When it comes time to sell your home, you have several options in front of you. Each option comes with pros and cons. However, depending on your circumstances, only one option may be the right choice.
For example, you can sell your house traditionally with or without a realtor. You also have the option of selling your house for cash.
If you’re looking to get the most money out of the sale and have the time, money, and resources to invest selling it traditionally through a realtor may be your best bet. Selling the home on the market without a realtor will save you on realtor fees, but will likely result in a lower sale price.
But what if you need to sell your house as quickly as possible? What if you don’t have the time or money to sell it traditionally? In this case, you need to consider selling your house for cash.
Keep reading for seven impressive benefits this option will grant you.
1. Avoid Realtor Fees
Real estate agents typically charge 3% of the home’s sale price. If you sell your house for $250,000, you’ll owe your realtor $7,500. However, in most real estate transactions, the seller pays both realtor fees.
Therefore, if you and the buyer are using a real estate agent, you’ll end up paying a total of 6% of your earnings in realtor fees. Using the figure above, that will amount to $15,000.
Sadly, this doesn’t account for everything. Some realtors charge extra for certain services, like open houses, marketing, and more. If you choose to sell your home for cash, you can avoid doling out thousands of dollars to realtors.
2. Save Money on Repairs, Updates, and Renovations
Learning how to sell a house traditionally means spending time and money getting it ready for the market. This includes updates, repairs, and renovations.
Furthermore, after a buyer makes an offer on the house, they’ll hire a home inspector to inspect the home. If they uncover any issues (large or small) it provides the buyer with leverage to negotiate for a lower price. This can also significantly delay the transaction if you’re forced to make repairs based on the buyer’s demands.
3. Don’t Waste Countless Hours Cleaning and Recleaning
Selling your house for cash can save you dozens of hours that you would otherwise spend cleaning and tidying the house. This is especially true if you (like many people) need to remain in the home while it’s on the market.
When your home is on the market, you could have potential buyers requesting a tour every day. This means your home needs to be show-ready at any given moment. In this scenario, you would need to run around before work every morning cleaning up after you and any other members of your family.
4. Sidestep Uncertainty
One of the most stress-inducing things about selling a home traditionally is waiting for the sale to close. This process, which usually takes about a month, can be incredibly finicky.
During this time, several things can happen:
- The buyer can decide to back out
- The underwriting process may discover something bad in the buyer’s credit report
- The buyer can negate their eligibility by making poorly-timed financial decisions
- And more
Did you know something as simple as taking out a credit card can disqualify a buyer who was previously approved for a loan? Choosing to go with companies that buy houses for cash can take away the uncertainty of selling your home. Instead of waiting on pins and needles and praying that the sale doesn’t fall through, you can rest easy with a cash offer.
5. Bypass Time-Consuming and Frustrating Negotiations With Buyers
One of the most rewarding things about selling a house for cash is that you don’t have to deal with picky, demanding buyers. Though we’re told not to take real estate negotiations personally, following this advice can prove challenging.
If a buyer comes in with a super low offer, it can be insulting. They may also have a list of demands even before an inspection takes place. Trying to please the buyer while getting a fair deal for your house can be exhausting a frustrating.
6. Provide a Solution for a Difficult Situation
Getting a cash offer can help you solve a complicated problem in your life. Selling your house for cash may help you get out from under the home quickly, which may be necessary for problematic situations.
For example, if you’ve fallen behind on mortgage payments and the bank is threatening to foreclose on the home. Alternatively, if you’re going through a divorce, you may need to sell the house quickly to liquidate and divide your assets. On the other hand, if you’re being relocated for work and you don’t have time to go through a traditional sales process, accepting a cash offer maybe your best option.
Finally, some homeowners feel trapped in their homes because they are run down or need extensive work. If you don’t have the money or ability to make these repairs but need to get out of the house, selling it for cash is a great solution.
7. Save on Stress
As clearly outlined in this article, you can see that selling a home traditionally comes with a lot of stress. While enduring the stress may pay off in the end, not all stories have a happy ending.
Buyers back out. Sales fall through days before closing. Houses sit on the market for months without any serious offers.
Selling your house to a cash buyer, especially in times of need, can save you a lot of stress and anxiety. Imagine how nice it would be to get an offer, accept it, and close within a matter of weeks. That is exactly how quick and easy it is with most cash home buyers.
Thinking About Selling Your House for Cash?
If you’re thinking about selling your home now or in the future, consider your options. Selling your house for cash isn’t necessarily the best option for everyone. However, if you find yourself in a time-sensitive situation or don’t feel like putting up with the traditional real estate method, a cash home buyer may be right for you.
And if you’re looking for more advice about homeownership, our blog has plenty more to offer. Check out some of our other articles on renovating, buying, selling, and taking care of your home.