It happens. A stranger knocks on your door. You answer it, and he/she tells you that he/she wants to buy your home for cash. If you need the money, you might be tempted. Before you go ahead, consider the following.
Is the Person a Real Estate Agent?
Ask the person making the offer if he/she is a real estate agent or realtor. He/she does not have to be either, but it is important to know all the same. Everyday people can buy homes for cash, but you will at least want to know where their cash is coming from. If they are not real estate agents and realtors, all the more reason for learning and knowing how they expect to pay you.
Ask Where the Money Is Coming From
If a non-real estate agent/realtor offers you almost full value or full value for your home, you should ask where the money is coming from. The person making the offer should be able to show where he/she gets the funds to back the offers he/she makes to buy homes for cash. You want the offer to be legitimate before you sign your home away.
Hire a Real Estate Lawyer to Manage the Transaction for You
To make the sale truly legit, hire a real estate lawyer to legalize and handle the sale. This ensures that the home is sold for what you were offered/promised, and that the house is transferred into the ownership of the person that made you the cash offer. If there is any issue with the sale of the home, you have a third party who can not only view the contracts and understand the contracts, but also someone who can help resolve these issues. Be sure to get your own real estate lawyer. Do not be too surprised if the person making the offer on your house also brings a lawyer to the table.
Be Ready to Vacate According to the Terms of the Contract
Most of these "cash for home" deals require that you vacate the home quickly. A month is standard, but it may be shorter or longer. You will need to check the contract for these terms. Your lawyer can also check the contracts and alert you to the length of time to vacate depending on the signing date. If you begin to vacate before you even sign the contract to the buy home for cash deal, then you should be out by the time it states in the contract.