There’s a huge gap in the real estate industry. People have different reasons for selling their homes but have only a few channels to do so. 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:
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, we’re not talking families needing to settle into their new abode. These are investors who want to earn a profit. That means they can work more around your particular circumstances than a traditional buyer can.
You don’t have to spend for repairs or renovation.
You wouldn’t believe what mainstream sellers usually need or go through before finally finding a buyer. For broken bathroom mirrors to roofing breaches and more – everything must repaired or the potential buyer may not get their bank financing, even if the price is lowered. Selling to a cash buyer is selling as-is. The responsibility of undertaking repairs and renovation is now in their hands. Receive your money and then move on.
There are no fees, contingencies or commissions to pay.
In a typical house sale, the offer you get isn’t the exact amount that ends up in your bank account. You have to consider the costs, like agent commission, appraisal fees, inspection fees and many others. With a cash buyer, you get the exact offer made, period. 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.
Cash buyers rarely – if at all – fall through.
After weeks or months of inquiries and open houses, you think you’ve finally found a really serious buyer, until you learn that the bank rejected their financing 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.
You determine the closing date.
Lastly, a traditional house sale will not give you much control in terms of the closing date, which can be a pain if you want to sell fast. 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 accommodate the most aggressive timelines.