According to the latest report by Realtor.com, the real estate boom is far from over, with homes spending just 61 days on the market and selling for 10% more than last year.
Is this time frame way longer than you want to wait to get rid of your home? Do you need cash faster than that, or have you inherited a house you don’t want?
Selling your home for cash offers several benefits for homeowners like you. Keep reading to discover the most important ones.
1. No Cumbersome Showings
Whether you sell your home on your own or with the help of a realtor, you’ll need to show it off to potential buyers first. Cleaning, upgrading, and staging a home for sale is time-consuming, costly, and inconvenient.
After all that effort, there’s no guarantee that you’ll get an offer.
Cash buyers don’t expect you to stage your home on their behalf. They’re only interested in the basics and will even buy homes in poor condition.
Since they aren’t dependent on a lender to buy your home, they aren’t obliged to arrange a home inspection first either. This eliminates any unknown issues from tainting or even destroying the deal.
Cash investors usually have a list of buyers looking for affordable homes just like yours, so they needn’t worry about all the bells and whistles. Some of them might not even visit your property before making an offer.
2. Fast Closing Times
Home sales can take at least a month to close, so you’ll wait a long time before you see any money from the sale.
On the contrary, cash home sales only take two weeks to close. That’s all it takes to fill in the necessary documents, get them approved, and file them.
Since there aren’t any lenders involved in the process, you can sell your home quickly, without waiting for the buyer to negotiate the time-consuming mortgage approval process.
3. Pay Fewer Fees
Not only will you sell your home fast, but you’ll pay fewer fees when you sell your home this way.
The home buying and selling processes go hand-in-hand with costly fees. For starters, when you go the usual route, you must pay a real estate agent commission.
Your buyer also has to cope with a range of extra fees associated with taking out a mortgage, such as administration costs and interest on the loan. That means they’ve got a lot more cash to spend on buying a house.
4. No Mortgage Issues
Apart from extra costs, the mortgage process is time-consuming and sometimes unpredictable. Nothing stops a lender from pulling out of the deal halfway through.
Few traditional buyers can afford to buy a home without a mortgage, so they’ll have to withdraw their offer. If this happens. In these cases, you’ll need to start the lengthy process from the start again.
Cash buyers have the money they need in hand, and they search for houses within that price range. That means they’re far less likely to drop out of the deal halfway through.
5. Selling Your Home for Cash Is Easy
Thanks to less complicated and time-consuming paperwork, it’s much easier to sell your home for cash.
You don’t need to master any manipulative marketing techniques to sell your home and spend hours trying to get the perfect photograph for advertising online.
When you sell a home for cash, the process is a simple transaction between a willing buyer and a willing seller. When you find out more about how it works, you’ll agree.
6. There’s Very Little Negotiating Involved
Most cash offers don’t involve much negotiation and haggling over the price. In many cases, it’s a simple exchange that requires no negotiating.
If negotiating isn’t your strong point, you can simply accept the offer and finalize the sale very quickly indeed.
This is especially useful if you’re selling your home without a realtor. Usually, conventional buyers will have an experienced real estate professional on their side helping them to negotiate a better deal.
The negotiation process is always complicated, sometimes belligerent, and often risky. Selling your home for cash is a good way to avoid these obstacles.
7. More Gratification and Less Stress
Selling a house is a stressful occurrence. Not only do you want your payout fast, but it’s a complicated and time-sapping process.
What’s more, it’s often difficult to let go of the sentiment attached to a family home. With a cash sale, you can cut these emotional ties swiftly and decisively.
When you accept cash for your home, you’re making a conscious choice to sell it fast, which makes it a little easier on the heartstrings. Plus, you’ll have a handsome sum of money to help soothe the pain.
If you’re already under financial stress, selling your home for cash brings welcome relief from your creditors. It also signifies a fresh financial start when you’ve been under financial duress for a long time.
Make Money Work for You
Selling your home for cash eliminates most of the pitfalls and hassles associated with selling a home. You might get less cash for your home than if you’d waited, but that depends on how much your time is worth to you.
Whether you choose to go the traditional route or accept a cash offer for your home, it’s vital to take your circumstances into account first. This quick and easy way to sell a house might not be the best option for everyone.
Browse our finance blog for more tips on how to make money work best for you.