Fast Cash Real Estate Sale (Not actually a briefcase full of cash)
The fastest way to sell any property is to sell it to a CASH buyer. A cash buyer means someone that has the means to close quickly with out a traditional lender, it does not mean anyone is coming to a title company with a suitcase of cash. The cash buyer does not need to get personally qualified and approved for a loan, wait for inspections, or wait for loan documents to be drawn up (which can take 45 days or more). Cash buyers can make decisions quickly. Cash buyers can also take care of all closing costs, back payments, liens, or taxes, or whatever it takes to get the deal closed. A non-cash buyer typically requires 30-60 days or more to close on a property – most of that time is spent waiting for the lender to approve everything. Additionally, lenders always require inspections, surveys, an appraisal, and possibly even repairs that cash buyers do not require. A cash buyer can close with in a few business days.
A cash buyer can save the parties involved the following estimated costs in a typical real estate transaction:
- Commissions on the resale (~6% of sales price)
- Closing costs on the resale (~3% of sales price)
- Monthly carrying costs until the property is resold (~4-5% of sales price, total)
- Necessary repairs/remodeling ($5-10K to $100K+)
- Closing costs on the purchase (~2% of sales price)
These costs typically total to ~15% or more of the resale value of the property, which means that cash buyers can only afford to buy the property at 60% to 70% of its full market value in order to make a modest any type of profit.
When you see a sign saying “I Buy Houses For Cash” it means “I’ll pay you around 70% of the property’s value, and do it fast”. For some people, such as sellers with lots of equity that need or want money quickly, this is a great deal. For others with little or no equity, this is not an option. For those with modest equity, or that want or need to make more money selling the property (and have the time to explore other options), this is probably not the best option. Real Property Hero will buy your property for cash and offer you several other options. Contact Us if you would like to explore this further.
Fast Cash Sale Advantages and Disadvantages
The advantage of a cash sale is SPEED and no hassles, closing costs, repairs, and no banks to get in the way and slow the process down. The property sells FAST and in it’s as-is condition.
The disadvantage of a cash sale is a lower sales price. Of course, this is somewhat offset by the fact that the seller is not paying commissions and closing cost, and because it sells fast, the seller is immediately relieved of having to pay the monthly mortgage, which may be very significant. This is the property selling equivalent to winning the lottery and taking the lump sum cash payment up front.
Common Questions About Fast Cash Sales
Question: How quickly can I sell a property?
Answer: In as little as 3-4 business days. Typically a week. In rare cases it can be as little as 2 business days in cases where the property is scheduled for foreclosure. It will always take longer in cases where there are title (ownership) issues that prevent us from moving quicker.
Question: Does everyone on the deed have to agree to the sale?
Answer: Yes, unless one party has a divorce decree or other agreement allowing them to sell the property unilaterally.
Question: Is the price negotiable?
Answer: Everything is negotiable…..
However, Real Property Hero, like all other cash buyers, is not going to pay more for the property than what they can afford – in other words for more than we could buy, renovate, and resell it for with a reasonable profit to cover risks and expenses.
Question: Why sell to Real Property Hero?
Answer: Real Property Hero uses standard Real Estate contracts, closes with title companies, and/or real estate attorneys, and adheres to the highest ethical standards when conducting real estate transactions. If you want to do something illegal – don’t bother to call. If you want to SELL FAST for a FAIR PRICE contact us here.
Question: What is a fast cash real estate sale?
Answer: A fast cash real estate sale is a type of transaction where a property is sold quickly for cash, usually within a short period of time. In such transactions, the seller of the property is looking to sell their property quickly and may be willing to accept a lower offer than what the property is worth on the market. The buyer of the property is typically an individual or company that has the financial resources to pay cash for the property without requiring traditional financing. These types of sales are often used in situations where the seller is facing financial difficulties or needs to sell the property quickly, such as in cases of foreclosure, divorce, or relocation.