There is a wide gap within real estate. People have countless reasons for selling their houses but very few options for making it happen. The good is that another avenue could be worth consider – selling for cash.
People can have different motivations behind selling their homes, but here are the top five reasons to do it for cash:
Investors offer more flexibility.
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 give you more leeway for your particular circumstances.
You need not pay for repairs or renovations.
You wouldn’t believe what conventional sellers go through just to sell their properties. 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. With a cash buyer, you sell as-is. You can forget about repairs and renovation because now, that is their responsibility. Just take your payment and move on.
There are no fees, contingencies or commissions to pay.
In a conventional house sale, the offer you receive isn’t the exact amount that lands in your bank account. There are costs to consider, such as agent commissions, inspection fees, appraisal fees and so on. With a cash buyer, you get the exact offer made, period. 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.
Cash buyers rarely – if at all – fall 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’re back to the drawing board, and your house has been on the market longer, which isn’t good regardless. A nightmare scenario it is. With a cash buyer, this is hardly ever going 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 determine the closing date.
Finally, selling through an agent doesn’t give you much control over the closing date, which can be a huge setback if you are aiming for a quick sale. However, a cash buyer will leave the decision of choosing a closing date to you. Two weeks? Without any technical obstacles, maybe one. Believe it or not, they can accommodate the most aggressive timelines.