Selling your house can be a daunting task, especially if you’re on a budget and pressed for time. If you’re not keen on using traditional house sales strategies, you can try accepting cash offers. In this article, we’ll talk about why you should consider selling your house for cash. Read on!
What is a Cash Offer?
Cash offers involve a buyer offering to pay for the entire cost of the house without using lenders or other forms of financing. They’re often made by real estate investors and other buyers. These entities want the deal to close as fast as possible, allowing you to convert your house into cash quite quickly.
Cash Offers Close Faster
Selling your house through cash offers means you won’t deal with any lender. Typically, selling your house through a listing takes a month, and closing a sale takes even longer.
Meanwhile, all-cash offers take only about two weeks to close. This time covers everything from filing necessary documents and seeking approval for those documents. Since you’re not dealing with any lender, the process can even be shorter.
Faster closing means moving out of the property and settling into your new home faster. This is perfect if you’re pressed for time and need to move out fast. Check out we buy houses in Melbourne to see cash offers for houses.
You Pay Fewer Fees
Buying and selling a house entails many fees. Cash offers help you avoid costs associated with listing your house and using a real estate agent. The average agent usually takes up to 6% of the house’s sales price. Selling your home via all-cash offers lets you skip using a realtor.
Moreover, traditional listings entail inspection and repairs. You’ll have to shoulder such repairs and lower your asking price to attract bidders. By contrast, cash buyers are less particular about such damages since they’ve already factored in these things in their offers.
There’s No Appraisal
With a cash sale, the property undergoes no strict appraisal. In traditional sales, house buyers use mortgage lenders to determine whether or not the asking price is fair and equal to the amount of their loan.
If the appraisal comes in low, the lender may decide not to finance the home at all. This is a common reason for traditional house sales to fall through. A cash sale takes out the appraisal process since no mortgage lenders are involved, removing a huge obstacle in the sales process.
No Marketing and Showings
Finding potential buyers require work. You need to market your property and participate in showings. These are time-consuming and expensive. You need to keep your house in tip-top shape until it’s sold, which can take a long time. Being in showings also requires you to accommodate the schedule of potential buyers, regardless of your job or prior commitments.
Cash buyers don’t frequently request showings. If they want to see the home, you’re not necessarily required to stage it. Places that offer cash for a house are content in looking at the basic features of your home. This means less stress in terms of letting strangers in your house.
Avoid the Negotiation Process
Not all people are good at haggling and going back and forth about small details that may lower or increase the house’s price. In fact, many people find negotiating to be stressful.
Selling your house for cash lets you avoid negotiations completely. You’ll receive a firm offer — it’s up to you to accept it on the spot and be done with the sales. You can also set a solid price for the property and take the offer that meets or exceeds your asking price. This is perfect if you’re looking to avoid arguments and negotiations.