When you see advertisements that promise quick cash for your house, it might seem too good to be true. You may wonder if you can trust a cash buying company, especially if you don’t know anyone personally who’s sold their home for cash. A legitimate cash buying company won’t mind answering all your questions.
With a cash sale, the process should be transparent. The cash buyer should tell you up front what the offer for your home is based on and how the process will proceed. There shouldn’t be any mystery about what will happen or why.
Most reputable cash buying companies will have a website describing their purchasing process in some detail. They may also have a section that answers frequently asked questions (FAQ). There should also be a phone number where you can speak to a representative if you wish.
No Obligation Offer
When a cash buyer makes an offer on your home, it comes with no obligation on your part. You don’t have to sign a preliminary contract for the sale, and you shouldn’t pay any money. (If a cash buyer asks for money, run. A legitimate buyer will not do this.)
Once you have the offer, usually within 24 hours, you are free to reject it and walk away. The cash buyer should not pressure you or hassle you to accept the offer. If you accept, the buyer will explain the next steps.
Proof of Funding
Cash buyers don’t use financing to buy your house, but be sure that you ask for proof of funding. In other words, a trustworthy cash buyer will be able to provide evidence that they already have the funds to make good on their offer.
The proof of funding will be a letter or statement from the bank assuring you that the buyer can cover the amount offered. You should receive the full amount of the offer at closing, with no costs, fees, or commissions deducted.
When you’re selling something as expensive as a house, it makes sense to be skeptical and ask questions about the cash buyer you’re dealing with. You need to know you can trust them to follow through on what they promised. Be proactive and ask.
Do you have questions about selling a house for cash in the Hilton Head or Savannah area? Click here to see FAQs.