A big mismatch exists in the real estate industry. People have countless reasons for selling their houses but very few options for making it happen. The good news is, there could be one more method to consider – selling to a cash buyer.
Different people have different motivations for selling a house, but here are the top five advantages of doing it for cash:
You have more freedom.
When you sell a house traditionally, you usually only have three or four key options. On the other hand, cash buyers offer more flexibility. After all, these aren’t families wanting to settle into a house. 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 don’t have to spend for repairs or renovation.
As you might have heard, traditional house sellers go through a lot just to sell their property. From broken door knobs to septic issues and everything in between – all must be fixed or the bank won’t issue financing for a potential buyer, even with a discounted price. Selling to a cash buyer is selling as-is. You can forget about repairs and renovation because now, that is their responsibility. Just take your payment and move on.
You need not pay any commissions, fees, or contingencies.
In a mainstream house sale, the offer you get isn’t the actual amount that arrives in your bank account. You have to consider the costs, like agent commission, appraisal fees, inspection fees and many others. When you sell to a cash buyer, the offer you get is the final number. It will probably be lower than a conventional offer, but considering the costs of repair and renovation, it often turns out to be a pretty fair – if not advantageous – deal.
You don’t worry about a buyer falling 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’re back to square one, and your house is literally lingering in the market, which is bad for future prospects in any case. 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.
You determine the closing date.
Lastly, a traditional house sale will not give you much control in terms of the closing date, which can be a pain if you want to sell fast. 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 accommodate the most aggressive timelines.