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He adds that while flippers usually wish to refurbish their purchase and resell it as quickly as possible, the actual time it takes to get a house prepared to list can vary. In the existing best-sellers' market, for instance, specialists and subcontractors are incredibly hectic, so it's taking twice as long to spruce up the common home.

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ATTOM Data Solutions reports that in the first quarter of 2021, 32,526 homes and condos were flipped. Nationally, the number of flipped houses purchased with money was 59. 2%. Source: (Benjamin Voros/ Unsplash) Why would somebody sell their home for cash? Speed, benefit, assurance, and monetary motivations top the list of factors a growing variety of sellers are turning to cash purchasers, states Van Soest.

Certainty You're moving for a task and need to be there by a specific date. You 'd rather not handle the danger of a low appraisal. You do not have the time to hire professionals and make significant repairs. You're anxious accepting a deal with lots of contingencies. Speed and convenience You acquired a home you're not familiar with and maybe far away from.

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You have a problematic or occupied rental property. Financial resources You need money for a down payment on your dream home. You don't have the funds to make essential repair work. You're on the verge of foreclosure. You require cash to get out of debt. Take Northern California couple Sam and Cathy, * who were preparing to retire.

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But after struggling to discover contractors to make repair work and updates, they chose to sell to a money buyer instead and skip the legwork. Figuring This Is Noteworthy 'd take a significant loss on price, they were "stunned" when they received a near market-value offer and closed the sale in simply 20 days.

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Faster closing If your purchaser needs to obtain money, they and you are on the lender's timeline, which is usually a minimum of 6 weeks. All-cash purchases close quickly since lending institutions aren't part of the picture. What's more, a money buyer's offer will not hinge on your home assessing at a certain quantity.