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Selling a home isn’t always quick. When the average time to sell a home is 71 days, it can be a problem when you want to get your sale done fast. If you want to speed up the selling process, looking for cash home buyers is great.
If you’re selling your home and want to avoid a lot of the hassle that goes with it, looking for a cash buyer is a great alternative. Keep reading to learn the pros and cons of looking for a cash offer on your home.
Pros of Selling for Cash
There are many advantages of selling your home for cash, but a few of them stand above the rest. Below are a few of the best reasons that make a cash sale worth it for sellers.
- No Improvements are Necessary
People who buy homes with cash are doing so with the expectation that there will need to be improvements. If you go through the normal selling process, most buyers aren’t in this situation. They want a home that’s ready to go with minimal work needed.
Cash buyers are in it to make a profit. They want to buy undervalued and distressed properties with the opportunity to increase their value. Because of that, they’re willing to put in more money and time after the purchase to improve a home’s value.
That means you’ll have less work to do as a seller. You won’t need to make your home presentable for regular buyers.
- Quick Closing
The normal closing process for real estate isn’t quick. Most buyers in this situation are using mortgages. Because of that, everything has to run through the mortgage company for approval.
Unfortunately, this process takes time.
Since you aren’t dealing with third parties with cash buyers, you don’t have that extended wait. Once you agree to a cash buyer’s selling price, you can conduct the transaction and transfer the property to the new owner.
This is great if you’re looking to get through a sale with minimal complications.
- Save on Realtor Fees
While buyers may not have to deal with realtor fees, you do as a seller. The home sale fee gets split between the buyer and seller agents based on what you pay in closing costs. The same isn’t true for cash offers.
There’s no realtor involved in most home sales for cash. You’re dealing directly with a company that is a real estate business. They don’t need the help of a realtor to do their jobs.
Saving on this fee can help cover the reduced value you’ll get for your home from a cash buyer. On top of the other benefits, the fee reduction plays a critical role in convincing people to sell for cash.
- Get More Certainty
Even if you decide to accept an offer on a traditional sale, that doesn’t mean the deal will go through. A regular buyer will need to perform a home inspection and run everything through the mortgage company. In some cases, your deal will fall apart in that process.
You have more certainty when working with reputable cash buyers like housemax.com. They have no mortgage companies to deal with and will buy your home with all the flaws. You won’t need to worry as much about your deal falling apart.
Cons of Selling a Home for Cash
Even though there are countless benefits of accepting a cash offer for your home, there are a few downsides. Below are a few things you should consider before accepting a cash offer.
- Low Home Price
The biggest con you need to consider when selling your home for cash is a lower selling price. As mentioned above, people who pay cash for homes do so without you needing to perform maintenance. While this will save you time and money, it also means you won’t get as high of a price for your home.
On top of that, some home improvements can add more value to your home than the improvement cost. That’s more value that you aren’t getting when you sell your house for cash.
- Less Competition
Things are great in a sellers’ market. There is tons of competition with buyers, so you may get a higher price for your home than asked.
The same isn’t true when you work with a cash buyer. While there are several cash buying options, it’s nowhere near the volume of competition you’ll see on the regular house market.
That will suppress the value of your home during the same, further driving down the price you can sell your home for.
- More Shady Buyers
Things aren’t always what they seem in the cash buying market. In the standard market, you don’t have much to worry about when vetting buyers. Most people work with real estate agents who do vetting themselves and offer credible buyers that can pay.
There’s no vetting when working with cash buyers. Some buyers don’t have the funds to buy homes and will use the time between paying you what they promise to find another buyer that will pay a higher price.
One way to avoid this is to look for proof of funds and financing before accepting a cash offer. However, you’ll still need to stay on guard against lousy cash buyers.
Consider the Pros and Cons of Selling Your Home for Cash
It takes a lot of work when selling your home, so it makes sense to look for a more efficient way to deal with the process. If you don’t want to go through the normal selling process and sell your home as soon as possible, consider looking for a cash buyer. Now that you know the pros and cons of the process, consider if accepting a cash offer is right for you.
Head back to the blog if you want to find more tips that will help you find a buyer for your property.
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