A big mismatch exists in the real estate industry. People have a million reasons to sell their homes but only a few options for doing so. The good news is, there could be one more method to consider – selling to a cash buyer.
People can have different motivations behind selling their homes, but here are the top five reasons to do it for cash:
You have more freedom.
When you sell a house traditionally, you usually only have three or four key options. On the other hand, cash buyers offer more flexibility. After all, these aren’t families wanting to settle into a house. These are investors aiming to earn a return. That means they are more open to working within your specific circumstances.
You need not pay for repairs or renovations.
As you might have heard, traditional house sellers go through a lot just to sell their property. From broken door knobs to septic issues and everything in between – all must be fixed or the bank won’t issue financing for a potential buyer, even with a discounted price. When you sell to a cash buyer, you sell as-is. The responsibility of undertaking repairs and renovation is now in their hands. Just take your payment and move on.
There are no fees, contingencies or commissions to pay.
In a conventional house sale, the offer you receive isn’t the exact amount that lands in your bank account. There are costs to consider, such as agent commissions, inspection fees, appraisal fees and so on. When selling to a cash buyer, the offer you hear them make is the actual amount you will receive. It may not be as big as a typical buyer’s offer, but in most cases, it turns out to be a fair, if not great, deal once you’ve removed the money you would have paid for repairs and renovation.
You don’t worry about a buyer falling through.
After weeks or even months of talking to prospective buyers and showing them around your house, you finally find someone who seems heaven-sent, until the bank declines their loan application. Now you’re back to the drawing board, and your house has been on the market longer, which isn’t good regardless. A nightmare scenario it is. When you sell to a cash buyer, however, this hardly gets a chance to happen. These are investors you’re dealing with, and they can pay you upfront, provided all is agreeable to both sides.
The closing date is for you to choose.
Lastly, a traditional house sale will not give you much control in terms of the closing date, which can be a pain if you want to sell fast. A cash buyer, however, lets you decide when you want to close. Two weeks? Maybe one if there are no technical impediments. Mind you, they can accommodate even the most ambitious timelines.