When I made up my mind that I wanted to sell my house, I looked for information on the best way of selling it. I found some helpful information from professionals in the real estate industry, which I would now like to share with other people who are looking to sell their homes. I was advised that I could sell my house for cash or use the conventional route. The latter meant I would have needed to hire a real estate agent, repair and prepare the home, as well as stage it for viewing. Even then. it may have taken several weeks or even months to sell.
Reasons why I choose to sell my house for cash
After considering both options, I opted to sell my house for cash because I urgently needed the money to buy another better property in a different location. The reasons that I saw that it would be a better option to sell my house for cash than to settle for the conventional sale method are as follows:
To avoid expenses
Unfortunately, when you sell your home using the usual method, you will incur the full costs of the entire process, including any minor expenses. This goes against your goal to realize a reasonable amount from the home sale to enable you to buy another house or meet other obligations.
However, as I chose to sell my house for cash, I avoided all of these costs including the realtor’s commission, repair and staging costs and the sale closing expenses. During a cash sale, especially to companies that buy homes for cash, they make you an offer once they have viewed your home. When you accept it, the buyer takes on the paperwork and other administrative tasks, saving you all of the costs and hassle.
To get cash fast
When you are selling your home, selling to a cash buyer is faster than doing it the conventional way. When I decided to sell my house for cash and invited several cash buying companies to make offers, I received several bids within 24 hours. They viewed the property, and they made me their offers. After carefully considering each offer, I accepted the best one for me, and they started the process immediately. Within a week, I had my cash.
If I had chosen to sell the house the conventional way, I would not have received the cash as quickly as I did from the cash buyer. Some buyers have to source funds after identifying your property and go through other procedures. You will be lucky to close a sale even within a month when using the conventional way.
“The sell house fast industry over here in the UK is emerging as an excellent way to dispose of a property within relatively short timeframes. Although sellers do have to accept a price that is under the market value of the property, it’s a lot more efficient compared to the conventional sale,” comments Ruban Selvanayagam of Property Solvers.
To avoid cases of the sale falling through
Because I had heard stories of people selling properties the usual way and the sale falling through at a late stage, I did not want such a thing to happen, so I opted to sell my house for cash. The beauty of going the cash way is that the buyer usually has the funds readily available, and once you accept their offer, they process the paperwork, and you receive your cash. Hence, there is little or no chance of the sale falling through.
Also, companies that are cash buyers won’t change their minds and look for other houses. They know why they are buying your home and how it will make good money for them. Without relying on loans, they will not have issues of banks rejecting their loan applications.
No hassles of preparing, showing, bargaining, and closing the sale
With a busy schedule, and given I don’t like having to bargain and spending many hours selling my property, I could not imagine any other option than selling my house for cash. I was saved the hassle of repairing, cleaning, staging, showing the buyer around the home, bargaining, and the transfer process.
The downsides of selling a house to cash buyers
As much as I saw many advantages when I opted to sell my house for cash, I had been cautioned about a few disadvantages of choosing that route. Below are some of the downsides:
Lower selling price
Let’s face it; cash home buyers are in it as a business, so they will not pay as much as a buyer who is not doing it for resale would pay you. Even as I decided to sell my house for cash, I knew well that I would not get as much for it as I would through the traditional method. However, I chose the cash option because I needed money urgently, and I considered losing the extra amount I could have got as the price I needed to pay for a quick sale.
Possibility of getting scammed
Although they are rare, scams do exist in the property cash buying landscape, and you could lose your house to con artists. Luckily, I was aware of this and I followed the sensible advice I found to only deal with reputable cash buying companies.
Conclusion
Now you have the correct answers if you have been unsure and asking yourself, “Is it a good idea to sell my house for cash?”
While this option has its pros and is worth considering, it has its cons. Fortunately, you can avoid being scammed, and get the best possible price for your home.
