Are you looking to sell your house fast? Would you like to avoid all the hassles that come with repairs, renovations, staging, and real estate agents? Well then, these are some of the benefits of selling a house for cash.
You see, a house has the potential to last anywhere between 56 days on the market before selling. It could stay much longer, depending on whether it’s located in an undesirable neighborhood or is in a seemingly bad condition.
However, this wouldn’t be much of a problem if you choose to sell your house for cash. Apart from this, here are seven more key benefits of selling a house for cash.
1. A Cash Offer Will Close Much Faster
One of the most significant differences between a traditional house sale and a cash sale is that the latter closes a lot faster. The home selling process will be quicker from start to finish because you won’t have to go searching for the right real estate agent. You won’t have to go through multiple repairs or renovations, house staging, open houses, inspections, negotiations, and closing processes.
Most traditional house sales require mortgages to be underwritten, which is a lengthy process that could take as many as 60 days. A lot can happen before that time lapses because if the buyer’s financial situation changes before the approval, the lender could back out of the loan, and your deal would crash.
This happens so often that financial difficulties are the major reason for contingent offers falling through. On the other hand, cash sales aren’t contingent on mortgages, and you’ll save time and reduce the risk of the deal falling through. A cash offer could take about two weeks to close, which is time accounted for by filling out all the necessary documents, having them approved, and receiving the cash.
2. Cash Offers Involve Fewer Fees
If you’ve never sold a home before, you’d be surprised at the amount of fees you’d have to pay throughout the whole home selling process. There’s simply no escaping these fees unless you opt to sell your house for cash.
When you choose to go this route, you’ll avoid any fees related to a real estate agent. They take the biggest cut that amounts to about 6% commission of the overall sale price.
Apart from the real estate agent, you’ll also escape any fees related to mortgages and lenders because cash offers don’t require mortgages. You won’t have to contend with fees associated with documentation or cancellations of the mortgages, which makes it a win-win situation for you and the buyer.
3. A Cash Offer Will Be Less Work
Considering the amount of work that goes into selling a home traditionally, you’ll be saving yourself a lot of work when you opt to sell for cash. This is arguably one of the top benefits of selling a home for cash because everything is much easier. You’ll have fewer people to interact with, given that you’re not dealing with the real estate agent or multiple buyers.
You’ll forgo staging, repairs, home improvements, an open house, appraisals, and inspections. Most cash buyers are usually investors looking to flip the house, then sell it or rent it out for profits. House flippers always prefer to do any repairs and renovations themselves, so you won’t have to bother.
4. A Cash Offer Doesn’t Need Marketing
One of the major processes of selling a home is putting it on the market and listing it where potential buyers are likely to come across it. However, one significant benefit of selling a home for cash is that you won’t have to go through the marketing phase.
Marketing your home is unnecessary because it’s actually the buyers who will be more interested in purchasing your home for cash. This is especially good news for a person who’s looking to sell their house on their own and doesn’t want to go through the trouble of advertisements and using real estate listing websites.
5. A Cash Offer Is Less Stressful
Selling a house can be a stressful endeavor because you have to stage, repair, upgrade, clean, and host multiple buyers before you finally find the right offer. It’s imperative for you to find the best real estate agent in your area and the best inspection and appraisal company, and you have to keep your home spotless through all open houses and showings.
In between all that, there are a million other small things you have to worry about, like whether the sale will fall through or the buyer will back out. You also have to worry about how long it’ll take to actually sell the home and get the cash to do whatever it is you want.
If you consider all this with the possibility of overcoming all these processes and getting cash in a matter of two weeks, then selling a house for cash seems like the most attractive option.
6. You Can Solve an Immediate Problem
There are many reasons to sell a house, and it could be that you want some money quickly or to relocate as soon as possible. Maybe you want to avoid foreclosure or liquidate the cash to settle some debts. Maybe you want to split the equity in your divorce process.
Whatever reason you may have for wanting to sell the house fast, selling your house for cash can help you solve that problem immediately. Check out more here to learn more.
7. Cash Offers Require Minimum Negotiations
Even though some cash deals go through some negotiations, most of them don’t go through any at all. If you don’t know how to haggle or negotiate, you can simply set a solid price for your house and take the offer that either meets or exceeds it.
This is especially important for a person who’s not hiring a real estate agent. Negotiations require strategies in order to get the right price.
Reap the Benefits of Selling a House for Cash
These are the most alluring benefits of selling a house for cash. There are many reasons to sell a house, and if you feel that you don’t want to go the traditional route, all you have to do is find the right cash buyer.
Beyond that, if you’d like to read more informative articles, then please check out our blog section. We have so much more content for you.