Picture how much better it would be to sell your home for cash instead of going through the intricacies of a traditional sale transaction. How much more money would you get with your sale if you could finish it fast and have nothing to do with loan processing and everything it entails?
You may think it hardly possible to sell your house for cash. But even as cash purchases could be on a downtrend a little, they still compose 1/3 of all home purchases in the U.S.
That presents one important question: Why should you get a cash buyer for your house? What are the major benefits offered by this option? There can be many, but at the core, there are three reasons you’ll want to go for a cash sale transaction.
1. Less sales fall apart.
It is often frustrating to negotiate and go back-and-forth with a buyer until you actually on a particular price. Of coruse, this of course following the house showing and answering of unending questions the potential buyer may have about the property. In short, you’ve worked much to close the transaction until you learn that the person’s loan application was disapproved. Unexpectedly, they tell you their credit isn’t good enough for buying the house. This news can be crushing. Cash deals leave no room for hassles like this. Credit and loan qualifications become irrelevant. Selling your house for cash therefore helps you avoid a potential pitfall of having the deal fall through at the last minute.
2. Timing is favorable.
In terms of closing a deal with financing, four to seven weeks is already the fastest anyone can go. Some cases will drag on for a whole lot longer. On the other hand, a cash transaction can close in four to seven days. A considerable advantage of selling for cash is that you get a way quicker process. Everything is smooth-sailing and trouble-free, and next thing you know, you’re receiving your payment.
3. It’s faster to sell “as is.
Selling to someone who needs financing means the bank will check if your house is worth the loan amount sought by the buyer. It’s their way of making sure that they can recover the cash they lent in the event that the buyer fails to repay the loan. In other words, you need to get an appraisal which costs you time and money. However, when you sell for cash, the buyer will be the one to assess the property and they will pay whatever you agree on.