Selling a home is never an easy decision. Not only the process might be time-consuming, it is also an emotional, too. Depending on the route you go, a lot of work might be involved, from looking for an agent, signing listing agreements, and doing showings, to actually having to repair some problems so your house qualifies for a regular mortgage sale. The entire process can take months, and, if you are not willing to stress over all these aspects, a cash sale might be the best option to consider.
Below you will find 5 reasons why you should sell your home for cash
1. The process is much, much faster
Selling your home for cash does not involve several steps that a regular sale process does. From meetings with realtors to showings, appraisals, mortgage approval, and funding, the entire regular sale cycle can take months, sometimes even extending for longer than a year.
On the other hand, when you sell your home to a cash buyer, once you agree to the offer the entire process is much faster. The average time frame for a cash sale to close is somewhere between 2 to 4 weeks, but depending on the scenario, the closing can happen in as fast as 7 days!
2. No commissions, no transaction costs
Because you are not dealing with the regular process, most of the times for a cash sale you will not have to pay any commissions. Also, it’s a regular practice that the cash buyer pays for the transaction costs. Only these can save you about 8% of the proceeds of the sale, that will go straight into your pocket, while still being assisted by a licensed and knowledgeable real estate professional. If the closing is successful, the only thing you will need to pay out of the proceeds is the amount owed to your mortgage company – and the entire balance you receive will be yours!
3. No need to worry over complications of a regular sale
When you sell your property in the conventional way, you will bump into many inconveniences. Finding an agent you can trust, signing paperwork, several random persons coming in and out of your house for showings, home inspections happening, buyers requiring additional repairs from the seller, anxiety during the appraisal process, approval from the buyer’s mortgage company…whew! There are so many steps between the decision to sell and the actual closing that anyone can feel overwhelmed.
However, if you decide to sell your home directly to a cash buyer, you will not have to deal with these problems. Instead, it will be highly convenient, since they take care of the steps of the transaction from beginning to end. Many times, cash buyers will also assist with more complicated problems, like probates, for instance. Essentially, the transaction wll be effortless, and you will not have to worry about showings, remodeling you home, appraisals, or financial contingencies/bank approvals. It’s just that much easier!
4. No need for repairs and improvements
One of the biggest advantages of selling your home to a cash buyer is they will buy your property as-is. Since there’s no mortgages involved (meaning no financing institutions inspections nor mandatory insurance), cash buyers will buy your home the way it currently is, and you don’t even need to mow the lawn!
This makes a very significant difference, especially when considering the time and money needed for renovations.
5. Less sales fall through
Imagine going through agents, showings, having someone interested in your house, being approved in inspections and having the house appraise, only to learn that your buyer was not approved for for the loan. It gets stressing only to think of starting the entire process all over again! Many times, buyers will also think twice and decide they are not interested in your house anymore.
With a cash buyer, transactions will be quick and finalized since they usually do not change their mind after making an offer. In addition, cash buyers often close in less than a month, compared to the months that a traditional purchase would take. Selling your home for cash can be the best, most convenient, fastest, and most reliable way to sell your home.