Owning your home brings a lot of benefits. Homeowners have the freedom to control their own living spaces. Also, evidence shows that home ownership is still one of the most important ways to build wealth.
But to cash out the equity you’ve built in your house, you have to sell it first.
Many sellers opt to go the traditional route and list their home through a real estate agent. They’re often surprised to learn both how long it takes to sell their home this way, and how much of a cut their realtor gets.
Real estate cash buyers can be a great alternative for homeowners. Let’s look at how a cash buyer can give you a great return on your investment, and give you peace of mind.
Avoid the Loan Qualification Roller Coaster
Many folks who have sold a home in the past are familiar with how the process can be an emotional roller coaster. There are few things more frustrating than receiving an offer after months on the market, only to have the contract fall through.
When buyers plan to take out a mortgage to purchase a home, they have to get approval from the bank. Financing approval can fall through for a variety of reasons, ranging from credit card debt to a sudden divorce.
With a cash buyer, you’ll be able to sell your house fast without going through a bank. Because of all of the paperwork and approvals needed to take out a home loan, closing typically takes 6 to 7 weeks when working with a lender. By contrast, closing on a cash offer will take closer to 3 to 4 weeks.
Bypass Costly Renovations
When a bank loans a buyer money for a home, they want to make sure that the buyer will be able to live in that house and make payments. For that reason, they often require the house to meet certain conditions. If problems are found during the inspection, repairs will need to be made before the loan can be approved.
For buyers using Federal Housing Authority (FHA) loans, there are even more requirements. When you go through a cash buyer, you usually sell the home “as is,” meaning that it will be the buyer’s responsibility to cover any repairs.
Real Estate Cash Buyers Cut Out the Middleman
When you sell your home on the market, you will work with a real estate agent, and your buyer will likely also work with a real estate agent. This means that, once the house is sold, each of these realtors will get a cut.
Also, choosing a cash offer will eliminate many of the closing costs associated with selling a home. Fees to process loans, transport loan documents, and underwrite the loan will not be necessary. This means that more of the sale price will go in your pocket, rather than toward paying off administrative costs.
If you want to learn more about how real estate cash buyers can get cash in your pocket, contact us. We’ll work with you to help you get your home sold.