In today’s hot real estate markets, cash is still king. In 2021, 32% of all home sales were made by cash buyers. If you’re contemplating selling a house for cash, there may never be a better time.
From the benefits of selling a house for cash to how cash offers work, we’ve rounded up everything you need to know about the process. Let’s jump in and see if accepting a cash offer is the right move for you.
How Does Selling a House for Cash Work?
When you sell your home on the traditional market, you’ll likely receive offers from buyers with a mortgage. You may also receive cash offers from a buyer. When a buyer needs financing, this means they are taking out a mortgage loan to purchase your property. A company such as ibuysd.com will buy your home for cash with no mortgage strings attached.
With a cash offer, there’s no need to wait for a buyer to get their financing and mortgage approved. With a cash offer, your home is assessed or appraised, and an offer is made. While there may still be inspections or a walk-thru you can sell your home as-is without all the hassle of a traditional sale.
The Benefits of Selling a House for Cash
Selling a house for cash comes with its perks. To start, you don’t have to market your property in the same way you do with a traditional home sale. If you wish to sell your home as-is to a cash buyer, there’s no staging, making repairs, and hosting open houses.
With an as-is sale for cash, you can sell your home without all the work. If you plan to sell to an investor, you may not even have to show your home or have potential buyers come to tour it. You also don’t need to wait for a buyer to get a mortgage.
With a traditional home sale to a buyer with financing, a lot can happen before you close. The buyer’s financing could fall through, the home may not appraise, or the buyer could get denied due to credit problems. Accepting an offer from a buyer who needs a mortgage, could come with risks.
Accepting a Cash Offer on a House
Accepting a cash offer on a house is a seamless process. To start, your home is assessed or appraised. A buyer may also have inspections on the home. While a buyer can walk away from the results of an inspection, they typically can’t ask you to make repairs if you’re selling a home as-is.
Once you’ve accepted a cash offer, you’ll often see shorter closing times. This is because you don’t need to wait for the buyer’s lender and all the financing paperwork to come through.
Once the closing happens, the cash gets distributed or wired to your account. Your home sells, you have the cash in your account, and you can move on to a new home.
Is Selling a House for Cash Right for You?
Selling a house for cash comes with a lot of great benefits. From easy closings to quick sales, accepting a cash offer can make selling your home a little easier. If you’re looking for a quick and easy sale, a cash buyer could be the right solution for you.
Now is the time to get your home sold quickly, so you can move on to a new home and a new chapter in life. For more real estate and finance tips, check out the blog section for more great resources.
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