There are a lot of advantages and very few disadvantages to selling your home for cash. First of the pros are convenience and speed of sale. When you have accepted a cash offer, you can typically receive your money in a matter of days. For people facing foreclosure, bankruptcy or relocation, this can be an instant lifesaver.
Less Sales Fall Through
Also, a cash sale eliminates the familiar drill of accepting a buyer’s offer, only to lose the deal at the last minute because they could not qualify for a loan. There will be no backing out or last-second cold feet once the cash has been paid. Cash sales normally close in under three weeks, while conventional sales can drag on for up to seven weeks or even longer. As well, cash sales are often “as is,” so probably, there won’t be any major renovation or repair jobs needed.
Seeking Professional Help
Though you shouldn’t forgo professional representation when you’re selling a home, sale unless you are completely sure of what you’re doing, there are undoubtedly less potential complications in a cash, sell-by-owner scenario. However, if you don’t work with an agent, it will be up to you to price your home correctly to prevent bottom-feeding cash investors or buyers from jumping in for substantially less.
Therefore, you have to get an appraisal and do a bit of additional research on your own. Use various listing services to compare prices and view price adjustment records on houses within the same area, as well as time-on-the-market statistics. The appraiser can usually do at least three such computations based on recent sales, but you should expand your data search for more information.
There are instant-sale real estate agents who can help with documents and do most of their work through phone and email to speed up transactions. They will either charge a flat or fixed fee or collect a lower-than-average percentage commission. But as they are supposed to sell as fast as possible, they can suggest a listing price much lower than what you can get in the mainstream loan market.
Although that cash buyer is a good prospect, you need to ensure they actually have funds – request for proof. With a lot of cash buyers planning to repair and resell such properties, you can explore working out a short-term lease-back deal for you to remain in the house if suitable for you, and give the new owner an income stream while they take care of the repairs or other projects.
Indeed, in the world of real estate, cash is king for the seller. You may get a little less money out of the house like this, but you can reduce repair costs and other problems while enjoying convenience, speed, less documentation and less stress along the way.
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