Selling a home for cash can save you a lot of money in closing fees. You’ll save money on appraisals, document fees, credit checks, and loan origination fees, but these are primarily for the buyer. A cash sale typically has cheaper closing expenses, which might save the seller money as well.A cash sale also avoids the all-too-common scenario of accepting an offer only to lose the purchasers at the last minute because they are unable to obtain a financing. Once the money is transferred, there is no going back or getting cold feet at the last minute.
When it comes to selling a home, there are a lot of challenges to overcome. These roadblocks can make it difficult for homeowners who are seeking to sell a house quickly. Listing your house with a real estate agent may be out of the question if you’re facing foreclosure, going through a divorce, or have another pressing financial necessity. Let’s look at some facts regarding selling your property for cash if you’ve been thinking about “Should I take cash for my house?”
- Shorter Sales Cycle– When you sell your house for cash, the transaction is completed promptly. In fact, the majority of purchasers can offer you cash for your home in as little as a week. The promise of a quick sale is often so enticing to sellers, especially those who need to move quickly, that they are willing to accept a lower price for their home than they would if they sold it on the market.
- Take care of yourself– You’ll need evidence of finances from the party before you agree to anything once you’ve found that cash buyer. Cash buyers, who want to add stipulations for appraisals, inspections, and the like, do not qualify for a significant discount and, in some ways, negate the point of a cash transaction. Because many cash buyers want to restore and resell such properties, you may be able to negotiate a short-term lease-back agreement to stay in the home while the new owner attends to repairs or other work.
- Offer it for sale as is– You won’t have to worry about making costly and time-consuming repairs to your home if you sell it for cash. You get to sell your house as-is, which relieves you of a lot of stress. You don’t have to worry about being disqualified because of cosmetic or structural difficulties because most cash buyers will buy houses in any condition.
- Quick Offers on a Home– The big promise is that you’ll get a quick cash offer and know how much your house is worth right away. Some may make quick offers. Others will want to speak with you over the phone and come out to look at the property before making an offer. You won’t get a final offer until they complete a home inspection in any case.
Another major advantage of this method of selling a home is the speed. It’s comforting to know that your closure is approaching and that you may begin making new life plans. True all-cash purchasers can often close in a matter of days.