About 20 percent of residential sales are all cash offers. This statistic is from the National Association of Realtors.
Of that 20 percent, three-quarters of the cash homes sales are from direct investors. This demonstrates that the act of buying a home for cash and selling it to make a profit is no small venture.
Selling your house can take as long as five years or as short as one week.
That’s right. You can sell your house the week after you put it on the market when you are doing an all-cash offer. Wondering how this is possible?
Here are five advantages of selling your house for cash:
1. Fewer Sales Fall Through
When you accept an offer from a buyer, you do not know their financial state. Many times, a home offer is accepted only to find out that the buyer does not qualify for the loan. This puts the seller back where they started.
If the buyer used only cash, there would not be any last minute scrambles or be backing out of any kind. It is quick and is only done when the buyer knows for an absolute certainty that he/she is ready to buy.
2. They Buy “As Is”
Have you ever heard this term before? Buying a home “As Is” is just like when you see a product in the store that has a rip on it, a stain on the sleeve, or it is missing a piece.
If the store manager is away from the default, there is often a different price on the product that is labeled “As Is,” meaning you accept the products missing a piece and pay less for it.
When a buyer has cash, there is much less of a bargain between the seller and the buyer.
If they make an offer with cash, they know the process will be quicker. Therefore, they do not take the time to have additional inspections or ask for the paint color to be touched up.
3. No Realtor
A realtor’s job is to help you put your house on the market and make sure the sale goes through smoothly. They also walk through your home to show you what can be altered to increase the value. Once the home is up on the market and has a few offers on the table, the realtor sits with you and helps you make the right decision.
After cutting him/her a check, your realtor is done with her job and moves on to the next home.
If you’re hoping to have a quick sale and get cash, you can skip this step. Your home will likely not need to go on any of the popular ‘for sale’ sites at all.
All you need to do is contact one of the local businesses that buy homes for cash. Ask them to come by and make you an offer.
It’s wise to have an understanding of the value of your house, especially during the rise in the economy. You don’t want to be taken advantage of just because you have very little knowledge of what your home is worth.
Cutting the middleman will not only save you money, but it will save you time too.
4. Quicker Sale
Speaking of saving time, have we mentioned how quick cash offers can go through? These sales can close between one and three weeks after you put the home on the market — as opposed to four to seven weeks as a conventional sale.
Although cash offers are often five to 20 percent lower than the average offer, the speed of the sale can make all the difference.
One of the most popular reasons people use cash buyers is because they need to move quickly due to a job they have located elsewhere. When this is the case, do not share all of this information with the company that you’re considering selling to. They will take advantage of the fact that you have little time and give you an offer that is less than satisfactory.
Be sure to have an inspector and/or appraiser come and look at your home. If you know your home’s worth, you’ll find it easier to make a quick sale. In this case, you will have all of the answers to the questions they will ask.
5. There Are Cash Buyers Out There
Just because you don’t hear too often about buying a house with cash, it doesn’t mean they don’t happen or don’t exist. If you look closely, these companies have signs that look like real estate agent signs over your town.
One of the goals these companies have is to help sellers like you with the unnecessary closing costs and added stress. Their main goal, however, is to buy your house for cash and then sell it to someone else in the hopes of making a profit.
If your house needs some work in order to sell it for its full value, consider selling to a cash buyer who will accept it without the adjustments. They will pay professionals to fix what needs fixing before they put the house on the market.
Living in Jacksonville, Florida and trying to sell? We buy houses for cash!
Selling Your House for Cash Is Simple
With the stress of moving already hitting you hard, there is no need to make it worse by having a lengthy selling process. Realtor’s can make things over complicated by trying to analyze every little detail. The possibility of having your home on the market for months without an offer coming through is extremely stressful.
Bring some relieve to the process by selling to a cash buyer. This will help you get to your new home in no time.
Interesting in selling your house for cash? Give us a call!