. A lack of comparable home sales data may result in an appraisal that fails to keep pace with rising home values. This leaves a gap between what a buyer would be willing to pay and what a lender will lend. 

Cash buyers can establish comparable data between houses in the neighborhood because of extensive knowledge and experience as an investor, as well as a large network of reputable investors. Thus, cash buyers can assist homeowners like you who need to sell their home quickly and at a fair price.

Ideal situations and properties for selling a house for cash:

• Traditional Sales of Houses Are Slowing Down

• Property in an Unfavorable Location

• Problem With a Rental Property

• The Property Belongs to Distant Relatives Who Want Cash and No Work

• Foreclosure or Missed Payments

• Probate Properties

• Bankruptcy 

• Medications, Divorce, and Other Reasons Necessitate Liquidation

• Any Reason for a Quick Profit/Sale

• Requires Extensive Repairs

• Others Are Possible as Well

Instant Cash Offers

One of the major selling points is that you will receive an instant cash offer and can find out how much your home is worth immediately.

It is possible for some to give offers quickly. Those who are interested in the property will want to talk to the seller by phone and inspect it in person before they make an offer. The final offer won't come until the home inspection has been completed.

No Need for Home Repairs or Staging

Buyers like these usually don't need to do any repairs or updates. People who are losing their homes to foreclosure or those who are in a tight financial situation benefit from this method of selling. 

If you stage your home and make it more attractive, they will not award you extra points for cash. The plans for that are probably very different than your own, and they are planning on doing it themselves. As a result, you won't need to spend money on a property you're only trying to sell.

Capable of Selling in Difficult Situations

The investors may purchase your home under challenging circumstances in which no other buyers are interested or when no lenders will provide a loan for the purchase.

Here are a few examples:

• Houses with a defective title

• Property tax and insurance payments that are past due

• Tornado-damaged or burned-down homes

• Illegally converted or code-violated properties

• Requires major repairs

An offer for cash is really only concerned with two things:

1. Home Value

2. Closure date

Sell Your House As-Is

The condition of houses purchased by cash buyers is usually terrible. Furthermore, sellers will want to make sure that after a property is sold, there will be no liability issues associated with it. The majority of the time, they aren't sure what's going on with it, but still want to remain anonymous to avoid any liability.

No Need for Home Inspection

If you accept our offer, we are not concerned about the condition of the property once we have inspected it. Apart from very special circumstances, we do our own inspections.

The seller won't have to wait for two to three weeks to figure out what the inspection report revealed, what the buyers will ask for, and if they still want the property and other concerns that sellers worry about.

We give you a cash offer, which constitutes the terms of the offer. You don't have to worry and you don't have to guess.

Commission-Free

Lastly, you pay no commissions when you sell directly to a cash buyer! The typical real estate agent will charge anywhere from 5-7% of the sales price in commissions. The fees can add up, and depending on how much your property sells in the end, accepting an all-cash transaction might be a better deal.

What are the Cons in Selling Your Home for Cash?

Would you be better off selling your house for cash? Selling to these buyers may have some disadvantages that you need to know before making a commitment.

Could It Be a Scam?

Some all-cash house buying companies are legitimate but others are not. To avoid getting scammed by these companies, you should do thorough research about their company first. A legitimate company will not require an upfront fee before purchasing your home. Make sure the business has a good reputation and credibility. Check out the company’s website, look into the sellers they’ve interacted with. Research the company’s owner, and lastly, ask many questions before agreeing to anything.

Always make sure that your cash buyer is reputable. Our objective in House Buyer 24/7 is to assist local Las Vegas homeowners who need to sell their property fast and at a fair price.

We can assist you if you want to sell your house for cash in Las Vegas or just need to sell a property near Las Vegas. Schedule a call with us today!

Low Priced

Professional home buyers may likely give you a lower cash offer than what you could receive elsewhere because they go through the trouble of simplifying the process of getting rid of your unwanted property.

At House Buyer 24/7 we buy properties in As-Is condition, we pay all closing costs, zero fees, and commissions, and you get to choose your closing day.

In summary, the offer should reflect the following:

• Property Condition
• Costs Associated With Renovations
• Need Time for Property Improvements
• Costs of Repairing and Reselling This Property
• Property Retail Value After Repairs
• Costs Associated With Buying and Selling a Property
• Acceptable Profit Margin

Takeaways

Whatever your circumstances may be, it may be easier to sell your house for cash for all of the above reasons; however, your main problem may be money, in which case you should explore other options.

If speed, property condition, and/or an unforeseen situation require you to sell your house as soon as possible, then a cash sale makes the most sense. An all-cash offer can sound appealing to many sellers, and for a problematic property, it'll feel like a huge burden off their back. 

You don't need to sell your house in the real estate market like the traditional home sale. If you're worried about not reaching your property's ideal market value, many cash buyers like our company avoid the traditional route and help sellers sell fast. Ditch the traditional sale and sell your house to an all-cash buyer! You won't have to go through complex real estate transactions we'll take of that for you! 

We are buying houses for cash in Las Vegas, so if you live there and are interested in learning more about how we buy houses for cash, please contact us for more information. We provide an all-cash offer and will pay cash for distressed properties, houses needing costly repairs, undervalued properties, and help you get top dollar for your property!

Additional Questions about Selling Your House Fast 

Do cash offers have closing costs?

Closing costs are typically associated with the loan origination, pre-paid financing fees, appraisals, and document recording fees in a bank-financed transaction. You can avoid these closing costs if you sell your home for an all-cash offer.

YES. All fees that must be paid at the closing table are referred to as closing costs. The fees and expenses vary depending on where you live. Closing costs, on the other hand, typically include, but are not limited to:

• Transfer Costs
• Transfer Taxes
• Appraisal Cost
• Inspection Fees
• Title Insurance

When you work with a direct buyer, they will cover all closing fees! Because they are not an agent, a direct buyer will not charge you a commission. Direct buyers will frequently offer to cover all charges, saving you money and time at the closing table.

How long does it take to sell a house for cash?

An investor can purchase your home quickly. Some investors can buy in as little as 7-10 days. Because the investor is also the buyer, no showings are required, and many investors, including ourselves here at House Buyer 24/7, buy houses in any condition, so you won't have to make any repairs.

Cash offers can also be closed in as little as two weeks if the buyer can prove that they have the funds to purchase the home and have the cash available. Once an offer is accepted, the buyer may want to inspect the property within a week.

How do all-cash offers work?

A cash offer is a purchase offer paid in cash by the buyer to the seller. Most sellers prefer a cash buyer over a buyer who needs to get approved for a mortgage. A cash buyer can close a transaction quickly without incurring uncertain underwriting. 

Why Is a Cash Offer Better for a Seller?

A cash sale of a house can reduce closing costs by thousands. There will be savings on appraisal fees, document processing fees, credit checks fees, and mortgage origination fees, but the buyers will pay most of these costs. The seller will also be able to save money on closing costs since cash sales generally have lower closing costs.

Is Selling Your House for Cash a Wise Move?

If you need to sell quickly, cash sales are ideal. However, you can sell with a Realtor and still receive all-cash offers. When you sell your home to a cash buyer, you’ll receive less for your home than putting it on the open market. The seller of a poorly-maintained home may be able to receive offers from their poorly-situated seller if the house is bought with cash.

Can Companies That Buy Houses Cash Be Trusted?

It is possible to find legitimate companies among Cash Buyers such as our very own House Buyer 24/7. Companies like these that buy houses for cash have full licenses to operate in the states where they operate.