Selling a home takes a lot of work. If you’re selling your house traditionally, it will also take a lot of time and money.
Between renovations, cleaning, decluttering, staging, and giving tours, the home selling process is quite demanding. And that’s assuming you have the resources to dump into the process.
But what if you don’t have the luxury of time and money? What if you need to sell your house as quickly as possible in the condition it’s in?
Don’t worry, there are options. Have you considered getting a cash offer for your home? If not, it’s definitely an option you want to explore.
Keep reading to learn why accepting a cash offer for your home could be the best decision you’ve ever made.
An All-Cash Offer Doesn’t Require Real Estate Agents
If you refer to the internet, most home-selling articles will advise you to hire a real estate agent. This isn’t necessarily bad advice. Real estate agents have experience, marketing resources, local connections, and negotiation skills.
However, real estate services are far from cheap. The average agent charges 3% of whatever you sell your home for. Additionally, most buyer/seller negotiations end with the seller paying for both realtors.
In other words, you could be paying 6% of your earnings to cover the realtors. If you sold your home for $300,000, that’s $18,000. Conversely, if you decide to accept a Zillow cash offer or an offer from another cash buyer, you can save that money.
Accepting a Cash Offer Allows You to Skip Expensive Renovations
The traditional home selling process usually includes an official home inspection. If the inspector uncovers anything during their evaluation, potential buyers will be notified.
While this is honest and fair, it will also make selling your house a lot harder. The buyer will likely demand repairs and updates or undercut your price.
If you don’t have the money to make these repairs, you might have a hard time finding a buyer who will take your house as-is. In many cases, lenders won’t sign off on a house in disrepair.
Repairs and renovations also take time. If you need to sell the home sooner rather than later, this can complicate things.
When you accept a cash offer for your home, however, you don’t have to worry about repairs or updates. Most cash buyers will give you an all-cash offer, regardless of your home’s condition. If you have a home in disrepair, click for more information on selling your house for cash.
Cash Offers for Homes Save Home Sellers Money
We already talked about skipping realtor fees and bypassing renovation costs. However, there are several other ways in which accepting an instant cash offer for a home can save you money.
For example, the traditional home selling process calls for a home inspection to verify the condition of the home and an appraisal to confirm the value of the home. Both of these services cost anywhere from $300 to $450.
On top of that, if you want your house to appeal to buyers, it needs to be deep cleaned. If you don’t have the time, energy, or ability to do it yourself, you’re looking at a few hundred dollars to hire a residential cleaning service.
Lastly, sellers are advised to have their homes professionally staged. It’s not a bad idea, as staged homes generally sell about 73% faster. However, staging your home will probably set you back a couple of hundred dollars for each room in your house.
Selling Your House for Cash Provides a Solution to Complicated Problems
We’ve mentioned several times that cash offers for homes can save you valuable time. But what do we mean by that? What types of situations can benefit from an instant cash offer for a home?
First, selling your house for cash and making a quick sale can stop a foreclosure on your home. If you’ve fallen behind on payments, this could be a saving grace. Not only can you walk away with more pride, but your credit score won’t be obliterated in the process.
In some cases, homeowners choose to sell their homes for cash to simplify a messy divorce. Accepting a cash offer to liquefy the asset will make it easy to divide the earnings fairly. Otherwise, a shared property would prove to be a constant source of contention.
There are also good reasons to sell to a cash home buyer. For example, if you’ve inherited a home you don’t want, accepting a cash offer will put money in your pocket free of hassle. This is especially beneficial if the home is ‘t paid off and you can’t afford the extra monthly expense.
Finally, accepting a cash offer could help you sell a house quickly if you have a job opportunity waiting for you in another town. Whether it’s a promotion or a new job entirely, you wouldn’t want to hang onto your old mortgage. A quick sale gives you the financial freedom to search for a home in your new location.
Cash Buyers Offer Fast and Secure Closing
There are two primary problems with the traditional home closing process. First, it takes a long time (usually 4-6 weeks).
Secondly, the traditional closing process is volatile. The sale can fall through at any moment, up until the last day before closing.
If the buyer changes their financial status, they could accidentally disqualify themselves for their home loan. This includes:
- Charging up a credit card
- Taking out a personal loan
- Buying a new car
- Accepting a new job
These changes affect their credit score and their debt-to-income ratio. If they start a new job, they’ll need to provide up to six months of pay stubs to prove their income before they can requalify for the loan.
At this point, you would have to start all over again. Cash home buyers offer guaranteed closing. They allow you to pick the date, often being able to close in as little as seven days.
Want to Get a Cash Offer and Sell Your Home Immediately?
Clearly, there are a lot of reasons to consider accepting a cash offer for your home. What reason is most important to you? Can selling your home to a cash buyer save you time, money, or stress?
We hope you found this article enlightening. If you’re looking for more valuable insight, look no further. Our blog is full of content designed to help people like you live better lives.
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