A big mismatch exists in the real estate industry. People have countless reasons for selling their houses but very few options for making it happen. The good news is, there could be one more method to consider – selling to a cash buyer.
Different things may motivate people to sell their homes, but here are the top five reasons they might want to do it for cash:
Investors offer more flexibility.
When you sell a house traditionally, you usually only have three or four key options. Cash buyers, however, can give you total 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.
There’s no need for you to spend on repairs or renovation.
You wouldn’t believe what mainstream sellers usually need or go through before finally finding a buyer. From broken door knobs to septic issues and everything in between – all must be fixed or the bank won’t issue financing for a potential buyer, even with a discounted price. When you sell to a cash buyer, you sell as-is. The responsibility of undertaking repairs and renovation is now in their hands. Just take your payment and move on.
You pay no commissions, fees or contingencies.
In a mainstream house sale, the offer you get isn’t the actual amount that arrives in your bank account. You need to factor some costs, the biggest of which is the agent’s commission. When selling to a cash buyer, the offer you hear them make is the actual amount you will receive. It may not be as much as a conventional buyer’s offer, but it usually evens out after you factor in the repair and renovation costs.
A cash buyer never falls 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 square one, and your house is literally lingering in the market, which is bad for future prospects in any case. Yes, it’s a nightmare scenario for every house seller. When you sell to a cash buyer, however, this hardly gets a chance 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.
The closing date is for you to choose.
Finally, when you sell a house traditionally you don’t really have any control over the closing date, which can be a burden if you want a fast sale. A cash buyer, however, lets you decide when you want to close. Two weeks? Maybe one if there are no technical impediments. Mind you, they can accommodate even the most ambitious timelines.