Advantages of Selling Your Home to a Cash Buyer
There are several upsides and very few downsides to selling your house for cash. First of the pros are convenience and speed of sale. When you have accepted a cash offer, you can typically receive your money in a matter of days. This can be an instant life saver for those dealing with bankruptcy, relocation or foreclosure.
Less Sales Fall Through
As well, a cash sale eliminates the all-too-familiar circus of taking an offer, only to lose the buyers in the end because they aren’t qualified for any loan. There will be no backing out or last-second cold feet once the cash has been paid. Cash sales normally close in under three weeks, while conventional sales can drag on for up to seven weeks or even longer. As well, cash sales are often “as is,” so probably, there won’t be any major renovation or repair jobs needed.
5 Lessons Learned: Sales
Seeking Professional Help
Looking On The Bright Side of Homes
Though you shouldn’t forgo professional representation when you’re selling a home, sale unless you are completely sure of what you’re doing, there are undoubtedly less potential complications in a cash, sell-by-owner scenario. However, if you don’t work with an agent, it will be up to you to price your home correctly to prevent bottom-feeding cash investors or buyers from jumping in for substantially less.
In other words, you should get an appraisal and do a little extra homework by yourself. Explore various listing services to compare prices and price adjustment records for homes within the same location, along with time-on-the-market statistics. The appraiser usually performs a minimum of three computations based on recent sales, but you can explore more data so you can be enlightened further.
There are instant-sale real estate agents who will be able to help with paperwork and do their job mostly through email or phone to expedite transactions. They will either charge a flat or fixed fee or collect a lower-than-average percentage commission. But as they are supposed to sell as fast as possible, they can suggest a listing price much lower than what you can get in the mainstream loan market.
While that cash buyer is a good prospect, you’ll want to make sure they actually have funds – ask for proof! Since a lot of cash buyers plan to repair and resell such properties, you may be able to work out a short-term lease-back deal to stay in the property if suitable for you, and provide the new owner an income stream while tending to repairs or other projects.
Certainly, cash is king in a real estate scenario if you’re the seller. You may get a lower amount that way, but you can minimize repair expenses and other issues while enjoying the convenience, speed, less paperwork and less worry in the process.