How a House Sale Affects Your Benefits
If you receive SSDI, or social security disability benefits, a house sale will not impact your eligibility; you will still go on to receive your payments, anyway. Depending on how much of a profit you make from your house sale, there’s a chance that any supplemental income (SSI benefits) you receive can be temporarily suspended, but that will depend on a variety of factors, including your overall financial circumstances, whether or not you buy a new house, how much debt you are in, and more. The important thing to remember is that your disability benefits won’t be taken away if that is a concern.
The Truth About the Market
If you’re going through a tough time financially and are having trouble keeping up with payments, paying down debt, or any other circumstance that is making you consider selling your house, it’s important to remember what the benefits of a cash sale versus a traditional real estate process are. Many homeowners are inclined to go with the traditional process: working with a real estate agent to put their house on the market, field offers from buyers, and go into an escrow period before closing. We’ll be honest: this can be a good option, but it comes with some conditions that are worth considering. For one, the average traditional real estate process takes about three months in Florida. If you don’t have that kind of time to spare, it’s important to be aware of this. Traditional real estate also involves a lot of back and forth: negotiating with buyers, accepting offers, deciding on closing costs and repairs, dealing with inspections and appraisals, and running the risk of something happening during the escrow period that could cause the offer to fall through. If you have time and selling your house isn’t urgent, traditional real estate could be a solid option for you. However, if you don’t have a lot of time or money to spare, it’s worth knowing what your other options are.
Cash Sales, Explained
When you sell your house for cash, you can avoid a lot of the pitfalls of the traditional real estate process. For one, the timeline is a lot more flexible in a cash sale: while the traditional process takes about three months on average, cash sales can be done in as little as one week (or, when you work with PlacePitch, as little as one day). Another plus of selling a house for cash is not having to deal with the back and forth negotiations. Unlike in a traditional sale, there’s no escrow period or inspections to worry about: in a cash sale, the buyer takes a look at the property and gives you an offer. At PlacePitch, we make sure that offer is based on the most up-to-date market data available so that you get the best deal possible. The best thing you can do when selling your home for cash is to work with a buyer you can trust. That means someone with a simple and straightforward process, a track record of doing right by homeowners, and a team of experts with real market experience.