When you think of selling your house, what’s the first thing that comes to mind? If you’re like most homeowners, it’s a time-consuming selling process that causes as much stress as it potentially solves.
Luckily, there’s more than one way to sell your house, and selling a house for cash is rapidly becoming one of the most popular options. In 2017 alone, more than 23% of homeowners chose to sell their homes for cash.
So, why should you make the same choice if you’re trying to get rid of a property that no longer serves your needs? Here are a few benefits you’ll experience by choosing a cash home sale.
You’ll Sell the House Faster
Though homes can sell in a matter of days, most end up taking several months, even when the market is hot. When you need out of your home, going through the home selling process the standard way may take too long.
By selling your house for cash, you’ll be able to sell the property faster. Once a cash buyer makes an offer, they should be able to close on the property in just a few days, not weeks.
That means you’ll have the money you need faster and won’t have to wait for a time-consuming inspection and appraisal process to wrap up before you can close the sale.
You’ll Keep More of the Money
When you hire a realtor to sell your house, you’ll pay them for their services. In most cases, they’ll receive a set percentage of the sale price. That means you’ll lose out on that much money once you complete the sale.
By working with a cash buyer, you won’t have to pay someone to help you find qualified buyers. That means you’ll keep the full amount that the buyer offers you.
If you’re using the money to pay off debts, you’ll have more cash on hand to make that happen. And if you’re trying to buy a newer or nicer house with the proceeds, you’ll have a larger down payment to use toward that purchase.
There’s No Need to Stage the House
One of the biggest challenges when selling a house is getting the property ready for sale in the first place. Sellers have to learn more about making the space look appealing to prospective buyers.
That takes time and effort that you could otherwise put into finding a new home that better fits your needs.
Cash buyers, on the other hand, buy properties because of their raw potential. They’re not worried about the types of décor you have or the color of the walls in the living room.
You won’t have to spend time getting your home ready for tours or worry about picking up after the kids. Instead, you’ll be able to live life as normal.
The Cash Buyer Will Handle Repairs
When you list your house on the market with a realtor, you’ll be marketing your house to buyers that want a move-in-ready home. This means they’ll pay close attention to the condition of the house itself.
The more repairs it needs, the less buyers will be willing to pay and the more they’ll expect you to take care of before they agree to the sale.
In most cases, cash buyers are looking for properties that they can turn around and sell for a profit in the future. They’re willing to put in a little extra work to make the home truly special.
They don’t care about the types of repairs your home needs or whether the roof is brand new.
Sales Fall Through Less Often
When you sell a house to a buyer that’s financing the purchase, there’s always a chance that the sale will fall through. Why? Because buyers won’t know if they’ll receive the mortgage until the house passes all inspections and appraisals.
Even then, a sudden change in their financial situation could disqualify them from qualifying in the first place. If they can’t get the financing they need, they can’t buy the house.
A cash home sale isn’t dependent on the buyer’s ability to get financing. They already have the money in hand. And while there’s no way to completely eliminate the risk that the sale will fall through, it’s far less likely.
That means you’ll spare yourself the frustration and emotional highs and lows of dealing with multiple pending sales only to find that buyers can’t complete the transaction.
There’s No Back and Forth
One of the most common home selling tips realtors offer their clients is to be ready for some serious negotiation. It’s normal for buyers and sellers to go back and forth before coming to an agreement on price.
This takes time and can be a major source of stress when all you want to do is get out of your home.
Selling a home for cash allows you to ditch that frustration completely. Cash buyers make offers they believe are fair. It’s up to you to accept or reject them.
That said, you’re completely free to get bids from several cash home buyers before you make a decision. If you’re not convinced that the first offer you receive is fair, shop around. The chances are good that several cash buyers will be interested in your property and that competition can drive up the sale price.
Selling a House for Cash Can Be a Great Idea
If you’re worried about navigating the home selling process, selling a house for cash can make things easier. You’ll keep more of the money, sell your property faster, and be able to move on with your life in a matter of weeks instead of months.
The most important thing to remember is that each cash buyer will offer a different price. Shop around. Get offers from several buyers and accept the one you’re most comfortable with.
Once you have the money you need, you’ll need to find a new place to call your own. Check out our latest posts for more tips to help you get settled faster.