Accepting a cash offer on your house can greatly benefit homeowners selling and wanting a quick sale. Closing a real estate sale and selling a house for cash means you don’t need to invest much effort preparing the property, renovating, updating and upgrading appliances and stylistic elements, and being available to show the house to would-be buyers.
There are many advantages of selling a house for cash, aiding homeowners who want to move on from their former property as soon as possible. Here are the benefits of selling a house for cash:
Cash buyers are not hard to find
To sell a house, you must have open houses and showings. You have to keep your house clean, and, of course, there is the process of marketing your home and putting up real estate listings. It’s all a lot of effort that can dominate a seller’s life if things drag on.
A cash purchase saves you all of that effort. All you have to do is connect with your buyer, get their offer, negotiate the terms if applicable, and sign the final sales agreement.
Plus, many cash house buyers are out there, each offering a different valuation of your property. They are often willing to negotiate. If you find a cash buyer you like, you skip many of the traditional real estate market and house-selling processes.
Read more: Proceeds from Sale of House
No appraisal process or financial approval
A mortgage lender may require an appraisal to reduce risk and determine a home’s value. A low appraisal may mean issues financing the purchase, which takes a lot of buyers out of the running. A cash buyer doesn’t rely on an appraisal.
A cash buyer is ready to close right away. You are not left waiting to see if they will be approved for a mortgage or their financing will fall through. There’s also little to no waiting for paperwork. It’s all done for you.
Selling a house for cash happens quickly
A buyer offering cash signifies that they don’t necessarily want to wait or negotiate a whole lot. They’re prepared to move quickly, have the money to do so, and, as a seller, you aren’t necessarily pressed with terms and conditions to follow. It’s all very fast.
In addition, you get your money fast. What you get in return for selling your real estate, you get it fast. This means if you’re facing financial difficulties, bankruptcy, or need the money to invest in where you’re living next. There’s no waiting around for the funds to be delivered to your bank account from escrow.
You avoid encountering contingencies
Most cash buyers will not throw around a lot of contingencies when buying a house outright for cash. This makes it much simpler for a seller to know that they aren’t at risk of breaking a sales agreement and/or have duties to fulfill before closing.
Negotiating a home sale with a traditional buyer, there’s always the likelihood the deal could fall through at any point. For a cash buyer, though, this risk isn’t there. A cash buyer knows what they’re doing and wants to move quickly to obtain the asset that is your house.
You don’t need to hire a real estate agent
A real estate agent takes a percentage of the sale. There’s no reason to hire a realtor or agent if you’re selling for cash. This means you can keep the profit you would have given to someone else while simultaneously creating less work for you.
You can sell a house with expensive repairs. Many buyers won’t consider buying a home with structural damage, faulty plumbing, or electrical issues. A cash buyer will. If expensive repairs have to be done that you don’t have the money for, the advantage of selling for cash is that you can pass it on to the next owner. Understandably, this is factored into the price of the purchase.
You save yourself a ton of stress
Circumstances may mean you want the house gone quickly. Such as you have a new job in another city, you’re going through a divorce. The house belongs to a family member who passed away, etc. When you sell a house for cash, you’re moving quickly and don’t necessarily need to be involved in what’s happening. This allows you to move on with your life sooner and without sacrificing time you don’t have.
Even if you know what you’re stepping into and are equipped to handle it, there is a truckload of stress and work to do in selling a house. A cash buyer takes all that stress and work away, meaning you can get the property off your hands with minimum hassle.