There is a wide gap within real estate. People have different reasons for selling their homes but have only a few channels to do so. The good news is, there might be another avenue to consider – selling their house for cash.
Different people have different motivations for selling a house, but here are the top five advantages of doing it for cash:
Investors offer more flexibility.
When you sell a house traditionally, you usually only have three or four key options. Cash buyers, however, can give you total flexibility. After all, we’re not talking families needing to settle into their new abode. These are investors who want to earn a profit. That means they can work more around your particular circumstances than a traditional buyer can.
You need not pay for repairs or renovations.
As you might have heard, traditional house sellers go through a lot just to sell their property. From a broken faucet to foundational damage and everything around and in-between – all these must be fixed or the prospective buyer may not get the bank financing they had applied for, even for a discount. Selling to a cash buyer is selling as-is. You can forget about repairs and renovation because now, that is their responsibility. Receive your money and then move on.
There are no fees, contingencies or commissions to pay.
In a mainstream house sale, the offer you get isn’t the actual amount that arrives in your bank account. There are costs to consider, such as agent commissions, inspection fees, appraisal fees and so on. When selling to a cash buyer, the offer you hear them make is the actual amount you will receive. It may not be as big as a typical buyer’s offer, but in most cases, it turns out to be a fair, if not great, deal once you’ve removed the money you would have paid for repairs and renovation.
A cash buyer never falls through.
After weeks or months of inquiries and open houses, you think you’ve finally found a really serious buyer, until you learn that the bank rejected their financing application. Now you return to the drawing board with your house technically lingering in the market, which doesn’t look good regardless. A nightmare scenario it is. When you sell to a cash buyer, however, this hardly gets a chance to happen. These are investors you’re dealing with, and they can pay you upfront, provided all is agreeable to both sides.
The closing date is for you to choose.
Finally, when you sell a house traditionally you don’t really have any control over the closing date, which can be a burden if you want a fast sale. With a cash buyer, however, you decide when you want to close. Two weeks? Without any technical obstacles, maybe one. Believe it or not, they can work around the most limited timelines.