How to sell your house quickly in an emergency
For most people, a house is their most valued possession. So when a financial emergency appear, the house naturally becomes the most sellable asset. However, as many homeowners know, selling a house is usually a long and hard process. Sales listing has to be repeated frequently, over a period stretching months, years even, before an interested party makes an offer. Even then, the disbursement of funds might take a few more months.
If you are in a tight financial spot and want to make a fast home sale, there is really only one viable option - sell your house to a quick cash buyer.
Why do people need to sell their house quickly?
People don’t voluntarily sell their home in a rush. However, some circumstances will take decision out of their hands. Common reasons why people need to sell their house quickly include:
• Threat of repossession: Selling the house for cash is often the only way to stave off repossession. By clearing the arrears, home owners also prevent the situation from escalating further and save their credit profile from being tarnished for the next few years. In addition, any leftover cash will help them to resettle in a new home.
• Critical Illnesses: Diagnosis of a critical illness can come out of the blue. Often, the medical treatment will cost far beyond any meagre savings, and the only way to finance a surgery, chemotherapy or other expensive treatments is by selling the house.
• Loss of employment: When companies go under, the first victims are the employers. Not only will the employers struggle to make ends meet, they will also be under pressure to make their monthly mortgage repayment.
• Relocation: A fantastic job offer and marriage can often necessitate relocation to faraway destinations. Instead of being forced to commute every weekend to try and sell a property, many choose the easy and quick option.
Who is willing to pay cash quickly for your house?
Many companies specialise in flipping houses. Their business model entails a quick cash purchase followed by a quick refurbishment and renovation on the newly purchased house, and patient flipping of said property for a handsome profit.
These companies are aggressive, and frequently take advantage of the desperation of sellers, but they are all legal businesses. You can literally find dozens such companies advertising online.
How long does the process take?
Sellers usually receive cash payment for their homes within two weeks. A few companies can even complete the deal in under a week. If the seller is in a particularly desperate situation, these companies may even provide cash advances within a couple of days which will be deducted from the final selling price.
Some consider these opportunistic companies a bane of the industry. Others, on the other hand, see them as providing an important service to distressed sellers.