In 2018, the number of existing homes sold in the US was 5.34 million.
Of all the home sales, 21 percent was a cash-based transaction, while investor transactions amounted to 13 percent of the total amount.
If you want to sell your house fast in today’s market, consider selling your house for cash. Cash buyers will out-right buy your house with no third-party financing. But how profitable would the sale be?
Is selling a house for cash better than going through the traditional real estate path? Here are the top reasons to consider selling your home for cash.
1. Fewer Sales Fall Apart
Negotiating the price of a home sale can be a tiring and frustrating process.
During this stage, you will have already completed several steps into the house selling process. After several weeks of going back and forth, the buyer may not qualify for a loan to make the purchase. It then places you in a bind.
What this means is that you have increased the property time in the market, which can affect the overall price negatively. However, with cash, you avoid all problems associated with loan and credit qualifications.
Therefore, selling your home for cash is an excellent way to ensure the deal goes through with no external interference.
2. You Can Sell Your House As Is
Before a buyer can make a home purchase, the institution offering the loan has to inspect the house to make sure that the value is worth the credit. This way, in case anything goes wrong, the bank can resell the home and recover their money.
You, therefore, need to spend on repairs before you can sell your home.
When you sell for cash, you need not make repairs before putting your house in the market. The buyer pays for what they get, and any repair liabilities transfer to them.
3. It is Faster to Sell for Cash
The traditional process of selling a house can take four to seven weeks to close the deal. The time can extend if there is any delay in financing.
The process is long because of many inspections and endless back-and-forth communication before sealing the deal. Dealing with cash helps you avoid the lengthy and tiresome processes, allowing you to make a quick and smooth transaction.
Selling your House for Cash
Before you can make any agreements with a cash buyer, you should first ask for proof of funds. The market has many scammers who pose as cash-for-houses companies. Therefore, always stay high on alert.
Many cash buyers purchase a property only to repair it and place it back in the market at a much higher price. You can cut a deal with the buyer to let you stay in the property while they perform the repairs.
Contact us today to learn more about how to sell your house for cash.