First
time home buyers and those who have sold their homes can all agree to
one thing; the real estate closing process can be quite complicated
and frustrating as well. The good news, however, is that the real
estate market has been experiencing dramatic changes over the last
few years and transactions that were once unpopular and looked down
upon like cash for houses are now quite attractive. If you are
thinking about selling your home for cash but holding back here are
some excellent reasons to consider cash for houses.
Fast
closing
Selling a house for cash is incredibly quick and convenient. On average, most financial closings take 4-7 weeks. This means that at times, they may take longer than that which is quite inconveniencing especially if the reason I want to sell my house fast is that I need to move urgently. On the other hand, selling it for cash is faster as you avoid the lengthy house showing, underwriting and credit checking processes. In other words, once you find the ideal buyer and both of you agree on the price then that all is needed to close the sale.
Less likely to fall through
If you are selling your home the traditional way, for instance through a realtor can be quite a frustrating process. This is because first, you may find a buyer who is ultimately interested in buying your home, but they end up backing out because they couldn't qualify for a loan. Others might have a mortgage preapproval and might even start the process of buying your home only to get cold feet and back out at the last minute. This means that you must begin the process of advertising and listing it all over again which is quite frustrating and disappointing.
Cash deals for homes, on the other hand, are less likely to fall through because the buyer already has ready money and once it is in your hands there is no going back. Even though the amount you get might be less than what you would have sold through listing it with a realtor, your peace of mind is better than any amount of money and cash deals give you that as they are quite smooth sailing. In most cases, you may even end up selling your house at market value if it is well maintained.
Cash deals are much cheaper
There are so many costs associated with selling your house the traditional way. First, you must pay a realtor to help you market it. You also have to carry out repairs and maintenance because most banks require that the house is in good shape before they approve a buyer's mortgage. In respect to that, besides the costly maintenance and repairs you pay for, you have the added costs of an appraiser. On the other hand, if I decide to sell my house fast for cash, then I don't have to fret about such costs as most cash buyers are often willing to purchase the home as is, which saves me time and money as the closing is quite fast and convenient.
More
home buyers prefer cash deals
Most buyers now prefer buying homes for cash because first
majority of the homebuyers in the market are millennials who, as we
know, prefer instant gratification and speedy transactions. Secondly,
most homebuyers nowadays prefer cash sales as they don't have to
worry about being unable to pay their mortgage in the future.
Thirdly, it is now possible for them to find a highly
valuable home at a price they can afford. Finally, there has been
rising interest rates on mortgage loans, making them an unappealing
way to purchase a home. Therefore, if you decide to accept other
forms of payment such as mortgage buyers, then you should expect less
buyer interest. This means that you may have to wait much longer
before you get a buyer than when you sell it for cash.
How
to find the right cash for sale buyers
You can use the following avenues to find your buyer
-
Classified
Ads
Despite the significant technological changes, newspapers
remain a popular way for buyers to purchase homes. For instance, most
investors usually look for houses sold on cash on newspapers so
advertising your home on classified ads is a great way to find
potential buyers.
Money
Lenders
Instead of turning to banks, some buyers often turn to other
types of lenders to borrow money for their home purchases. Therefore,
you can also contact a reputable lender and ask them to connect you
with cash buyers. Most of them will be glad to do so because
connecting you with buyers who borrow money from them means better
business on their part.
Real
estate agents
Agents often boast a vast network of business partners and
professionals from almost all realms. This means they can quickly
connect you to a cash buyer at the touch of a button. However, note
that nearly every service offered by an agent is often paid for and
this link to cash buyers won't be free either.
Final
thoughts
Even though it has a few disadvantages such as the fact that
you may end up getting less than the value your home, the perks of
home cash sales outweigh the cons which is why you should consider
it.