Are you thinking about selling your home for cash? People consider this when they need a guaranteed way to sell their homes, but is it the right choice?
Only you can decide the best method for your situation, but considering the benefits might help you determine the right strategy.
There are numerous benefits to selling for cash, which might explain why nearly one-third of all home sales in 2022 were to cash buyers.
Are you interested in learning these? Then, keep reading to learn the top ones.
You Won’t Pay a Real Estate Agent
You can sell your home by owner, for cash, or through a real estate agent. Selling by owner eliminates the real estate commission, as does selling for cash.
Unfortunately, homeowners attempting to sell their homes by owner face hurdles. For example, finding a buyer is more challenging. Negotiating and determining how to close the deal are also challenges for homeowners.
Another option is selling through a real estate agent. You must pay the agent a 4% to 6% commission based on the selling price through this choice.
Thus, you’ll pay at least $8,000 if you sell your home for $200,000. Of course, this commission cuts into your profit, but it’s not the only fee you encounter when selling through an agent.
People often try to sell their homes through other methods to avoid the commission. The simplest method is to sell to a cash buyer. This method eliminates the need to find a buyer through advertising.
You Can Skip the Home Showings
Have you ever sold a house through a real estate agency? If not, you probably know someone who has, so you likely understand the inconveniences of home showings.
Home showings are necessary for finding a buyer. However, you can only show your home once it’s ready. Thus, preparing the home is vital before listing and showing it.
Homeowners prepare their homes for home sales in many ways. Here are a few common methods:
- Deep cleaning
- Repairing things
- Rearranging furniture
Your home will be ready for showings after completing these steps. Once this happens, you’ll understand the inconveniences that come with it.
Whenever a person wants to see your house, you must clean it to ensure it’s show-ready. Then, you have to leave your house, as you can’t be there during home showings.
To top it off, these showings do not guarantee offers. If the prospective buyers do not like it, they’ll look for other homes to buy.
The benefit of selling for cash is you will not have home showings. In fact, the cash buyer might not even schedule a tour.
Therefore, you’ll save money and time because you won’t have to prepare your home. Secondly, you can experience a stress-free home sale by avoiding the hassle of home showings.
There Is No Negotiation
How well do you handle negotiations? If you don’t enjoy negotiating, you’ll be glad to know that you can skip this step with cash home sales.
Selling your home for cash begins with a request to the Memphis home sales company. After they receive your request, they’ll take a few steps to determine the price to offer.
Then, they’ll give you the offer. You can accept it and proceed with the home sale. However, you can also reject the offer and look for a different buyer.
You won’t have to argue with anyone or try to get a better deal. The investor’s offer is firm, which means you accept or reject it. There is no negotiation involved with the transaction.
Cash Buyers Purchase Homes As-Is
You can already see some benefits of selling for cash, but one of the top ones is the cash buyer purchases the home as-is. Selling a home as-is means the buyer takes the property without requiring changes or work.
As a result, the cash buyer will not include contingencies on the contract they create. Instead, the price they offer is for the home as it sits.
Therefore, you won’t have to declutter the house. You won’t have to clean, paint, or repair anything in the house.
If you sell through a real estate agent, the agent will give you home-selling tips. One of the tips is to repair and renovate any areas of the home that need attention.
Performing home repairs is costly. It also takes time. Therefore, one benefit of selling for cash is eliminating these steps.
Many people choose to sell for cash when they have homes that need work because this method allows them to bypass the work.
You Encounter No Fees
If you decide to sell your house through a real estate firm, they can provide you with a list of your costs. You might be shocked when you see the list.
As a seller, you’ll incur expenses. Of course, the primary cost is the commission. However, there are others.
For example, you might have to pay for the title work and inspections. Then, you’ll be responsible for the costs of fixing things the inspector finds. The result could be thousands of dollars in fees.
Would you like to avoid these fees? Just like selling a house helps you avoid commissions, it also helps you avoid all the other common expenses of selling.
The price the investor offers is the amount you receive. You only pay your home loan balance and any junior liens you have on the property.
No Risk of the Deal Falling Through
When selling to a traditional buyer, you always have risks of the deal falling through. For example, a traditional buyer might have trouble getting a loan. If that happens, they’re forced to back out of the deal.
The buyer might also discover that your home has too many significant flaws. If that happens, they might look for a different property to buy.
Buyers also have the legal right to void deals if the appraisals are too low. They can also back out for other reasons. As a result, the deal could fall through, leaving you in the same place you were in when you started.
This won’t happen with a cash offer. A cash buyer will only make an offer if they’re certain they want your house. Additionally, they won’t include contingencies, which means the deal will go through.
Cash deals are guaranteed deals.
Provides an Instant Solution
Many homeowners sell for cash to alleviate overwhelming situations. For example, a divorcing couple might need to liquidate quickly. You might have to wait to settle your divorce until you sell your house.
Additionally, people facing foreclosure might look for a way to avoid it. A foreclosure affects your credit for many years. As a result, getting credit is more challenging. You’ll also lose all the equity in your home.
You can avoid these problems through a cash home sale. If you begin working with a cash buyer today, you can close the deal soon, helping you prevent foreclosure.
Relocating is another example of a situation that requires an instant home sale. If you need to move to a new city, you’ll need a place to live. Could you afford to pay rent and your current house payment?
Sometimes homeowners list their homes, and the homes sit for months and months. If you can’t find a buyer the traditional way, you could ask for a cash offer after your real estate contract ends.
There are many reasons people need instant home sale solutions. Are you facing a situation that requires selling your home immediately? If so, call a cash buyer.
You Close Quickly
Finally, selling for cash gives you a fast closing. Closing is the time when you transfer ownership rights to the buyer. It’s also the time when you receive the funds from the sale.
A traditional sale can take several months from the offer date to closing. Unfortunately, this timeframe leaves people in a bind.
Closing quickly is possible for several reasons. First, the buyer is paying cash, which means there is no lender involved. Secondly, the buyer doesn’t have to wait for title work or inspectors.
You can close much faster with these circumstances.
Selling Your Home for Cash Is Fast and Guaranteed
Selling your home for cash might be your best choice for your situation. Consider these benefits as you decide if this is right for you. In addition, talk to a cash buyer to learn more about the process.
You can request an offer for your house by contacting us. We buy houses in Memphis and would love to buy yours. Call us or visit our website to learn more.