It is estimated that about 20 percent of home sales in the US are all-cash transactions. Of this, about three-quarters of the sales are from property investors. Those investors who state, “We buy houses in Connecticut” are those who buy houses, and then either sell them for a profit or rent them to others.
Of those who did not sell their house for cash, about 90 percent listed the house with a real estate agent. When there is ample time to sell the house, this is the preferred route. When you use a real estate agent, you can rest assured you will get the highest possible price. However, to do this takes time and money. The agent will want the house prepped and staged, ready for the market.
When Speed Takes Precedence over Price
When speed is the primary consideration, you may wish to look for a cash buyer. The process is simple. Provide the buyer with some basic information about the house and its location. Within a day, you can expect the buyer to come back with a cash offer.
Buy the house “As Is”
A realtor wants the house to be in excellent condition, a cash buyer does not. Making repairs to your house before it can be listed is time-consuming and expensive. Many of the repairs that must be made do not result in a comparable increase in the home’s value. They are made to expedite the sale. The ROI on updated kitchens and bathrooms is negligible.
Avoid Contingency Clauses
Contingency clauses do little to protect the seller. However, they do protect the potential buyer. When you sell your house to an investor for cash, there are no contingency clauses. When the price is accepted, the deal is as good as done.
When you opt for selling to a cash buyer, the process is quicker, and there is far less legwork on your part.