Selling Massachusetts real estate for cash is an ideal solution for homeowners who need to sell their properties fast. A buyer can purchase a property directly from the owner and avoid costly mortgage insurance and appraisal fees. In addition, cash buyers can close on the property much faster than a traditional home sale. However, it is important to understand the pros and cons of working with a cash buyer.
Many sellers choose to work with a real estate agent when selling their homes. These agents can help their clients find a buyer for their properties and negotiate the best price possible. They can also provide a seller net sheet, which can help sellers estimate the amount they will receive from their home sale. However, some sellers prefer to work with a cash buyer to save time and money in the sales process.
A cash buyer in Massachusetts is an investor or company that buys properties directly from homeowners. They usually pay 30% to 70% of the property’s fair market value. In addition, they do not charge any service fees or closing costs. Moreover, they can often buy a house in its present condition without the need for repairs or renovations. This can save you a lot of money in the long run.
Typically, buyers who offer cash for houses in Massachusetts will submit an offer to the homeowner within 24 hours of viewing the property. This allows the seller to quickly assess the offers and decide on one. In some cases, cash buyers may even beat the asking price of the property by offering more than the listing price.
If you want to speed up the selling process, you can request that all potential buyers provide a pre-approval letter for their mortgage. This will help you determine which buyers are serious about buying your property and can save you time from negotiating with unqualified buyers. Moreover, you can use an online platform like Clever Offers to compare multiple cash offers from buyers in your area.
Once you’ve agreed on a price and final terms with a buyer, you can prepare the official purchase and sales agreement and consult a real estate attorney for advice. This attorney will ensure that the contract meets all legal requirements and protects your rights as a seller.
You should also be aware of the real estate transfer taxes in Massachusetts, which are based on the number of days you’ve owned the property during the year. These taxes are usually split between the seller and the buyer. However, if you’re selling a multi-family home, you might have to pay more taxes than a single-family home.
To avoid these extra charges, you can list your property on the MLS, America’s most advanced real estate marketplace. This will expose your home to both local and national cash buyers, including iBuyers and major franchises like We Buy Ugly Houses. A flat fee MLS listing service will cost you about $399 and can be ready for you to accept offers in just 24 to 48 hours.