The Big Advantages of Selling Your House for Cash
If you’re looking to sell a home, it most likely means you went through that home buying process yourself. Therefore, you know how complicated and time-consuming it can be.
However, your circumstances might call for something faster, easier, and less stressful. Or maybe you just don’t want to deal with the arduous process. In fact, you might not be in the position to sell your home traditionally at all.
Regardless of your situation, selling your house for cash might be the best option. Cash home buyers will give you a cash offer for your home as-is. If you accept the offer, you can expect to close in as little as two weeks.
But what are the advantages of selling your house for cash? Is it really a good idea?
We think the answer is yes. Keep reading to find out why.
No Realtor Fees
When selling a house traditionally, realtors can be a valuable asset. Having a real estate professional on your team to help you prepare the house, list it, give tours, and haggle with buyers is not a bad thing.
However, realtors aren’t exactly cheap. Most agents charge a 3% commission based on the sale of your home. For reference, if you sold your home for $200,000, that would mean handing over $6,000.
Furthermore, it’s not uncommon for the buyer to request that the seller pays both real estate agent’s fees, doubling your payment to 6% of your house sale, or $12,000.
When selling your house for cash, you don’t need a realtor. All you need to do is reach out to the cash home buyer to get a free cash offer for your home. Then, you can decide if their offer is worth your time.
Sell Your House As-Is
A major step in the house-selling process typically includes preparing it for the market. Most homes need a little love and attention before they’re ready to be shown off to buyers. This TLC includes:
- And more
The conglomeration of these efforts equates to an average of $21,000 spent preparing homes for the market. So what if you don’t have that kind of cash? What if you don’t have the time or desire to put that much work into your home before you sell it?
If these scenarios apply to you, they represent compelling reasons to sell your house for cash. Most cash home buyers will buy homes in any condition. That means you can sell your house as-is, without making repairs, cleaning, or springing for a professional stager.
This solution is particularly attractive for homeowners with houses in rough shape. For example, if your home has major damages that you can’t afford to have fixed, you’ll have a difficult time securing offers from traditional buyers. It may take you several months to even get a bite on your house.
As noted above, if you sell your house fast for cash, you can complete a guaranteed sale in a matter of weeks.
Skip Additional House Selling Expenses
We’ve already talked about realtor fees and the major costs of preparing your house for the market. However, selling a home traditionally incurs several other expenses you might not be aware of. While these costs are certainly not as large as the ones listed above, they do add up rather quickly.
Inspections and Appraisals
Most buyers work with lenders who have strict guidelines pertaining to which homes they will provide funding for and under which conditions. For example, most lenders will demand a home inspection to verify the condition of the home. The inspector will uncover any issues, damages, and potential concerns with the house.
While the buyer often pays for this service, it sometimes lands on the seller. Most lenders will also require an official home appraisal to confirm the current real estate market value of your home. These fees are each between $200 and $600.
Based on the results of these services, the buyer might gain substantial leverage to demand a lower price for your home. This is often the case when damages are uncovered or the appraisal comes back lower than your listing price.
Cleaning and Staging
One of the most annoying aspects of selling a home traditionally is keeping it show-ready for prospective buyers. For many homeowners, this means professionally deep cleaning the home and keeping it clean.
Keeping the house clean can prove even more challenging if you and your family continue to live in the home while it’s on the market. Furthermore, one-time deep cleanings can cost several hundred dollars. While you can clean the home yourself, some homeowners don’t have the time or ability to do an adequate job.
Additionally, a lot of home sellers choose to stage their homes professionally when listing them on the market. This is because staged homes generally sell 73% faster than non-staged homes, and for more money.
But do you know how much it costs to professionally stage a home? In most cases, you’re looking at a few hundred dollars per month per room.
When selling your house for cash, you don’t have to do anything to your home before selling it. The cash home buyer will come by to inspect and value the home in order to give you a legitimate cash offer.
You don’t have to clean or stage the home, nor do you need an outside inspection and appraisal. Of course, you can always opt for those things if you so choose.
Avoid Private Showings and Open Houses
We know how badly you want to sell your home. In this aspect, you’re no different than other home sellers. That’s why most homeowners are willing to parade complete strangers through their house, even while they’re still living there.
However, this can be more annoying and obstructive than you might think. Homebuyers have no qualms about expressing what they do and don’t like about the homes they tour. They will freely make comments about the issues they see in the home, their opinion of how you’ve maintained the home, and more.
