Owing a home is often touted as part of the American dream and an excellent financial move for the homeowner. Unfortunately, this is not always true, and when problems arise, the dream of home ownership can quickly become a burdensome nightmare. If you have found that owning a home is becoming increasingly uncomfortable due to circumstances beyond your control, the following information outlines some common problems that can be solved very easily by selling the home for cash.
When inheriting your grandparent's vintage home puts you in a difficult situation
Memories of visits to grandparents often seem magical when adults are reminiscing, especially when the grandparent's home is remembered as a vintage, rambling house with lots of interesting nooks and crannies to explore. When adult grandchildren find they have inherited these homes, however, a house that once seemed magical may now be depressing, especially if it will require thousands of dollars of renovations and updating to be inhabitable. If the home was unoccupied for some time before the beneficiary takes possession, the situation can be even more dire, with vandalism damage, outstanding fines from city inspectors for uncut grass, and unpaid property taxes to contend with.
Selling the home for cash can be the perfect solution for anyone who inherits a home that they do not want or cannot afford to deal with. It can also be the simplest solution when the home you inherit is located far away from your current home and you are unable or unwilling to manage its care from afar.
When growing repair issues become an insurmountable problem
Home repairs that are ignored or postponed always get worse. This is especially true when an uncomfortably tight household budget forces homeowners to wait to make even small, but necessary repairs. For example, failing to fix a leaking toilet seal as soon as it is noticed can quickly cause decay and mold issues that may require extensive repairs to remedy.
Homeowners whose homes have become rundown are excellent candidates for a cash offer. Since these offers are made on the home in its current condition, homeowners who agree to sell their homes for cash do not need to worry about the results of a home inspection or appraisal and can instead focus their efforts on moving forward to find a better home for their family.
When a divorce requires the family home to be sold
During the settlement of a divorce, it is not uncommon for the court to decide that the family home must be sold and the profits distributed between the former spouses. Homeowners who find themselves in this situation may want or need to sell their home very quickly in order to satisfy this condition of their divorce. Selling the home for cash is often the fastest way to handle this issue. In most cases, this type of cash sale can be closed very quickly, with no real estate commission or closing costs withheld from the proceeds.
When a natural disaster leaves you with an uninhabitable home
As recent hurricanes have proven, natural disasters can leave many homeowners stuck with a home that is no longer habitable. This problem is even worse when the home's insurance does not cover all or most of the damage. These homes are excellent candidates to sell for cash to investors who have the time and resources to renovate them.
Investors who purchase homes for cash do typically make offers that are less than the average price your home might sell for in the marketplace. However, it is important to remember that the cash offer will not require sellers to pay expensive real estate commissions or negotiate any repairs, both of which can represent a savings of thousands of dollars on the average home sale. In most cases, these buyers are also willing to pay closing costs and arrange to close on the home within just a few days of reaching an agreement with the seller.