Author: Toni Husbands / Source: Wise Bread
In August of 2017, an investor called us and offered to buy our condo for cash. We didn’t have it listed for sale. The condo was in great condition, the rent we charged covered expenses, and it was in a very nice area that consistently attracted stable tenants.
My husband and I took about five minutes to confer before deciding to accept the offer.The offer was cash. We estimated it was about $10,000 less than we might have made through a traditional sale. After accounting for realtor commissions, taxes, and the time required to sell our condo; we felt the convenience of an as-is cash sale was worth it. The closing took less than two weeks. By the end of August, we had an extra $35,000 in the bank.
Selling your house for cash can be a dream come true. In these cases, investors are looking for a quick transaction. They aren’t generally concerned with repairs. Real estate agents are not involved, so the cost of a broker’s commission is waived. In my case, the inspection walkthrough was merely a formality. The as-is cash closing was also a piece of cake. (See also: How to Sell Your Home When You’re Underwater on Your Mortgage)
The investors who contacted us were the building’s property managers. They already owned other rental units in the building, so we were able to verify their legitimacy quickly. However, all that glitters is not gold. This industry is rife with scammers looking to swindle you, and you should be careful working with people who advertise a service to buy houses for cash on traditional media sources, online, or even street corners (we’ve all seen the signs nailed to light posts).
If you’re considering selling your house for cash to an investor, make sure you do your homework, and back away if you detect any of the following red flags.
It’s a foreign investor
People who contact you from foreign countries offering to buy your house sight unseen should set off alarm bells. In some cases, scammers submit legal-looking documents or send you to websites that look professional. They might say they’re moving to another country for work. However, these people are either never available to speak…
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