Even if you have thick skin and can endure a fair share of criticism, this still means making your home available for tours several times a week (and sometimes more frequently). Most sellers also conduct open houses, where the home remains open for an entire weekend for people to walk through without appointments.
While private tours and open houses are important tools for selling your home, they might not be something you want to expose yourself or your family to. One of the biggest benefits of selling your house for cash is that you don’t have to put up with any of this.
A Simple and Secure Closing Process
Clearly, there are a lot of reasons to sell your house for cash. Let’s talk about another one – the closing process.
In a traditional home sale, the closing process can be the most stress-inducing. At this point, you and the buyer have already come to an agreement and you’ve accepted their offer on your home. However, this does not secure the sale.
Interruptions and Delays
During the underwriting/closing process, there are a number of things that can interrupt the sale of your home. The worst part is, these things are mostly outside of your control.
For example, if in their excitement of moving into a new home the buyers take out a loan to buy new furniture and appliances, it will change their credit eligibility. This could, in effect, disqualify them for the loan which is in the underwriting process.
Alternatively, if the buyer decides to get a new job, he or she will delay the process for several months. They’ll need to provide three to six months of pay stubs from their new job to prove their income before they can requalify for the loan.
In some cases, the underwriting process reveals other issues, like tax fraud, hidden debts, and other financial issues that could make the buyer ineligible for the loan. In any of these cases, you’ll be thrown back to square one.
The Cash Home Buyer Closing Process
When selling your house for cash, you are guaranteed a quick and secure closing process. We don’t charge any fees or commissions. Furthermore, we give you the option of choosing your own closing date.
This way, you can give yourself the time you need to find a new home, move, and take care of everything. In most cases, we can close on your home in under two weeks, if you’re looking for the fastest sale possible.
A Much Needed Solution to a Complicated Problem
By now, you can see that selling your house for cash can save you a significant amount of time. Even more than saving money, this can be a valuable aspect of making a quick sale for homeowners. This is certainly the case for people in extreme or unfortunate situations.
One of the biggest advantages of selling your house for cash is that it can help you avoid foreclosure. If you’ve been experiencing difficult financial times, it’s possible that you’ve missed a few mortgage payments. This is nothing to feel ashamed of, as over half of all Americans are living paycheck to paycheck and could easily find themselves in the same position.
However, if you decide to sell your house fast for cash, you could get out from under the home before the foreclosure process is complete. This will save you time and money while helping you avoid a massive blow to your credit score.
In some instances, needing to sell your home quickly can be an issue stemming from a positive life event. For example, if you have an exciting new job opportunity in another location, it’s unlikely that you want to continue paying for your current home. In fact, most people would struggle to get approved for a second mortgage if they held onto their current house.
In this case, selling your house for cash would be a quick and convenient answer to your problem. While you might prefer to sell your house traditionally, your professional circumstances might not grant you the luxury of time. If your new job required your presence in the next couple of weeks, or even in the next month, you probably wouldn’t be able to prep your home, list it on the market, and complete a sale by that deadline.
Sadly, a large number of marriages fail to go the distance. While the divorce rate isn’t quite as staggering as it was in the past, 39% of couples still end up dissolving their marriage.
When this happens, spouses are often left wondering what to do with their homes. If they rent their homes, it’s not a big deal. However, how do you decide who gets to keep a house you’ve both been paying off for the last 10 years?
In this case, it can be better to sell the house quickly for cash to liquify this major asset. Then, you and your partner can split the proceeds fairly and move on with the separation.
Finally, let’s take a look at how selling your house for cash can help you get rid of an inherited home you don’t want. When a loved one passes, it can leave an emotional rift in your life that can be hard to overcome. Yet, if they’ve left you with their home that isn’t paid off or is in terrible condition, you might also have a massive weight on your shoulders.
If you need to sell the home and don’t have the time, money, or energy to invest in updates and repairs, selling it to a cash home buyer is a wonderful solution. That way, you won’t be stuck figuring out what to do with it or picking up the mortgage payments.
Is Selling Your House for Cash the Right Move for You?
Now that you’re well-versed in all the benefits of selling your house for cash, are you ready to take the next step? We understand that this process can be a little intimidating. However, if you’re facing a tight deadline or dire circumstances, selling your house for cash can be a saving grace.
Contact us today to get your free cash offer, and remember, there are no obligations. If you like our offer, we can proceed with the sale. If not, you can decide what to do on your own.