Are you considering a cash offer on your home? Many people are realizing that cash sales offer a lot more incentives. If you know the benefits, then you can capitalize on this quick, no-hassle sales method.
If you are still skeptical, then have no fear. Read on as we discuss the advantages of selling a home for cash.
When selling a house for cash, you minimize the risk associated with selling to someone who is in a chain. If people are waiting for money from a lender, lots of things can go wrong. They may not get the loan they need, or people who were trying to buy their property may also not get accepted for a loan.
This can leave you back at square one, having to find a buyer for your house once again. With less risk involved, many people will choose a cash offer even if the price is slightly lower.
If you want to sell a house quickly, choosing someone who is waiting for approval on a mortgage is not the way to go. Underwriting the mortgage itself can take between one to two months. At this time, the mortgage company will also want to book an appraisal which will take time.
When you get a cash offer, all that needs to be done is the legal paperwork. In fact, this can be turned around in as little as a fortnight.
When you sell your house to a person seeking mortgage approval, the lender will conduct an appraisal on your property. This is to safeguard their loan. If the person loaning money does not pay, they can take the house to reclaim the value.
The problem is that sometimes the appraisal does not match the value of the home and the lender is left with a deficit. If they can not find the extra money, then they have to drop out of the sale. With a cash buyer, no appraisal is needed.
Save On Renovation
When you sell to a cash buyer, they often want to turn the house around quickly. This means buying it, fixing it up, then selling it on. While their cash offer may be lower, this means you do not have to do repairs, renovations, and fixes associated with other sales.
When you sell your house, you usually go through a real estate agent. However, closing costs can be around 6% of the property value. 3% of this goes to your agent, and 3% goes to the buyers.
This fee does not need to be paid with a cash offer. That means that while cash offers may be lower, after skipping renovation costs and real estate agent fees, they can often work out very similar. FasterHouse buys houses fast and for cash, so speak to a company such as them.
Selling a Home for Cash
Now you know the benefits of selling a home for cash, you just need to find a buyer. There are many companies that will make cash offers. Search online and get viewings by a few, to see who makes the best offer. If you enjoyed our article, then we have many more to help. From property to interior design, we can help you get the dream home you deserve!