Selling Your Home For Cash: What Upsides?
Selling your home for cash has become a popular real estate trend in recent years. In fact, in several cities, the percentage of real estate transactions that are cash sales surpass the national average of 30 percent.
But should you sell your property to a cash home buyer? The answer may surprise you, but selling your home for cash does give the seller several advantages versus hiring a real estate agent. Here are the benefits of selling your home for cash.
Selling your home for cash makes for a much quicker home selling experience. Cash house buyers don’t need a mortgage as they already have the money needed to purchase your home, which means they can forego the mortgage application and approval process. And because you’re not listing your home with a real estate agent, you don’t have to wait for them to take photos of your property, create a listing, and schedule open houses.
In many cases, once a cash buyer wants to purchase your home, the transaction is completed within a week or two. All that’s needed is to fill out some paperwork, and your home can be out of your hands quickly.
You Can Skip Making Repairs
Going the traditional route to sell your home means prospective buyers can request that you make repairs or upgrades to areas of your home before they agree to purchase it. When selling your home for cash, however, you’re offering it in an as-is condition which usually means the buyer can take it or leave it.
While you may not receive as much money for your home when selling it for cash, you may find that not having to pay to make repairs and upgrades offsets the lower price. There are also no guarantees that making certain upgrades will help your home sell or increase its value, as it all depends on market demand and what home buyers are looking for in a property. Some home improvement projects can actually hurt your home’s resale value.
You Avoid Paying Closing and Realtor Fees
Selling your home for cash means you get to keep all of it versus paying for a real estate agent’s commission. Commission fees can be as high as six percent, which means if you sell a home for $300,000, an agent will receive $18,000, a nice chunk of change being taken away from you. This fee gets paid regardless of whether your agent goes the extra mile to market and sell your home or not.
Some agents also charge a fee to list and advertise your home, which you’ll avoid when selling your house for cash.
You’re More Likely to See The Sale Close
So much can go wrong during the home selling process. A potential buyer may lose their financing or their job, or the home inspection may turn up something that needs to be repaired before the sale goes through. Many sale contracts include contingency statements that favor the buyer and legally allow them to pull out of the sale for a variety of reasons.
Cash sales, however, aren’t dependent upon contingencies. Cash buyers are aware that homes for sale may need repair work. It’s also tougher for them to get out agreeing to buy a home and once the money has been exchanged, there’s no turning back.
No Cleaning and Staging Required
Homes sold via real estate agencies have to be clean and presentable for showings and open houses to increase their chances of attracting a buyer. An agent may even recommend that you have your home professionally staged to receive more offers.
Cash buyers are aware that most of the properties they look at are being sold as-is. While it certainly doesn’t hurt to tidy up your home and make it look more presentable, there isn’t any pressure to make sure it’s spotless. You’ll save time and money, as you don’t have to worry about de-cluttering your home or hiring a cleaning service.
If you’re unable to pay off your mortgage, selling your home for cash may help you avoid foreclosure and cut your losses. Sometimes you can negotiate with your lender for more favorable loan terms but if this isn’t approved, selling your property for cash can help you pay off your mortgage and start over.
It’s Great For Unwanted Inherited Homes
If you already have a home of your own and inherit a property from a deceased relative, you may find you don’t have the time and resources to fix up the vacant property. An unoccupied house tends to be more susceptible to break-in, theft, and vandalism. This can depreciate its value.
Selling the home for cash is an ideal solution to unload an unwanted property quickly. The only thing you may have to do is deal with family possessions before you sell the inherited house.
It Saves You Time
Selling your home via an agent can be very time consuming and stressful. There’s the task of finding the right agent to work with, cleaning and prepping your home for showings, and then the back-and-forth of receiving offers from buyers and agreeing to one or not.
Selling your home to a cash buyer frees up more time so you can look for a new place to live and move on with your life.
Consider Selling to a Cash Home Buyer
As you can see, there are many advantages of selling your property to a cash home buyer. It’s hard to beat the speed, convenience, and value that selling your home for cash can bring.
Do you need to sell your home quickly? Tell us more about your property by filling out our form. We’ll be happy to explain the advantages of selling your home for cash further and walk you through every step of the process!