There’s a huge gap in the real estate industry. 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.
Different people have different motivations for selling a house, but here are the top five advantages of doing it for cash:
You have more freedom.
Selling a house traditionally usually gives you three or four main options. On the other hand, cash buyers offer more flexibility. After all, these aren’t families wanting to settle into a house. These are profit-seeking investment companies. 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. When you sell to a cash buyer, you sell as-is. You can forget about repairs and renovation because now, that is their responsibility. Just receive your cash and move on.
You pay no commissions, fees or contingencies.
In a typical house sale, the offer you get isn’t the exact amount that ends up in your bank account. You need to factor some costs, the biggest of which is the agent’s commission. With a cash buyer, you get the exact offer made, period. It may not be as big as a typical buyer’s offer, but in most cases, it turns out to be a fair, if not great, deal once you’ve removed the money you would have paid for repairs and renovation.
Cash buyers rarely – if at all – fall through.
After weeks or even months of entertaining inquiries and opening up your house to potential buyers, you finally find someone who seems to be the perfect one, until the bank decides not to give them their loan. Now you’re back to square one, and your house is literally lingering in the market, which is bad for future prospects in any case. A nightmare scenario it is. Selling to a cash buyer, however, there’s practically no chance for this to happen. You’re dealing with investors who have the money to pay off the bat, as long as everything is agreeable to both parties.
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? Perhaps one if there are no technical impediments to the sale. Believe it or not, they can work around the most limited timelines.