In 2017, over 6 million homes were sold in the United States. Of these, 5.51 million were existing homes.
If you’re planning to put your home on the market, it’s clear you’re not alone.
What’s more, when the offers starting streaming in, you will realize that there are those looking to pay through a mortgage and some will be looking to pay in cash.
Does it matter how a potential buyer wants to pay for the property? Yes, it does!
Keep reading to learn the advantages of selling to cash home buyers.
Sell Your House Fast
Sometimes you just want to offload your house as soon as possible.
Maybe the Feds are hot on your trail and you want to skip town, or your employer just posted you to another state or country, or you’re in a financial emergency and selling your home is the only way out of the hole. Or your mortgage is in default and the lender is looking to repossess the property.
Regardless of your specific situation, all you want is your property to find a buyer – fast.
As the name suggests, cash home buyers have the money at hand. As long as they love your property and the price is right, you can close the deal in a matter of days.
On the other hand, mortgage buyers don’t have the cash. They’re relying on a lender to finance to purchase, which means a pile of paperwork needs to be filled, and people have to approve it. This takes time.
Sell Your Home As Is
When you want your home to fetch a high price and sell faster, you need to make repairs and generally improve its curb appeal. Not many people want to buy a home that looks abandoned.
But what if you don’t want to make any repairs or improvements to your home before selling? Maybe you don’t have the money to do it, or you just don’t give a hoot about increasing its market value. You just want to sell it as is.
In that case, your only chance of selling it is to a cash home buyer, and here is why:
Typically, cash buyers aren’t people looking to buy properties to live in and call home. They’re real estate investors whose only interest is to buy the home, fix or upgrade it, then sell at a profit. Homes like yours are their bread and butter.
Cut Out The Middleman
Most real estate agents and realtors have mastered the art of selling and buying homes. Work with one and your home will find a buyer in no time.
However, they charge a commission for their services. Most will sell your home for a 4-7 per cent commission.
This might look meagre, but when you want to squeeze every dollar out of your home, a real estate agent’s cut can put a big dent in your finances.
Lucky for you, selling to a cash buyer enables you to cut out the middleman and pocket everything. You’ll negotiate directly with the buyer and close the deal without getting any professional help.
Be warned, though, that selling your home without a professional on your team can be a risky move, especially if you’ve no experience selling homes. An unscrupulous cash buyer can easily take advantage of your situation, lowball you, and pressure you into accepting their offer.
You Can Go To The Buyer
The normal process of selling a house involves putting it on the market and waiting for buyers to show up and make you an offer.
What if we told you that you don’t have to wait for potential buyers to come to you? That you can go to them instead?
Since cash home buyers are in the business of flipping homes, at any given time they’re always ready to splurge on the right property. A quick “cash home buyers near me” search on the web will reveal a couple of companies in your area. Go to their websites, fill out a form, and get your cash offer!
Be sure to learn more about how this works before proceeding.
Cash Home Buyers Take Care Of The Closing Details
To sell a home, you need to transfer ownership to the buyer. This means some paperwork needs to get done before the deal is done.
If you’ve no selling experience, handling the paperwork can become a challenge. This is one of the reasons many sellers opt to work with a real estate agent.
Thankfully, the vast majority of cash buyers usually take care of the paperwork. They have a team of professionals whose task is to ensure a deal goes through as quickly and diligently as possible.
As such, you won’t have to worry about paying closing fees. This saves you money.
Little Chance Of A Deal Falling Through
When you’re selling your home to a mortgage buyer, there’s always a chance the deal could flop.
And it’s all about how the mortgage process works.
Once a prospective buyer is pre-approved for a home loan, they’re free to start hunting for a property. However, pre-approval doesn’t guarantee approval. Nothing stops the lender from going back on their word, especially if they don’t like the property.
If you want a surefire deal, work with cash home buyers. As long as you can agree on a price, don’t expect them to baulk out of the deal.
Do Business With Cash Home Buyers
Selling a property is part of being a homeowner. Sometimes you’ll want to upgrade or downsize, forcing you to let go of your current property. Or circumstances beyond your control could be the reason you want to sell.
If the time to sell has come, give preference to cash home buyers. You’ll offload the home quickly, won’t lose money to real estate brokers, and you can sell the home as is.
Keep tabs on our home section for more realty tips and insights.