10 Things You Should Know About Cash Home Buyers
Selling your home can be stressful, especially when considering what type of offer to accept when the time comes.
You should be looking into having a cash buyer purchase your home instead of going through the traditional sale process. This simplifies the process and helps move it along more quickly.
Are you thinking about selling your home in the near future?
Is your home currently on the market, but you’re already feeling stressed out?
What do you know about cash home buyers? Read on to learn how these types of home buyers can help you sell your house in a breeze and avoid many of the unpleasant and often frustrating steps typically involved.
1. You Can Save Money
Usually, when you put your home on the market when it sells, you will be responsible for paying a certain percentage of the total sale to a realtor.
In addition, depending on the contingencies of the offer that you accept, you might find yourself covering some of the closing costs as well.
Both of these expenses cut out money from your total profit and can add up quickly in the end.
If you opt to sell your home for sale by owner, then there are also marketing expenses that you incur. In order for potential home buyers to know that your home is for sale, you will need to pay to list it online, which can be an expensive and time-consuming process.
Dealing with a cash home buyer eliminates these expenses and the time it takes to complete these processes. In addition, instead of paying someone to sell your home, you get to keep all of the profit on your investment.
2. You Can Save Time
Unexpected situations come up in life that can make it necessary for you to sell your home quickly.
Some common scenarios that arise are:
- A home being at risk of foreclosure
- A new marriage
- A divorce
- Relocation due to a new job offer
- An illness or death in the family
- Home needs major repairs
All of these scenarios create the need for the home to be sold quickly. A home buyer who can pay in cash can accommodate this need while considering your specific circumstances and allowing for time constraints and flexibility when needed.
Whether it’s because of unexpected circumstances or other factors, roughly 23% of homes are sold with all-cash offers. This proves that it’s a viable means to get rid of the property considering many take advantage of this option.
3. No Appraisal Is Necessary
Another aspect of this process that can help you save time is the fact that no appraisal is necessary in order to sell your home.
In traditional sales, the buyer works with a mortgage lender, and the lender requires an appraisal to determine if the amount they’re attempting to finance matches the home’s total value.
About 3.9% of home sales fall through, and a portion of this can be attributed to buyers not securing financing due to appraisals.
Working with cash home buyers eliminates this chance and saves time as well.
4. Faster Closing Process
A cash offer results in a faster closing process. If a mortgage needs to be underwritten, it can take 30 to 60 days from start to finish, depending on if any issues arise during this time.
In some cases, it can take even longer.
Again, if the buyer’s financial situation changes throughout this process, it’s possible for the mortgage to fall through and leave you to start the entire process over again. This can happen at the last minute and leave you in a terrible situation.
A cash offer eliminates the mortgage underwriting process and gets money in your hands much quicker than any alternative. This can also eliminate stress because the chance of something going wrong at the last minute is virtually nonexistent.
5. Less Stress
When you sell a home the traditional way, there are many steps that you have to take before you even have the chance of getting an offer.
Depending on the situation, the cash buyer might not even need to see your home in order to make an offer. Instead, they can get your address, discuss the home’s aspects and quality, and make an offer based on this information.
This is much more convenient than any alternative, especially if you’re selling due to damages or personal issues that would make it difficult for you to take the time to get it in good condition to sell.
Choosing to sell this way should automatically take away some stress from the start, and you will no doubt notice a difference in how you feel over time compared to other avenues of selling your home.
6. Save On Repairs
In a traditional sale, part of the process is enabling a home inspection for buyers so that their lender can move forward with the mortgage process.
During this process, any minor or major issues with the home will be assessed, and it’s typically up to the seller to either make repairs or adjust the price of the house to take these things into consideration.
This will no doubt take time and, of course, cost you money.
In a cash sale, you’re able to stipulate that the home is being sold as-is. This eliminates the need for any repairs or upgrades.
7. Eliminate Showings
As mentioned earlier, a cash buyer will likely not even need to look at the home before starting their offer.
Isn’t it frustrating to keep your house sparkling clean at all times in case a showing pops up, or an open house is scheduled at some point in the week?
Even worse, you’re expected to be out of the home during these times, so you end up needing to find someplace to go instead.
Even if the cash buyer chooses to see the home in person before submitting their offer, it’s one time compared to the many times you would need to deal with this situation in a traditional selling experience.
In addition, the cash buyer is looking at the condition of the home rather than nitpicking minor cosmetic issues that a buyer who plans on living in the house might be bothered by.
8. Avoid Negotiating
When you’re selling your home, just as much as you want to get a reasonable price, you need to remember that potential buyers want to get it for a good price as well.
Because of this, it’s not impossible to find yourself in a position where you’re going back and forth negotiating to try and find a price that suits both parties.
A cash offer is firm and requires no negotiating. You immediately get to determine if this price is fair and whether to accept or reject the offer.
9. No Mountains of Paperwork
The number of forms and contracts to read over, initial, and sign can be overwhelming.
This is a huge time waster and can be frustrating if you’re trying to schedule appointments around someone else’s schedule along with your own.
Any reputable cash buyer will handle the closing process and all the paperwork involved for you. Then, all you will need to do is sign legal documents to finish the process at the end.
It’s a good idea to take a look at some reviews before you make any final decisions so that you can be confident in your decision.
10. A Clear Process
Selling your home to a cash home buyer provides you with a clear understanding of what to expect from the process upfront.
A traditional sale process has countless things that you need to take care of, which doesn’t include the unexpected tasks that can come up along the way.
Instead of stressing out over photos, showings, marketing, reviewing offers, and signing paperwork, you can deal with a much more streamlined process.
The process is straightforward.
- Submit your address and prepare to discuss your property with us.
- Review the cash offer we propose (without worrying about showing your property in person).
- Pick a closing date and sign the necessary materials.
- Receive your closing proceeds without worrying about any hidden fees or commissions.
In just four steps, you can have your home sold.
Don’t Stress—Close with Cash Home Buyers
In this article, we highlighted ten solid reasons to consider selling your home to cash home buyers instead of dealing with all of the stresses of selling it traditionally.
In four simple steps, you can sell your home without having a single person walk through your door.
Skip the paperwork, showings, never-ending negotiations, costly repairs, and many other steps by contacting us today.