You’ve seen the signs everywhere: “We Buy Houses For Cash” or “Sell Your House Fast For Cash.”
However, you never gave it much thought until now that you need to sell your house. So now you’re wondering, is selling your house for cash a good idea? Cash sales in the real estate industry have become more and more popular and no longer suspicious.
In April of 2021 alone, about 25% of all house sales were cash sales, which goes to show this is a growing trend. There are numerous benefits of selling a house for cash, most of which we’re going to address in this post.
Read on to find out why you should consider selling your house for cash.
1. You’ll Save Time
One of the most significant advantages of selling a house for cash is speed. This is hands down the fastest way you can sell your house. Other methods involve so much and take an average of 45 days before closing, especially when there is a mortgage loan involved.
However, selling a house depends on various factors, and it could take months before you finally close a deal. Some of these factors include location, size, condition, and much more. It could also take so much longer if you choose to sell the house yourself instead of hiring a real estate agent.
However, when you choose to sell your house for cash, you’ll take as little as two weeks to have your cash in hand. It could take less time depending on how fast you find a buyer and how soon you agree on the price. Getting cash for your house can be an effortless process, especially with a legitimate buyer.
2. You’ll Avoid Repairs
Nothing is more frustrating than to have to do major or minor house repairs just because you need to sell. With a traditional sale, you would need to conduct repairs or even do renovations to boost the value of your home. You’ll have to think about your curb appeal, kitchen renovations, and bathrooms renovations, some of the most essential.
When you sell a house for cash, you won’t have to worry about these things. For cash, buyers usually purchase houses as they are, regardless of whatever condition they’re in. If, for instance, you inherited a run-down house from a relative and you want to sell it, a cash buyer will take it off your hands as is.
Most of these buyers are house flippers and wholesale buyers. This means that they have the intention of renovating the house themselves and then reselling the house for profits. This doesn’t necessarily mean that you’ll sell your house for cheap either, as you’ll be able to get a good deal for it.
3. No Real Estate Agent Commissions
Real estate agents are the biggest expense sellers have to contend with when selling a house. They have to part with about 6% of the overall house price, which is quite substantial. When you work with a cash buyer, you won’t need to hire a realtor, so you will eliminate these costs.
Besides, you won’t have to go through the trouble of researching for the best agent in your area. Besides agent fees, there are several other costs you’ll save yourself from, such as the closing and contingency fees. All these costs would be out-of-pocket if you were to sell the house traditionally.
4. Zero Wait for Financing and Loan Approvals
The reason why traditional house sales take so long is because of the financing, loan approvals, and house appraisals. Even after finding an interested buyer and getting an offer, you would still have to wait for their lender to approve their mortgage. If for any reason, the bank denies their loan, you would have to cancel the deal and start looking for another buyer.
This would, in turn, extend the length of time the house stays on the market. When you sell your house for cash, the buyer will actually give you cash for the house. There will be no financing, no lenders, no house appraisals, and possibly no inspections either.
5. Sale Security
Sale security is a solid reason to sell your house for cash, especially if you want to sell it fast. There are so many reasons why a traditional house sale would fall through, not just mortgage denial from the buyer’s lender. The buyer may find another house they like much better than yours and change their minds or change their minds without giving you a reason.
In a cash sale deal, the stakes are much different. You’re likely to be dealing with real estate investors who are looking to make a profit, so there’s very little chance they’ll change their minds on you. This means that when you sell your house for cash, you’ll have higher sale security, and as long as you agree on the price, the sale will push through.
6. You’ll Have Flexibility
One good thing about selling your house for cash is that a cash buyer will be willing to meet you on your terms. They’re not looking to live in the house for the next five or 20 years, but someone who’s looking to make a good business deal.
If you’re selling the house because you’re going through a divorce or because you need to relocate fast for a job, you’ll have the flexibility to continue with your plans. If you’re looking at a foreclosure or any other special circumstance, then the buyer will work around that and take the house off your hands.
7. You’ll Avoid Home Showings
Just like you won’t have to do house repairs, you won’t have to showcase the house to multiple buyers. There won’t be any need to staging or rearranging furniture just to please potential buyers. You won’t need to accommodate those buyers whenever they want to view the property or consider an open house.
Top Benefits to Sell Your House for Cash
If you’re looking to sell your house without much hassle, then selling your home for cash is arguably the best option. If you need to sell fast, settle a divorce, avoid foreclosure, or settle a loan, selling for cash will give you the flexibility you need. The only thing you’ll have to do is research to find the best cash buyers.
Have you found this article informative? Do you now understand all the benefits that come with selling a house for cash? If so, why not check out our blog section for more informative content?