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What Is a Cash for Homes Company and How Does It Work?

What Is a Cash for Homes Company and How Does It Work?

Knowing the current housing market and the price of homes in general, would it surprise you to learn that in 2021, nearly 32% of home sales involved the buyer paying cash?

Most people can't imagine ever saving enough cash to buy a house with just cash and no mortgage. 

Yet, there is a trend in using cash for homes instead of the traditional financing route. 

So, how is selling your house for cash different, and how does it work for the seller? Keep reading to find out.

What Is a Cash for Homes Company?

A cash-for-homes company will buy houses for cash. A seller who wants to sell a house as-is or wants to execute a quick sale can contact a cash-for-homes company. 

These companies that buy houses for cash are prepared to assess the house's value quickly. They don't expect, in most cases, that any repairs be done.

Once they've evaluated the house, the cash company will make an offer. Most companies can close on a house within a few weeks. 

As an owner, you don't have to wait for inspections or appraisals to finalize a sale. 

How Does the Cash for Houses Process Work?

Each cash for houses company is slightly different. When connecting with one, you want to ask them to spell out specifics about their timeframe and steps to sell for cash. 

Generally speaking, the first step is to connect with a cash-for-houses company. Once you connect with the company by phone or website, you'll get asked for basic information about the house. 

The cash company will want to know:

  • Location
  • Condition of the house
  • Age of the house
  • Size of the house

They may have some follow-up questions regarding upgrades or house configurations. 

Some companies will send an inspector or appraiser to look at the property and get back to you with their cash offer. 

Then the sale can close quickly if you accept the case offer. Since no banks or other sellers are involved, the closing can happen quickly.

Pros and Cons of Selling a House for Cash

There are some real positives and negatives to selling your house for cash. 

Of course, a quick sale without the hassles of a realtor or paying a realtor's commission is an advantage. You don't have a host of strangers going through the house, and you won't need, in most cases, to make a bunch of improvements before selling. 

Not all cash-for-houses companies are straightforward. Some can even use predatory tactics, so pay attention and read the fine print. 

You may also get a lower than market value offer for cash. Remember, though, you won't pay a realtor commission, and you won't need to invest in any home improvements before selling. 

Who Buys Houses for Cash?

You might wonder who is behind the companies that buy houses for cash. There are several different reasons a company might buy a house for cash. These include:

  • House flippers
  • Franchise cash buyers
  • Buy and hold investors
  • iBuyers
  • Trade-in companies

Of course, the goal of a cash company is to make a quick purchase. It saves the seller from doing any repairs. They can also avoid the hassles of a traditional sale. 

Sell Your House for Cash Today

If selling quickly, without all the hassles, sounds good to you, we can help. We are paying cash for homes if you live in the Scottsdale area. 

Contact us today to learn more about our process, and let's work together to get your house off the market and sold.