A Closer Look at Cash Home Buyers Massachusetts. If you are eager to sell your house, it is easy to see the appeal of cash home buyers Massachusetts. In fact, according to a recent report by the National Association of Realtors, these buyers make about 20% of all property sales in the United States. The deal can be closed faster without the risk of financing problems. However, it is important to weigh the benefits and downsides before accepting an all-cash offer. That said, this read will cover a few important aspects to keep in mind.
The Benefits of Cash Home Buyers Massachusetts.
There are various reasons cash home buyers like Stella Point Properties can be appealing. These include:
- Sell Your Property Faster
There are many reasons you may want to sell your property quickly. Perhaps you are relocating for a job, facing foreclosure, or are downsizing. Regardless, selling the traditional way takes several weeks and the sale isn’t guaranteed even when you get a potential buyer. However, cash house buyers are faster as they can skip the financing process.
- No Mortgage Rejection
One of the most appealing aspects of all-cash offers is that they get rid of the buyer’s mortgage rejection. There’s a lot that can go south during a mortgage underwriting process such as credit score changes and job losses. Cash offers eliminate the risk of a mortgage rejection.
- Fewer Contingencies
Traditional offers have numerous contingencies that allow the home buyer to back out under particular conditions. With a cash offer, however, the buyer will not need a contingency for financing or sale of the house.
- No Need for an Appraisal
When selling a house traditionally, mortgage lenders will ask for an appraisal. The selling price needs to match the current market value, or they may not approve the full amount of the mortgage. This can easily derail the sale of your house. With an all-cash offer, however, this is one less thing to worry about.
- Sell As-Is
If your property needs a spruce up, you may worry about the inspection plus the necessary repairs. This can be especially stressful when you don’t have the money or the time to do these things. With cash home buyers Massachusetts, however, you don’t have to fret as they buy the property as-is.
The Downsides of Cash Home Buyers Massachusetts
While there are numerous appealing benefits of cash house buyers, there are several drawbacks to be aware of as well:
- Less Room to Negotiate
All-cash buyers tend to have the upper hand in regards to the power of negotiation. That’s because paying in cash puts them a step above other offers, leaving you with less leverage for negotiation.
- Low Offers
You will likely get an all-cash offer that is less than the property’s actual market value. However, given that they will be buying as-is, this is not much of a downside.
- Predatory Offers
If you are facing financial hurdles, you may notice an increase in firms that are willing to purchase your house for cash. These offers are often made through the phone or mail and are from people targeting damaged houses, or sellers who may be willing to sell for less.
- Possibility for Scams
Perhaps the biggest risk of these offers is losing money via a scam. There are numerous scammers out there posing as real estate investors and that’s why it is important to do your homework.
Should You Use a Real Estate Agent For Cash House Buyers?
When looking to sell fast and for cash to real estate investors, you might be wondering whether it’s necessary to use a real estate agent. Well, although the house seems to sell itself, there are still numerous reasons to use a real estate agent.
Selling a house entails numerous paperwork and using an agent reduces the chances of making a costly mistake. A seasoned real estate agent can help you navigate every step of the process, from the initial offer, all the way to closing. Also, they can provide a lot of value during the negotiation process, allowing you to get a better deal.
Tips to Protect Yourself From Being Scammed by a Cash Home Buyers Massachusetts
Cash offers for home sales are more rampant than you think. To avoid being a victim, we suggest these simple and straightforward tips:
(i) Do Your Homework
Before you get involved with any cash home buyer in Massachusetts, it’s important to do some research. Go through Google My Business and BBB for complaints and search for reviews. Only use a competent and trustworthy cash buyer.
(ii) Avoid Upfront Fees
A legit business won’t ask for money upfront. So, if you come across one that makes this request, steer clear.
(iii) Beware of Suspicious Ads
Signs with just a phone number and no other information should be a red flag. Genuine businesses that invest in property have nothing to hide.
And there you have it, important information for dealing with cash home buyers in Massachusetts. If you are looking to sell your house fast and for cash, fill out this form and our representative will reach out in no time.