There is a wide gap within real estate. People have a million reasons to sell their homes but only a few options for doing so. The good news is, there could be one more method to consider – selling to a cash buyer.
Different things may motivate people to sell their homes, but here are the top five reasons they might want to do it for cash:
You have more freedom.
When selling a house mainstream, you typically have limited options. On the other hand, cash buyers offer more flexibility. Besides, these aren’t families looking to settle into their new home. These are investors aiming to earn a return. That means they can give you more leeway for your particular circumstances.
You don’t have to spend for repairs or renovation.
You wouldn’t believe what conventional sellers go through just to sell their properties. 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. With a cash buyer, you sell as-is. The responsibility of undertaking repairs and renovation is now in their hands. Receive your money and then 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 may not be as much as a conventional buyer’s offer, but it usually evens out after you factor in the repair and renovation costs.
A cash buyer never falls through.
After weeks or even months of talking to prospective buyers and showing them around your house, you finally find someone who seems heaven-sent, until the bank declines their loan application. Now you return to the drawing board with your house technically lingering in the market, which doesn’t look good regardless. Yes, it’s a nightmare scenario for every house seller. Selling to a cash buyer, however, there’s practically no chance for this to happen. These are businessmen or investors who want and have the capacity to pay upfront, as long as all details are agreeable to you both.
You decide the closing date.
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. However, a cash buyer will leave the decision of choosing a closing date to you. Two weeks? Perhaps one if there are no technical impediments to the sale. Mind you, they can accommodate even the most ambitious timelines.