The process of selling your home is quite stressful and time-consuming, especially when you take the traditional route. It involves hiring a realtor, upgrading and staging the home for buyer inspections, and dealing with long days of waiting until the buyer is approved for a mortgage loan. By deciding to sell your home for cash, you bypass most of the hassles and speed up the selling process. There are many pros of selling your home to a cash buyer. Cash buyers will fix up your home and put it on the market as soon as possible. It allows you to avoid wasting money on costly repairs and the time-consuming process of listing your home with a realtor.
This article focuses on the most important benefits of selling your home to a cash buyer.
What Is A Cash Offer And How Common Are They?
A cash offer is where the buyer offers the entire cost of the house to the seller without applying for a mortgage loan. The buyer has enough funds to purchase your home without having to rely on additional financing. Cash sales are quicker, convenient, and won’t easily fall through like traditional property sales. They involve fewer hoops to jump through compared to traditional sales. There isn’t a need to obtain an appraisal to determine the value of the property since the buyer doesn’t have to be approved for a mortgage loan. A cash sale is ideal for sellers who need quick cash for whatever reason – whether they are experiencing a divorce, liens, foreclosure, or just need immediate cash. That is why cash offers are becoming more mainstream right now. The latest statistics reveal that cash sales account for 24% of condo and single-family home sales across the U.S. In some states such as Georgia, Florida, and North Carolina, the percentage is quite high and ranges between 32-40% overall.
What Types Of Homes Are Mostly “Cash Only?”
Any type of home can be sold for “cash only.” Each home seller may experience a unique situation in selling their homes. Generally, any homeowner who needs quick cash for his/her property should opt for a cash sale. Here are some of the most common types of homes that are sold for cash-only.
- Home Facing The Risk Of Foreclosure – Homeowners who are experiencing immediate foreclosure may need to sell their homes fast. Foreclosure can make the homeowner’s life harder for many years to come. A cash sale is often the only way out for such a homeowner. Accepting cash means the homeowner gets to save his/her credit score, avoid eviction, and move quickly to the next stage of his/her life.
- Homes That Need Repairs Or Upgrades – If the cost of keeping your home well-maintained is too much to handle, you should consider selling your property to a cash buyer. If your property is experiencing a cracking foundation, roof replacement, leaky pipes, or faulty electrical systems, repairs or upgrades can run into the tens of thousands of dollars. Conventional sales need major repairs and upgrades before selling a house. Cash buyers buy homes as they are. You don’t need to do any repairs or upgrades to sell to such a buyer.
- Homeowners Who Experience Major Life Changes – Homeowners who are experiencing divorce, retirement, or relocation are good candidates for cash sales. Such homeowners need to sell their properties quickly without adding more stress on top of what they are already experiencing. A cash sales offer may be the best solution for such homeowners.
Benefits Of Selling Your Home To A Cash Buyer
Cash offers let you sell your property quickly and conveniently without the usual stress associated with traditional home selling. Here are some of the most important reasons why you need to consider selling your home for cash.
No Repairs Required
Selling your home to a cash buyer saves you so much time and money. You don’t have to upgrade or repair your home and stage it for buyer inspections. You can altogether forget home repairs, deep cleaning, or interior decorations because a cash buyer will buy your home as it is. You don’t even need to clean the house because the buyer will do all the upgrades before flipping your home. Don’t worry about receiving less cash due to the appeal of your home. You just need to focus on the value of your property itself and not how nice the house looks.
The Sales Process Is Fast
This is one of the main appeals of selling your home for cash. The sale is very quick and the chances of the sale falling through are zero to minimal. You won’t have to list the house with a realtor and host endless open houses until the right buyer comes. The best thing about a cash sale is the seller doesn’t need to wait around for banks to approve a buyer’s loans. The seller will have his/her money in the pocket within a few days of reaching a cash buyer. If the seller needs quick cash for whatever reason, the best solution is to sell the property to a cash buyer.
Low Risk Of The Sale Falling Through
Traditional home sales have a higher risk of falling through because the buyer can’t qualify for a mortgage loan. There is nothing more stressful than having a buyer accept your offer and the sale falling through at the last minute because the bank doesn’t approve the buyer’s mortgage. With cash sales, the transactions are quick and final. They close within a couple of days or weeks depending on the seller’s schedule. In a cash sale, the seller is the one who decides when to close the sale depending on his or her schedule. Once you select a reputable cash buyer in the area, you never have to worry about the sale falling through. Once the cash is in your hands, you can plan your next move.
Avoiding The Negotiating Table
Many home sellers find negotiating unpleasant and stressful. Cash offers will let the seller completely avoid the negotiating table. In fact, cash buyers inspect your home and provide a firm offer that you can accept on the spot, and the sale is done. If you hate the negotiating table, cash sales are the best solution for you.
No Agent’s Commissions
Cash sales don’t involve agent’s commissions. When you sell your home the conventional way, you should be prepared to pay the agent’s commission. The agent’s commission is the charges of the real estate agent for his/her services in finding the right buyer for your property. Generally, the agent’s commission is around 6-7% of the total sales price of the property. You get to keep this money when you decide to sell your home to a cash buyer.
No Piles Of Paperwork
No home seller wants to deal with piles of paperwork when selling his or her property. It is yet another not-so-fun home selling activity. The sheer amount of paper involved in closing a home sale can be overwhelming for the average home seller. Even a small mistake can cost you a lot of money in the process. When you decide to sell the property to a cash buyer, the buyer takes care of all the paperwork and closing costs.
The cash buying process is quite simple compared to conventional home selling. It all starts with a phone call to the cash buyer. The buyer will request some basic information about your property over the phone. If you are interested in selling the house to a cash buyer, they will send a representative to inspect your property and make an offer. They will either make the offer on the spot or call you within 24 hours. Most of the time, a cash offer is based on the real estate market in the region. They will take a look at the value of other properties in your area before making the offer. If you are happy with the offer they make, the sale can move forward. Most buyers are willing to close the sale within a couple of days or a week depending on your schedule. The seller is the one who decides when to close the sale in a cash sale.
Sell Your Home Fast
If you want to sell your home fast and for top dollar, you should decide to sell the property to a cash buyer. There are many advantages to selling a property to a cash buyer. You get to keep all the money and close the sale within weeks and not months when you choose a reputable cash buyer in the area. The most important thing is to do your homework and find the right cash buyer to sell your property. You won’t have any problems getting quick cash for your home when you select a reputable cash buyer. The aforementioned article provides information on some of the most important benefits of selling your home to a cash buyer.