What are the advantages of selling a house to a cash buyer?
In June 2020, the annual rate for sales of previously owned houses reached almost five million units.
With so many houses on the market, finding the right buyer can be a struggle. Especially when many buyers are in the process of selling their own homes too.
That’s where a cash buyer can really make a difference.
Read on to learn some of the key benefits of selling a house to a cash buyer.
You Get All The Money
The beauty of a cash buyer is that you don’t have to hand over a large portion of the sale price to your real estate agent.
With commission fees for realtors averaging around six percent, you could be saving yourself thousands of dollars. Even if your house sells for less than it might have to another buyer, you could still end up better off when you factor in the commission fees you save on.
Sales Happen Fast
Selling a house isn’t a fast process. You need to have people look around your house, then wait for them to make firm offers, and even then there’s a long wait for your potential buyer to get their loan approved before the sale can go through.
But I want to sell my house fast, we hear you cry. Well, with a cash buyer that’s exactly what you can do. Depending on circumstances, you may be able to cut out all the viewings, waiting for offers, and approval of loans.
Instead, you get a cash offer, you accept it, and the paperwork can start right away.
Less Chance of Sales Falling Through
Since there’s no chain with a cash purchase, there’s far less chance of your sale falling through.
You don’t have to worry about the bank deciding that they’re not going to offer your buyer that loan after all. You don’t have to worry about your buyer getting cold feet through the weeks of waiting between making an offer and completion.
Your sale could be completed within as little as a week so there’s far less time for things to go wrong.
No Need to Make Repairs
Most cash buyers are looking to purchase your home as-is. They’re not really fussed about whether you’ve put in a brand new kitchen.
That means you don’t have to waste any money on costly repairs, or making home improvements that the new owner would probably rip out anyway. It makes the whole process far less stressful.
Are You Thinking About Selling a House to a Cash Buyer?
As you can see, selling a house to a cash buyer comes with a number of enticing benefits. The important thing is that you do your homework and make sure you’re getting a fair price for your home. You also need to be sure that your buyer isn’t trying to scam you out of your property, so only work with buyers you can trust.
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