Owning a home is the dream while getting rid of a money pit house can be a nightmare. There are times that people may find themselves in a situation where the costs and effort needed to maintain a property is more than what it’s worth. Having a home should be the core of your financial plan, but many folks find themselves in the unpleasant situation of having to sell their property owing to one or more circumstances. If your home has one or more of these problems, you may be stuck in a “money hole” of a house!
However, getting rid of a money pit house need not be so tedious. You can try selling the property to a cash buyer.
Getting Rid of a Money Pit House is Easy When You Sell to a Cash Buyer
1) Some cash buyers will buy your home as-is.
If your house needs a lot of work before you can sell it, a cash offer can be a good option because some buyers would acquire it “as-is.” Each investor has their own set of terms and requirements for the type of property they’d like to buy, such as the house’s price and condition.
Flippers seek out run-down homes at a bargain price with the intention of reselling them for a profit. iBuyers, on the other hand, pay a lower price for properties that are in superior shape and have minor wear and tear flaws. They’ll send their own assessors to your house and, in most cases, deduct the cost of repairs from your final payment.
2) You can escape different contingencies
House contracts are rife with contingencies. Contingency plans are “back out” provisions that protect buyers but impose significant burdens on sellers. It’s possible that the fine print reads something like this:
The buyer’s current house must sell within three months to qualify for the offer.
The offer is only valid if the inspection reveals no cracks in the foundation.
The offer is only genuine if the mortgage lender follows through, even if the bank has approved it.
A conditional real estate deal has a one percent to ten percent chance of falling through. Depending on what type of buyer you’re dealing with, this may be an extra hurdle you may bypass if you’re selling your property for cash to an investor. Although most cash purchasers will want the house examined, they are less inclined to pinch and penny you on repairs.
3) Selling your house to a cash buyer is easier
You don’t have to go through all of the grooming that comes with putting your property for sale because you already have someone interested. There’s no need to stress about setting, hiring a professional photographer, or coming up with a marketing description.
Direct buyers handle the repair and maintenance work for you, and you avoid the loan process entirely. You contact a buyer over the phone or online, they ask some questions, crunch some figures, and make you an offer. You either accept it or reject it, and the transaction is completed within a week or two. This is a particularly appealing choice if you are getting rid of a money pit house.
Getting Rid of a Money Pit House is Seamless if You Work with the KC Property Guys
Having a money pit house may seem hopeless, especially with the seemingly endless amount of money you are putting in to repair it. All is not lost, though. All you have to do is sell it to a cash home buyer. Get in touch with the KC Property Guys, the leading Kansas City cash home buyer whose success and transaction volume means that you’ll almost always receive the best offer for your property.