As of February 2021, 775,000 homes have been sold in the United States.
If you’re in the process of selling your home, you know this process can be a hassle; it can take months and be very expensive. When you’re looking to sell your home fast for a competitive price, selling for cash is the best way to go.
Read on to learn the reason to sell a home for cash.
1. Make the Process Run Smoothly
Putting your house on the market is a process all on its own. You have to start by finding the right real estate agent to represent you in the transaction.
You will also have to make sure your home is in top shape before you sell it. For example, some sellers choose to put all of their stuff in storage and stage the home.
Many buyers want to envision their lives in a home, so they don’t want to see a lot of personal items from the seller in the home.
Chances are you will also have to open your doors for open houses and showings, which can be quite inconvenient for you.
When you sell to an all-cash buyer, you don’t have to deal with any of the hassles. All-cash buyers don’t care if you have photos of your family hanging on the walls, if your walls need a coat of paint, or if your lawn needs new grass.
Because cash buyers buy the home as-is, you don’t have to worry about sprucing up the space.
When you sell a house through a real estate agent, you have to negotiate the terms of the sale with the buyer. You will have to compromise on a closing date, make repairs, and pay the real estate agent a commission.
Selling a home to a traditional buyer, on the other hand, means they might be looking to settle in the home for the next 20 years. They might have a vision of what they want their family home to make their vision come true.
However, when you sell your home for cash, you have more flexibility to dictate the terms of the sale. Typically, when you sell a home for cash, you sell it to an investor who can see the home’s potential.
Because they don’t want to create memories in that house, they see it as an investment opportunity.
3. Choose Your Closing Date
Selling your home the traditional way can take months, and you might not have a lot of say in the matter. You will have to wait months for the paperwork to go through, the financing to be in order before finalizing the transaction.
With an all-cash sale, you can cut the middleman and have more say on the closing date. Because investors will want to start working on the home right away, they will want to close on the home as soon as possible.
It’s possible to close the home’s sale in as little as two weeks when you find a cash buyer. If you’re in a hurry to get the money, this is the best route to take.
4. Fastest Way to Sell a Vacant Home
Selling a vacant home is a process on its own that real estate agents have more trouble doing. Many buyers are a lot more apprehensive about buying homes that have been vacant for a long time for several reasons.
They might fear the home has deteriorated; the house might need too many repairs; the house could be an easy target for burglars, etc.
You might have a tougher time selling a house to a traditional buyer if the home has been vacant for a very long time.
However, cash buyers will not as a lot of questions regarding the vacant home. They’re happy to take the home off your hands even if it has been vacant for a very long time.
In fact, most cash buyers prefer to start with a clean sleight without any furnishings, so they don’t mind vacant homes for sale.
5. Pay Fewer Fees
When you buy or sell a home the traditional way, you have to account for closing costs, ranging from 3% to 6% of the purchase price. While the buyer usually pays for the closing costs, the seller sometimes pays a percentage of these costs.
Besides closing costs, you also have to consider real estate agent commissions, inspections, attorney fees, and more.
The best way to avoid all of these fees is by working with a cash buyer. With an all-cash buyer, the transaction is much more straightforward and takes less time.
6. No Financing Worries
Selling a home to a traditional buyer means you have to wait for their financing to go through. Before a mortgage company can approve their loan, potential buyers need to wait for a home appraisal and inspection before a bank can green-light their loan.
If there are issues with the home, the bank can deny the loan, and you will have to start all over again.
With a cash buyer, you don’t have to worry about the financing falling through. Cash buyers have the funds necessary to purchase the home and don’t need a lender’s approval to purchase the home.
7. Don’t Worry About Making Repairs
If you sell the home to a traditional buyer, chances are you will have to make necessary repairs, such as fixing plumbing, painting, etc.
When you sell your home to an all-cash buyer, they will buy the home as-is, you will avoid renovations.
8. Selling an Inheritance
While inheriting a home might seem like a dream for many, it can also be a financial burden. You will have to make repairs, pay taxes, and have insurance.
If you cannot afford to maintain an inherited property, selling it is the best decision. Selling a home, you inherited to an all-cash buyer is the fastest way to close that transaction.
Now You Know the Reasons to Sell a Home for Cash
Now that you know about the reasons to sell a home for cash, you’re ready to decide if this is the right move for you.
Selling a home for cash will give you more flexibility, you’ll save money on fees, and it will be a faster transaction.
Are you in the Austin area ready to sell your home for cash? Learn more about us and contact us today.