Did you know that 23% of homes sold in 2021 were cash sales? 7 Impressive Benefits of Selling The market for buying homes in cash is steadily increasing because sellers are beginning to understand the benefits of it. For many homeowners,7 Impressive Benefits of Selling selling a house for cash takes all the hassle out of preparing for a sale.
When you sell your home for cash, the advantages outweigh the disadvantages significantly. Take a look at why you may want to opt for a cash sale above anything else.7 Impressive Benefits of Selling
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- No Appraisal
The majority of home purchases rely on a mortgage that requires approval from a mortgage lender. Your mortgage lender will need assurance that the property is worth at least the amount of the loan you’re asking for. To do this, the property will require an appraisal that is then reported back to your mortgage lender.
This can be a stressful and tedious process for sellers and the news isn’t always positive. However, cash sales don’t require appraisals. You will usually be offered a cash sum by a buyer without any intensive inspections needed. Have a look at this local home buying company for details on how it works.
- Fast Closing
Having to rely on a mortgage to sell your home means you’ll have long waiting times. Most mortgages need to be underwritten which can take up to two months. This is before any of the other legal work takes place.
During that time a lot can happen. Perhaps your buyer’s financial position will change or the buyer will find another property they prefer to yours and pull out of the sale. When the buyer has cash, you can close the sale quickly and avoid these problems.
- Less Stressful
The home selling process is far less stressful when you have a cash buyer. You don’t have to stage your home for every viewer, making your family feel like they can’t live in their own home while it’s for sale. You don’t have to pay realtors extortionate prices just to ensure people are viewing the property.
You won’t need to make any repairs because cash buyers will often buy properties as seen unless specified in an agreement. You also won’t need to worry about how long your property stays on the market before it’s bought or how much you’ll pay in fees to realtors.
- Find a Quick Solution
There are some instances where a quick sale makes life much easier for everyone involved. For example, you may need to sell your property quickly after a divorce to divide the assets equally. Or perhaps one of your relatives has passed away and left the property to you.
You may not have time to spend on repairing or upgrading the property so selling it for cash will release you from the responsibility while still ensuring you get the most out of it.
- Quick Move
Have you been offered a job in another state? Perhaps you’ve even been offered an opportunity in another country. Whatever the reason for needing a quick move, a cash purchase could be the answer.
If you’re in a position where you need to pack up and go as soon as possible, you won’t want to be trying to arrange the sale of your home from a different part of the country. A cash sale can often take less than a month to complete and you won’t need to be there to see it through.
- No Unpleasant Negotiations
Have you ever tried to sell a home where you’ve been in a constant negotiation battle? The buyer wants your home but isn’t willing to pay the price so you go back and forth until they decide to pull out anyway. It can happen more than once when your home is on the public market.
When you decide to sell for cash, you can avoid those unpleasant negotiations. Although there may be a slight amount of wiggle room to cash offers, you can rely on the fact you won’t have to heavily negotiate. For the most part, what you’re offered is usually all you’ll get.
- Avoid Piles of Paperwork
Selling a home for cash doesn’t have to come with piles of paperwork. When you sell your home to a buyer that requires a mortgage, it can seem like a neverending process of signing papers and filing papers. If you get something wrong, you’ll need to start the whole process all over again.
However, selling to a cash buyer is much simpler, especially if the buyer is a home-buying company. Companies like this will often take on as much of the paperwork as possible to make the transaction smoother for sellers.
The Disadvantage of a Cash Sale
The only disadvantage of a cash sale is that many sellers have to settle on a lower price. However, most sellers understand that this is something that allows them to avoid all of the other stressful issues that come with selling a home. Many sellers also recognize that the money lost would have gone towards solicitor and realtor fees, along with repairing or upgrading the property.
Selling a House for Cash Quickly
If you’re looking to sell your house quickly, it’s certainly worth exploring selling a house for cash. If you haven’t got the time or inclination to upgrade and stage your home to sell it within months, a cash sale could mean you have a hassle-free sale in weeks. Consider all your options before putting your home on the market.
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