Many people who are trying to sell their home simply want someone–anyone–to make an offer. Whether the buyer has contingencies built into the purchase or offers to pay cash, many sellers could care less. They just want to sell the house. Of course, the offer you accept depends on many factors, but you may want to strongly consider taking advantage of an all-cash offer. Here are 4 huge benefits of selling a house for cash.
1. Saving Money
Of course, saving money, or, in other words, making money, is number one on our list. As a seller accepting a cash offer, you might be able to skip paying commissions to a real estate agent. There are many realtors who definitely earn their pay, but with an all-cash offer, their services will most likely not be needed.
And the realtor is not the only money savings. Many cash buyers won’t’ bother with needing a home inspection. These can run upwards of $500 or more. A traditional buyer might look through that inspection report and nitpick every single little item on the list–then demand you repair everything. Thousands of dollars might have to be spent to appease the buyer.
Finally, with an all-cash buyer, appraisals are usually not needed. These also cost a pretty penny–and it comes out of your pocket as the seller.
2. Saving Time
You know the saying by Benjamin Franklin, “Time is money.” Well, in this situation, it couldn’t be more true. By accepting cash for your home, you avoid the long wait for the buyer to get approved for the huge loan they must procure. Then there’s the underwriting for all the paperwork and more. Even if they are pre-approved, there is still a longer wait–up to 60 days or more! Working with a buyer who is paying cash can sometimes take as little as two weeks for everything to be finalized. If you are a seller who is in a pinch and you need to move your property as fast as possible, a cash buyer will be your savior.
3. Less Stress
Many times, a seller will find a great buyer who is pre-approved for their mortgage, happy with the house as-is, and are completely on board with the purchase. Weeks roll by and everything seems to be moving along smoothly. Then the realtor calls with the bad news: The buyer is backing out! This happens more often than you think, especially when the economy is struggling. The buyer might realize they’ve bitten off more than they can chew with the price of the house. The appraisal might come back too low or too high, spooking the buyer. Who knows what could cause a buyer to walk away?
The good news is, that you can feel more secure in the deal going through when selling your house for cash. Cash buyers tend to do their homework when offering cash for a property so you can rest assured they won’t be pulling out of the deal due to some contingency or loan issues. Many times, these cash buyers and direct home buying companies like NeedToSellMyHouseFastinDenver.com/ will not require any kind of expensive inspection or an appraisal. Less chance of things falling out, less out-of-pocket money for contingencies and appraisals and inspections, and a much faster turnaround time means less stress for you. And that is priceless.
4. The All Cash “Savior”
Sometimes, sellers require a quick sale because they are in a tough situation. Perhaps they have mounting medical expenses, inherited a property with unpaid taxes, fallen behind on their mortgage payments, or owe creditors that need to be paid within 30 days. It could be that they found the perfect house in a different city but the seller needs to sell faster than a traditional buyer can buy or they just prefer an all-cash sale. A cash home buyer in situations like this is the answer to all of these predicaments.
Take advantage of what an all cash buyer represents
Even if you have the time, patience, will, and stamina to wait out the completion of a traditional buyer transaction, an all cash offer might be the best route for you to take. With all the advantages that come with a cash deal, it might make the most sense, especially in these troubled times. With the economy stalling, less traditional offers coming in and actually closing, and with where the real estate market is headed, the benefits of selling a house for cash should be extremely attractive to you. This might be the win-win situation you’ve been waiting for.