Selling a home for cash is not for everyone, but when a quick sale is needed, it can be the best option. In certain circumstances, the homeowner doesn’t have the time to wait for the traditional sales process or just doesn’t want to deal with the hassle. Although there are numerous reasons why people sell to cash buyers, three common reasons involve sudden life change.
Foreclosure
An unexpected occurrence, such as being laid off, losing a spouse, or becoming seriously ill, can sometimes cause a homeowner to fall behind on mortgage payments. When this happens, the lender will serve notice of default, and if the debt isn’t settled, foreclosure proceedings will begin.
Selling the property is a common way to deal with foreclosure, but the sale needs to happen quickly. The traditional sales process is uncertain and can take months, so many people choose to sell their homes to a cash buyer. Within a week or so, they can have the house sold.
Inherited Property
When someone dies, their belongings, including their home, are passed down to their relatives and loved ones. If there’s no will, or the will doesn’t stipulate a single person to inherit the property, the house is usually sold and the proceeds split equitably among the heirs.
Since the estate must continue to pay expenses on the house while it is waiting to be sold, the heirs typically want to sell the property as fast as they can. Selling to a cash buyer is often the best solution, especially if the house also needs repairs.
Need to Move Quickly
A transfer, a divorce, a move to assisted living—these are just a few of the reasons why a person may need to move as quickly as they can. In these cases, homeowners will often choose a cash sale rather than putting their home on the market. They can avoid the stress of showings and waiting for an offer and instead have cash for their home within just a few days.
Whatever the circumstances, a cash sale works the same way for everyone. The process is simple, fast, and hassle-free. You can have an offer within 24 hours and can close on the property in most cases within a week or so.
Learn more about selling your home quickly in the Oklahoma City area by clicking here.