Here are 10 examples of people who could benefit by a cash sale on their home. The main idea is to know if a cash offer is right for you. It may, it may not.
- Unwanted inherited property – Inheritance is a great thing but if it’s a property that doesn’t interest you then selling that unwanted house and taking the cash could benefit you more. I met a homeowner who was mentally incapacitated who inherited a home and with help of their guardian they sold the property and enjoyed the freedom that was given to them by having extra funds to help with all the medial needs.
- Foundation problems – This bill can get really high! The very first house I bought had a quote given to the original owner for $30,000 to fix the foundation. You could walk from the master bedroom door to the other end of the room and feel that you were walking down a slope. No one wanted to buy this house. However, she opted to sell the house and get some cash without having to worry about fixing the foundation in any way. It was a win-win.
- Are you in foreclosure – This is a painful situation. Once your name goes on the foreclosure list, no doubt you are getting calls, knocks on the door, letters in the mail, etc….the list goes on and on. I wrote a letter to people going through foreclosure which can answer some questions but if you sell the house for a cash offer it stops the foreclosure immediately.
- Job Relocation – If you are being relocated to a different city and are in a time crunch to sell the house why not get a cash offer and use it to weigh your options. If you are not in time crunch then sell the house on the MLS and you can usually get a higher price that way.
- Has the neighborhood gone down? – During my teenage years in Austin, I live in a great neighborhood. I went back there after I had children to show my kids the house I had lived in and was blown away by how terrible the neighborhood had become. Trash everywhere, all trees overgrown, houses were run down, etc… I was surprised but it happens a lot.
- Divorce – I hesitate to comment on this since divorce is a terrible thing but if you need to sell the house and are simply interested in moving on then this is a super fast to do so.
- Too many repairs needed – People usually want to buy a house that is ready to be lived in from day one. Lots of repairs being needed will cause potential buyers to move on to another house and for the house to sit longer on the market.
- Retirement or downsizing – When I was younger we had a lot of people live with us and our house was a great size. Now that my parents are empty-nesters they will in a much smaller house that is 100% adequate for their needs. Large houses usually means lots of cleaning and maintaining.
- Death of a loved one – Loosing loved ones is never easy but if you find yourself needing to get rid of a house due to too many memories or because the house has become burdensome then sell it. Not to make little of this situation but selling a house that is painful to live in can help the healing process.
- Job loss – I have lost jobs in the past due to my fault and then also by being downsized and the disruption in cash flow can be really hard. Marriage issues galore can show up during this time as well. I used up most of my savings and the unemployment process is a burden no one should have to go through.
There are numerous reasons to sell a house for a cash offer as I have mentioned but each case is different. One size does not fit all in real estate. I always recommend that you know what your options are and then choose accordingly.