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.
Different people have different motivations for selling a house, but here are the top five advantages of doing it for cash:
You enjoy more flexibility.
Selling a house traditionally usually gives you three or four main options. On the other hand, cash buyers offer more flexibility. Besides, these aren’t families looking to settle into their new home. 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.
You wouldn’t believe what mainstream sellers usually need or go through before finally finding a buyer. 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. With a cash buyer, you sell as-is. You can forget about repairs and renovation because now, that is their responsibility. Receive your money and then move on.
There are no fees, contingencies or commissions to pay.
In a mainstream house sale, the offer you get isn’t the actual amount that arrives in your bank account. You have to consider the costs, like agent commission, appraisal fees, inspection fees and many others. With a cash buyer, you get the exact offer made, period. It will probably be lower than a conventional offer, but considering the costs of repair and renovation, it often turns out to be a pretty fair – if not advantageous – deal.
A cash buyer never falls 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. You’re dealing with investors who have the money to pay off the bat, as long as everything is agreeable to both parties.
You decide the closing date.
Finally, when you sell a house traditionally you don’t really have any control over the closing date, which can be a burden if you want a fast sale. A cash buyer, however, lets you decide when you want to close. Two weeks? Maybe one if there are no technical impediments. Believe it or not, they can work around the most limited timelines.