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How To Sell a House for Cash in Chicago

There are many options when it comes to selling your house. In this article we will explore How to Sell Your House for Cash in Chicago in addition to the pros and cons of doing so.

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How to Sell a House for Cash in Chicago

When selling your home traditionally, potential buyers will make an offer to purchase your home through a mortgage with a bank. The other option is selling your home to an all-cash buyer, which has recently become more common. According to Redfin, 30% of all US homes purchased in the first half of 2021 were paid for in cash.

While selling your home for cash might not be the typical sale that most people think of, it can actually be a quicker and simpler process than selling your home to someone buying with a loan. Regardless, you will get the cash amount at closing, whether it is from the bank or the buyer, so keep reading to see why you might consider selling your home for cash as well as the process of selling your house for cash in Chicago.

Why Sell Your House for Cash

If you’re going to get paid in cash either way, you might be wondering why you would even care if you have a cash or mortgage buyer. This might depend on your situation when selling your home.

Many people who have a home that is difficult to sell look for investors that offer cash for less than desirable homes. This might be a severely damaged home, a home in foreclosure, or even an ugly home. If you’re struggling to find a buyer, you can look into companies like these for a cash offer. Typically, these offers will be lower than what you were initially looking for, but you can usually get a quote within a day and start closing soon after. 

For sellers with a desirable home, especially in a seller’s market, you might end up with a bidding war. During these bidding wars, buyers do what they can to beat out the competition, and one way they do this is with a cash offer. 

Cash offers are more appealing because you don’t need to deal with the banks and some of the red tape that comes along with it. There is no reason that the financing would fall through since the buyer already has the cash. Typically, the closing process is much faster when dealing with a cash offer. 

Types of Cash Home Buyers

As mentioned above, there are two situations that might favor a cash buyer, and there are two different types of cash buyers. The first are investors looking to make cash offers for homes and purchase them as-is. These are real estate developers, house flippers, and landlords. You’ll want to market to these buyers if you’re struggling to sell your home or need to sell it as fast as possible.

The other type of cash buyers are typically just looking for a home to live in but have the means to make a cash offer. They may have recently sold a home at a higher price point, recently inherited some money, or simply have a high net worth. These types of buyers will potentially find you if you market your home in a typical manner.

Steps to Sell Your Home for Cash in Chicago

  1. Get Your Home Ready to Sell – If you’re selling your home as-is, you can skip this step. If you’re looking to sell your home for the highest price, then you’ll want to get your house ready to sell by fixing any repairs necessary, cleaning and decluttering, and staging your home.
  2. Decide On an Asking Price – When selling as-is, you need to decide what your bottom line is, how much you need to sell your home for in order to pay off what you owe on the house plus any other liens or fees you owe. For a traditional sale, you can consult an agent or research comparable homes in your neighborhood to determine the best asking price.
  3. Find A Cash Buyer – Whether that means marketing your home for traditional buyers or requesting an offering from as-is purchasers, you’ll need to find a cash buyer and see what they offer.
  4. Agree on Price and Terms – Make sure the offer you receive is a price you’re willing to sell at. Selling your home as-is is usually pretty straightforward as you don’t need to wait on appraisals or inspections. If you’re selling to someone looking for a home to live in, they will likely want the home inspected. You will also need to come to an agreement on terms of sale.
  5. Closing Day – When the price and terms are agreed upon, you can move on to closing the sale. Any contingencies must be sorted out at this time, and you’ll need to make sure the title is clear. Once everyone signs all the documents, the deal is done.

The Process Can Vary By Situation

As you can see, the process for selling your home for cash will depend on your unique situation and reasons for finding cash buyers. When selling a house for cash in Chicago, you will follow a similar process to selling to a buyer with a loan, or you’ll need to seek out cash investors that buy homes as-is. If you’re confused about the cash home buying process, reach out to a real estate agent or company that buys homes as-is to learn more.

Get An Offer Today and Sell Your House This Week