Should You Assume Every Cash Buyer in Pennsylvania is a Scam Artist? – Why would a Pennsylvania homeowner want to sell their home to a cash buyer, don’t they try to buy your home for less than it’s worth?
There are several reasons why homeowners in PA might find themselves in a position to consider selling their homes to a cash home buyer. The most common include a sudden divorce/separation, unforeseen financial distress that needs quick action, the possibility of repossession, the need to relocate with a sudden timeline, and inheriting a troubled property.
There are some cash homebuying companies out there looking only to pay very little or scam a homeowner with the promise of a quick cash sale. The key is to know how to identify a cash homebuying company that is reputable. Here is important information to know about cash homebuyers.
Should You Assume Every Cash Buyer in Pennsylvania is a Scam Artist?
How the Process Works
Selling your home to a cash buyer is pretty similar to the process of selling your home to anyone. They will offer an amount of money for the home and a contract for the sale terms. When the terms of the purchase agreement are carried out they will make a payment after all paperwork is finalized and signed.
If the buyer encourages you not to seek advice as you are reviewing the contract this is your time to be skeptical. A reputable cash buyer will offer a contract that they are not nervous about you reading every line and seeking some insight from knowledgeable help.
Advantages of Using a Cash Home Buyer to Sell a PA Home
You can make more money selling a home traditionally (not in every case when adding up the cost of selling and keeping the property on the market longer) but there are some home-selling scenarios where it is more beneficial to just get a home sold.
- Selling a home for cash is much faster. There are several scenarios where a PA homeowner needs to sell their home quickly and be guaranteed that it will sell quickly. Selling a home for cash eliminates many of the mandatory contingencies in standard purchase agreements that lenders require before lending money to their clients and releasing it to the homeowner. If you are up against a quickly approaching deadline selling for cash is worth the timeline security.
- There is no need to prep the house with repairs and staging and to take time holding showings. Making those repairs and getting the home in top shape to show to buyers costs time and extra money in many cases hundreds of dollars.
- If you have a PA home that has been deemed unlivable (condemned) you don’t have to wait around for a long and unspecified amount of time trying to find the right buyer who is looking for an extreme project or land that they can just tear the home down. (And the buyer is financially sound enough to qualify for a loan on this type of property).
Drawbacks of a Cash Buyer
No home sale is going to go perfectly. Even if you were to sell your PA home traditionally and receive more money than the home is worth, something can always work out better.
- Selling at a lower price than market value. Yes, cash buyers will offer you less than the property is worth. This is a standard practice. The key here is to know how much your property is worth and to know what a fair offer for the convenience of selling quickly is. The average cash buyer is going to offer between 80 and 85% of the fair market value. If you have a quick sale offer for 100% from a cash-buying company don’t sell. And if the offer is far too low make a counteroffer or politely decline. Reputable homebuyers will encourage you to know the value of the property.
- There are plenty of homebuying scammers out there. Not every cash buyer is a scam but they do exist. Be aware of how buyers operate and the difference between reputable buyers and bad ones. Retain the advice of legal help when looking at the contract because scammers will change terms and not want you to seek advice.
The biggest takeaway here, no not all cash buyers are scammers and if you need to sell a home quickly there could be a benefit to working with a repuatable buyer. Make sure to research any cash offer you receive from a cash buying company and always get professional help working through the purchase offer.
Need to sell your Pennsylvania home fast AS-IS? Contact me anytime. I encourage you to research us and see we are a reputable buyer here to help sell your home quickly. Call us today for more information on how to sell your PA home quick and easy.