In Salt Lake City, Utah, it’s very common to see advertisements about selling homes for cash. This does two things: it piques people’s interests and makes them wonder if this type of business is even legit.
So, is cash for homes a real thing? And how does it even work? This article can answer these questions for you.
Are Cash Home Buyers Legit?
Yes, there are legitimate companies in Salt Lake City that will buy your home for cash. There are many cash buyers on the market who are trustworthy, reliable, and can provide a great service. However, it’s always recommended that you do your research on potential buyers before you give away any private information or send any money.
How Does The Process Work?
The process of cash buying in Salt Lake City works like this:
1. Request Offer
Firstly, you can skip the usual staging and open house process. All you have to do is request an offer. When you request an offer, you have the opportunity to communicate if you are open to making repairs to the house or if you just want to sell the house as is.
2. Home Evaluation
After the initial offer, the buyer will most likely send someone to evaluate the house in person. Evaluating your home helps the buyer decide if they’ll accept the original offer or negotiate.
During this process of selling your home for cash in Salt Lake City, it’s very important that you read over the contract very carefully. Furthermore, always ask the buyer for proper documentation to ensure they have the money to complete the transaction.
Next, depending on the business requirements, the buyer will ask for an official inspection to be done. This might be required even if you don’t want to repair the home prior to closing.
Normally, the average closing time for a home is around 54 days. However, a cash buyer can close everything in as soon as seven days. This is because a lender isn’t involved and there is no usual lender-ordered appraisal or loan processing period like in regular home selling.
Next, you need to do a title search to ensure that the property can be transferred to a cash buyer. This checks for any claims or judgments, such as mechanic’s liens, unpaid taxes, and boundary encroachments that may be tied to the property.
7. Completed Transaction
Finally, after everything is cleared, the cash home buyer in Salt Lake City will wire the money to your bank account via direct deposit. While this may take a few days to process, there is no need to worry about the money not appearing. It will. Once it does, you just completed your cash selling transaction!
Is Cash Selling Recommended?
If you’re someone who is looking to make a quick sale in Salt Lake City without much hassle, you will find that cash buying will work conveniently for you.
Cash selling is often recommended to those who want to make a quick move or don’t want their homes to sit on the market for months. People in Utah love how convenient this process is as well.
How Much Money Can I Make?
Here in Salt Lake City, different investors and cash-buying companies will offer various cash prices for your home.
The offer they give will depend on these things:
- The home’s location
- Price of home
- Home’s overall condition
All of these factors will help decide if your home is attractive to cash buyers. Ideally, they want homes in good condition; a house that needs little maintenance or repairs will be quicker for them to sell. Furthermore, a house in an ideal neighborhood is always a great selling point. People like ease and convenience; a home near shopping centers and good schools is a plus. Lastly, how much your home is worth plays a huge role as well. This will help determine what you’ll make if you accept the offer.
What Are The Downsides To Cash Buying?
While there are great things about cash selling, there are a few other things you should think about before proceeding. For example:
1. Lower Prices
The reality is that there are trade-offs in this kind of business. You may get less money for your home in exchange for a quicker, more hassle-free sale. The amount you’ll be offered will depend on many factors: including your location, condition of the home, and the company you’re selling to.
2. Not Much Room for Negotiation
Paying cash for homes is very different from traditional house selling. When you list a house on the market, many different people will see your home, fall in love with it, and make various offers. In the cash home buying process, that doesn’t exist.
The prices offered in this business might not have much opportunity to change.
In Salt Lake City, selling your home for cash is a great opportunity to forgo the long route of traditional home sales. If you need the money quickly or simply wish to bypass the whole housing market, you should really consider cash selling.
Of course, as with everything, please use your best judgment to make sure you’re getting the best experience possible.