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When the time comes for you to sell your house, you will need to think about how to go about the process.
Key among them; sell the house for cash; pros and cons.
On the face of it, it might not seem like the channel you opt for is not a big deal. After all, you will have money in your hands, right? Well, not really.
Here, learn what your options are and why selling your house for cash is ideal.
There are two ways you can sell your house. The first is by going the traditional way. Here, an interested buyer follows the required steps to get their financier to facilitate the purchase. This is via a loan or a mortgage.
The second option is where you get a buyer who has the funds available. This means that the transaction will only be between you, the seller, and them, the buyer. There will be no third parties in the form of financiers involved in the transaction.
Selling a property for cash has both pros and cons. Here are the noteworthy ones.
At times, one needs to sell their house as quickly as possible. Some of the reasons behind this are financial emergencies, divorce, or the need to move or relocate from one’s city of residence.
If this is the case, it becomes important not just to sell the house but to do so as quickly as possible.
The traditional routes include realtors, MLS, and For Sale By Owner options, and do not always guarantee that your house will sell at all.
With correct pricing, you should expect offers to trickle in. However, available data shows that it takes an average of 65 days for a house to sell.
When selling a home to a buyer through a financier, the lender will require the house to be in top shape. To ensure this is the case, lenders require inspections and appraisals done on a property.
The challenge comes in when the seller is going through financial strife. In such scenarios, the seller is looking for money quickly. They are probably not in a position to spend money fixing up a house before the sale.
A cash sale can help one get through this obstacle. Without any appraisal or inspection required, you, as the buyer, are able to sell your house on an as-is basis.
What this means is that you are selling the home at an agreeable value based on its current condition. You will still have to disclose any areas of concern, but the onus will be on the seller to fix them after purchase.
Selling a home takes some work and time. Some of the things you are required to do pre-sale are clean the house, ideally, get it professionally done. You will also need to stage the home and arrange for open houses.
Most people find the need to bring a realtor on board to help steer this process- at a cost.
When selling your house for cash, these are steps you can skip.
By finding a cash house buying company or fix and flippers, you get to sell your house for cash, without much need for thee tedious processes.
There are specific circumstances under which lenders will likely shun a home purchase application. Some of these include:
If you go for a cash sale, you are likely to find a willing buyer for a house under these circumstances, albeit at a lower price.
Selling a house through the traditional ways always carries the chance of a deal falling through.
The lender can at any point withdraw an offer depending on the financial standing of the borrower. The purchase process takes an average of two months from start to finish. A lot can happen during this time that might interfere with the sale.
For this reason, a financed sale always carries the risk and anxiety of being possibly canceled. This is not a concern one has when looking to sell to a cash buyer.
The advantages of selling a house for cash aside, this option has several drawbacks as well.
In recent years, people have found themselves with no house and fake money. The best way to go about selling a house for cash safely is by selling to a reputable home buying company.
There are also things to look out for. Getting an offer from a buyer who shows no interest in viewing the house first or negotiating on price is a major tell-tale.
Do your due diligence, ask to see proof of funds, and use Escrow services as well.
Selling your house in cash can save you realtor fees if you sell to the buyer directly.
However, you are still unlikely to get the asking price. The reason for this is simple. The likeliest people to buy your house will be businesses in the real estate business.
They, therefore, need to buy and sell the house for profit. For this reason, they need to buy the property at the lowest possible price.
You will be able to sell your house as-is, even with complications in ownership documents, but you are unlikely to get the price you would want.
The benefits of selling your house in cash significantly outweigh the negative aspects of a cash sale.
If you are looking to sell your house soon, the easiest way to go about it is to sell to a reputable home buying company. At Cash Buyers Network LLC, we guarantee a quick and transparent process for home sellers.
Call us on 15615236982 today and let us get you the best cash price for your property.