Lessons Learned About Homes
Advantages of Selling Your Home to a Cash Buyer
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. This can be an instant life saver for those dealing with bankruptcy, relocation or foreclosure.
Less Sales Fall Through
Also, with a cash sale, you need not lose a buyer, whose offer you have pre-accepted, just because they can’t qualify for a loan. The moment the cash is passed along, there’s no such thing as backing out or cold feet. In general, cash sales close in one to three weeks, while conventional sales can take up to seven weeks. Cash sales are also often “as is,” so there’s likely no major job needed.
Finding Similarities Between Homes and Life
Seeking Professional Help
A Quick Rundown of Properties
While you need not skip professional representation for a house sale unless you are sure of what you’re doing, there are definitely less potential issues in a sell-by-owner cash transaction. However, not hiring an agent would mean that you have to decide how much to price your home such that you can avoid bottom-feeding cash buyers or investors who may dive in for a lot less.
Thus, you have to get an appraisal and do just a little bit of extra research of your own. Explore various listing services to compare prices and price adjustment records for homes within the same location, along with 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 quick-sale real estate agents you can depend on for paperwork, doing most of their work via email or phone to fast-track transactions. They will either charge a flat or fixed fee or collect a lower-than-average percentage commission. But because their job is to sell quickly, they can propose a listing price that is way lower than what is offered in the conventional loan market.
That cash buyer is a good prospect, you must ensure they do have funds – look for evidence! Since a lot of cash buyers plan to repair and resell such properties, you may be able to work out a short-term lease-back deal to stay in the property if suitable for you, and provide the new owner an income stream while tending to repairs or other projects.
Certainly, cash is king in a real estate scenario if you’re the seller. You may get less from the house like this, but you can lower repair costs and avoid more problems while enjoying a fast, convenient, and stress-free process.