A big mismatch exists in the real estate industry. People have different reasons for selling their homes but have only a few channels to do so. The good news is, there might be another avenue to consider – selling their house for cash.
Different things may motivate people to sell their homes, but here are the top five reasons they might want to do it for cash:
Investors offer more flexibility.
When selling a house mainstream, you typically have limited options. Cash buyers, however, can give you total flexibility. Besides, these aren’t families looking to settle into their new home. These are investors aiming to earn a return. That means they can work more around your particular circumstances than a traditional buyer can.
There’s no need for you to spend on repairs or renovation.
You wouldn’t believe what mainstream sellers usually need or go through before finally finding a buyer. From a broken faucet to foundational damage and everything around and in-between – all these must be fixed or the prospective buyer may not get the bank financing they had applied for, even for a discount. With a cash buyer, you sell as-is. Repairs and renovation are their concern now. Just take your payment and move on.
There are no fees, contingencies or commissions to pay.
In a conventional house sale, the offer you receive isn’t the exact amount that lands in your bank account. You have to consider the costs, like agent commission, appraisal fees, inspection fees and many others. When selling to a cash buyer, the offer you hear them make is the actual amount you will receive. It may not be as much as a conventional buyer’s offer, but it usually evens out after you factor in the repair and renovation costs.
A cash buyer never falls through.
After weeks or months of inquiries and open houses, you think you’ve finally found a really serious buyer, until you learn that the bank rejected their financing application. Now you’re back to the drawing board, and your house has been on the market longer, which isn’t good regardless. This is a nightmare scenario all house sellers must avoid. With a cash buyer, this is hardly ever going to happen. These are businessmen or investors who want and have the capacity to pay upfront, as long as all details are agreeable to you both.
You determine the closing date.
Finally, selling through an agent doesn’t give you much control over the closing date, which can be a huge setback if you are aiming for a quick sale. However, a cash buyer will leave the decision of choosing a closing date to you. Two weeks? Without any technical obstacles, maybe one. Believe it or not, they can work around the most limited timelines.