Selling your home takes time. In fact, the average house stays on the market for about 65 days. Though that’s only a couple of months, it can feel like an eternity when you need out of the house fast.
So, how can you speed up the process? The answer isn’t obvious, but it is simple. Sell it for cash!
When you sell a house for cash, the process is different. And if you’re used to working with real estate agents and having multiple showings a week, you may even find it more convenient.
Here’s what you can expect when you work with a cash buyer instead of wasting time on the traditional real estate market.
You Can Sell a House for Cash As-Is
When you put your home on the market with a real estate agent, you need to get your home ready for showings. And you’ll want to make things look as great as possible for prospective buyers.
This means spending money on home repairs and maintenance tasks. And you’ll have to keep it pristinely clean at all times.
But when you sell your home to a cash buyer, you’re able to sell it in as-is condition. Cash buyers typically buy homes with a goal of remodeling or renovating the house.
If there are maintenance issues or aesthetic concerns that would deter traditional buyers, they won’t care. They have the tools to fix those issues after they buy the house.
You May Have to Accept a Lower Price
Since cash buyers are willing to take on the burden of repairs, you’ll likely have to accept a lower selling price.
Think of it this way: they’re taking on the burden of fixing issues that you would otherwise be in charge of. It saves you time and money. But they won’t be willing to pay the same price for an as-is house that they would a home in perfect condition.
You Won’t Be Working with Banks
Working with a cash buyer allows you to forgo the process of working with banks and mortgage lenders. You won’t have to wait for buyers to get financing or deal with the hassle of buyers not getting approved after the home is under contract.
Cash buyers have the money upfront. And if you accept their offer, you can proceed with the sale.
There’s no worry about the funding falling through at the last minute.
Research the Buyer When You Sell a House for Cash
Before you can accept an offer from a cash buyer, you’ll want to research their reputation first.
Unfortunately, not all cash buyers are in it for the right reasons. Some even run scams, putting you at risk for losing thousands of dollars.
Instead of immediately working with the first cash buyer you find, research them. Look them up online and read any reviews you find. Remember, chances are that the cash buyer works for or owns a firm that specializes in buying homes for cash.
You can also ask the buyer for references and see what their previous clients thought of the experience. If the reviews and references are overwhelmingly positive, you’ll likely have the same experience.
But if the reviews are negative, proceed with caution. It’s probably best to keep looking for the right home buyers rather than entering into a deal that’s not in your best interest.
Closing Can Happen in a Few Days
If everything checks out and you’re comfortable with the cash buyer, you’re able to proceed with the closing.
With traditional sales, closing procedures can take weeks. That’s because the buyers have to secure a mortgage loan, work out the details with the bank, and get the home inspected before they sign the paperwork.
And if they determine you need to fix certain issues before they’re comfortable buying the house, you’ll have to take care of those repairs. Or you’ll have to accept a lower selling price to compensate for the repairs the buyer will have to handle.
Cash buyers make selling the house easier. Since you’re not waiting on inspections or taking care of repairs, the closing can happen almost immediately.
Is Selling a House for Cash Right For You?
Ultimately, deciding to sell your home for cash isn’t right for everyone. Since you’re getting money upfront for the sale, the price you’ll get will be lower than you’d receive putting the house on the market.
Cash sales are best for people who need to sell their home in a matter of weeks, not months. And they’re great for homes that need more than a little TLC to make them look great.
But they come at a cost: lower selling prices.
Since the buyer bears the burden of all repairs and likely plans on investing in renovations themselves, you won’t get the same price you would with a real estate agent.
Think about what you’re willing to accept for your home. If you need the best price possible, it might be worth hiring a real estate agent. But if you’re just looking to get out of the house fast, look for a cash buyer.
There’s no right answer to whether you should sell a house for cash or put your home on the market with a real estate agent. Think about what you want to accomplish and make your decision based on your needs.
Remember, what works for you may not be the thing that works for most people. Take your time, research your options, and you’ll sell your home the right way.
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