Why sell your home for cash over a traditional real estate listing
So, you’re ready to sell your home, but you might be well aware of the risks of putting it up for sale with a traditional real estate listing. The process can be slow, and it can get expensive with all the different parties that get involved in the chain, from web marketing to real estate agents. However, it’s not your only option. A much simpler solution could be to simply sell your home for cash. Here, we’re going to look at the benefits of a cash sale worth taking a closer look at.
Less risk of a sale falling through
It’s an old story on the real estate market, but one that’s unfortunately true and not too uncommon at all. You can get plenty of interest, have viewings go well, and anticipate a sale with a buyer who seems all too happy, even arriving at a sale price that suits you perfectly only for them to pull out at the last moment. Sales fall through on the market all the time, but there’s no risk of that happening with a cash sale. So long as you’re dealing with a credible, established cash buyer, there’s no risk of them pulling out just before the sale is finalised.
Ease of transaction
The traditional process of selling a home can be anything but painless. When selling your home on the market, you’re relying on other people in the chain to make sure that the transaction goes smoothly, which can take time. There are agents on both sides of the transaction and legal hoops to jump through such as qualifying for a loan before the final papers can be signed. Not only does this complicate things but it also means that they take a lot longer. With a cash buyer, this simply isn’t the case. It’s less complex and also much faster, taking a lot of the stress out of getting your home sold.
Same day offer
The speed of the sale is by far one of the most noteworthy advantages of selling to a cash buyer. When you sell on the private market, communications between both parties and their accompanying chains can take a lot of time and that’s after the process of getting and negotiating an offer which can take plenty of time, too. When you sell to a cash buyer, they will take a look at your property and come back with an offer on the same day. There’s no need for deliberation or deciding whether or not they want the property. Investing in property is their entire business model, so they will be certain to come back with an offer before too long.
Full control of closing date
As quick as the process of selling your home for cash can be, it can also be flexible. Since the cash buyer can close the sale a lot more quickly, it also means that they’re willing to make the timing of things a lot more convenient for you. As such, you’re the one who has total control over when the closing date is and the buyer will be glad to accommodate in the vast majority of circumstances. If you have a preferred date to move out, such as when you get the keys for your new place or whenever your trip to your new city or town is pre-booked, then they will be happy to accommodate the date you have in mind.
Sell it as-is
A cash buyer doesn’t need to ensure that a home is in perfect condition or that it’s renovated to suit their needs. Their aim is to buy properties to invest in and develop for a profit, so they’re willing to buy your house as is without too much difference to the offer. This means that you don’t have to go through the lengthy and sometimes costly steps of repairing or changing the home to suit anyone’s needs. Simply get in touch with the home as-is and they’ll be ready to make their offer on the same day once they have taken a look. Whereas, on the real estate market, it can be a lot harder to make sure your home is presented perfectly to appeal to private buyers.
No need to see if the buyer qualifies
One of the steps that can add the most uncertainty, as well as the most waiting time, is the loan qualification process. Most private buyers don’t have the cash in hand to buy your home outright, so they have to apply for a home loan from the bank. Depending on their credit, financial circumstances, and the lender they choose, this can take anywhere up to two weeks to get the pre-approval alone. Even after you wait that long, there’s no guarantee that the buyer will qualify for the loan. Trouble getting approval for a loan is the most common reason that a home sale falls through, more so than a buyer changing their mind. Cash buyers don’t have to qualify for anything. They have the cash ready to buy your home outright, so there’s no need to involve any lenders.
Get all the money from your sale
There is some difference in how much you can expect from a cash buyer to how much your home will get on the open market. However, the difference might be smaller than you think. When you sell your home through a real estate listing, you’re not going to keep all the money from your sale, as the chain you rely on, such as your real estate agents, take a cut of the money. When you sell to a cash buyer, you get all the money from the sale yourself. There’s no added fee or sting to be worried about, just pure, simple cash, delivered immediately to your preferred bank account when the sale closes.
If you want a simpler, quicker sale that’s predictable and reliable, then you should consider whether it’s better to sell your home for cash. Take the advantages above in mind and think about your decision carefully.