Drive around a typical neighborhood, and you will surely see the signs — the ones offering fast cash for your home. Then there are the late-night TV commercials and radio spots, all promising quick money for your property.
You may have wondered how those offers work or whom they might work for. Chances are those all-cash offers will come in a bit lower than other buyers, but there are still times when the process makes financial sense. Here are three times when a fast cash home sale could be the best move.
#1. When It Will Stop a Looming Foreclosure
There are times when accepting a fast-cash offer makes the most financial sense, including when you are facing foreclosure. If the bank is closing in and you run out of options, selling your home for cash and paying off the loan could give you the clean start you need.
Allowing the home to go into foreclosure can be emotionally devastating, but the black mark on your credit could be even worse. With a foreclosure on your credit file, moving on will be difficult, and accepting a cash offer might just be the best way out.
#2. To Facilitate a Profitable Move
If you receive a job offer that is too good to be true, you will want to move fast before that offer leaves the table. Even so, picking up and moving long distance on short notice can be a tall order.
Exchanging a smaller cash offer for a quick and profitable move could make financial sense. Depending on how lucrative the job offer is, you could recoup those small losses very quickly.
The alternative to selling your home for fast cash would be renting or trying to work with an agent many miles away. Both of those approaches have their downsides, and in the end, a quick sale could be the best move.
#3. If You Inherit a Hoarder Home
Cleaning out a home that once belonged to a hoarder could cost tens of thousands of dollars, not to mention the emotional stress and strain when the home in question belonged to a loved one. Inheriting a home from a hoarder can feel more like a burden than a gift, but an all-cash sale could solve all your problems.
One of the biggest advantages of those fast-cash buyers is that they will indeed accept the property as is. If the home is full of old newspapers and other junk, the purchase price will likely be lower, but you will also be able to cut ties with a difficult emotional and financial situation.
Selling your home can be a fraught experience, especially when facing time constraints or other serious issues. When you need to move fast, save your home from foreclosure, or deal with a hoarding situation, selling your home as is for cash might be the best move for you.
