In previous searches for housing, you may have seen cash-only listings. If you weren’t quite sure what this meant, a cash-only listing is when a person desires to sell their home to a cash buyer rather than a regular buyer. A cash buyer is a person who is able to pay for the home in its entirety rather than with assistance from a lender. If you are interested in selling your home for cash, here is what you can expect to be different compared to the traditional house-selling method.
A Quicker Process
In most traditional sales, the seller spends months—if not years—negotiating deals with various potential buyers. These deals often fall through, or buyers demand that the seller make time-consuming repairs on the home before they are willing to close on the deal. Or, if the seller is really unlucky, they may get no interested buyers, leaving them to wait and wait while opportunities elsewhere pass by. On the other hand, selling to a cash buyer is usually exponentially faster: Negotiations are quicker, deals rarely fall through, and the buyer doesn’t have to get approval from a lender to close on the deal.
It isn’t a secret that most final cash sales are priced below the true value of the home. But this isn’t always a bad thing. For sellers with properties that need costly repairs, it may end up being more cost-effective to sell the home to a cash buyer at a slight discount rather than spend a lot of time and money on making the renovations. Furthermore, with cash sales, you rarely have to pay agent commissions or even closing costs.
Simple and Easy
Selling to a cash buyer greatly simplifies the house selling process. This is especially the case if you are selling to a home buying company versus an independent cash buyer. Upon contacting a home buying company, the company pretty much does all the work for you. All you need to do is offer them information on the home, accept the deal, and sign a bit of paperwork before being handed your money in less than 30 days.
In summary, selling a home to a cash buyer usually means that the selling process is faster, smoother, and simpler compared to a traditional home sale. In some cases, it can even be a more cost-effective option. Furthermore, selling to a cash buyer allows you to escape your real estate problem without the need to make repairs or wait around for an interested buyer.
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