In a hot housing market, the average home took 71 days from listing to closing to sell. Of course, that doesn’t account for the time the homeowner had to invest in getting the home ready for sale.
It also doesn’t account for when a market starts to slow, or interest rates start to go up, and people move more slowly to buy.
The reality is that selling a house can be time-consuming and costly. It can even require some real patience on the part of the seller.
That is unless you consider the option to sell a home with a cash offer. You might be surprised to know there are people ready and waiting to buy a house for cash.
Read on to learn more about the benefits of selling a home for cash.
What Is a Cash Offer to Sell a Home?
Let’s start with what happens when you sell for cash. When you get a cash offer, someone doesn’t show up with bags of bills on your front porch.
Instead, it’s an individual or company that has enough assets to pay for the house outright without the need for financing.
A cash offer has many benefits for both the buyer and the seller. Essentially, it speeds up the selling process, which is often desirable for all parties involved. More on this shortly.
It might surprise you that cash buyers are more common than you expect. Data shows that 22% to 24% of the market sales are cash buyers.
Reasons to Accept a Cash Offer
There are a host of reasons to consider selling your house with a cash offer. Some you can probably guess, speed, for example. Others might surprise you.
Let’s take a closer look at why you should consider a cash offer to sell your home.
1. No Appraisals or Inspections
In a hot housing market, a house might not be on the market that long. Yet, you can see from the statistics in the intro that the process can actually still get dragged out.
There are several things you can skip when selling for cash. You don’t need to pay for an appraisal. The cash buyer does their evaluation and will base their offer on this.
You also don’t need to wait around for a home inspection or worry about what it will say.
2. Save Money on Repairs
Many homeowners find that when they’re ready to sell, they put significant money into their home just to get it ready to sell.
The realtor meets with the home seller and makes suggestions. Maybe they suggest tearing out the old carpet and replacing it with hard surface flooring. Perhaps the paint on the walls shows signs of wear, and it needs a good paint job.
Many homeowners put off needed repairs for years, only to put the money into them when they no longer live there.
Save the money and sell to a cash buyer.
3. Eliminates Marketing and Showings
It’s not just investing in and working on your home to get it ready to sell that can be a hassle. Once your home is on the market, you have to be prepared for the marketing that comes with it.
You’ll have groups of realtors who will want to tour the house. You’ll have people driving by and stopping to look, sometimes even in your windows.
You also must keep the house spotless at all times in case a potential buyer wants a showing.
4. Solves a Messy Life Situation
Sometimes life is messy or moving quickly, and you need to get out quickly. You might be going through a complicated divorce, and you need to split the equity in the house so you can move on.
You might be over your head on the mortgage and need to sell it quickly to avoid foreclosure.
Some people relocating for a new job find that they just need to sell quickly to focus on what’s next.
5. Sell As-Is
A cash buyer is prepared to buy your home as-is. This means, of course, you don’t have to do any repairs or staging to get it on the market.
It also means you don’t have to prepare for what a home inspector finds, and the buyer wants to be fixed. You may even be aware that your home has some hiccups and flaws. Maybe they’re too expensive to consider a repair.
Whatever the reason, selling to a cash buyer means you can sell the house as-is.
6. No Negotiating or Paperwork
Another benefit of selling to a cash buyer is avoiding the stressful negotiating step of a home sale.
A buyer might make an offer, and then your counteroffer. Then they want something done in return. Then, of course, you have to wait for their mortgage approval, which doesn’t happen until after an inspection.
You can completely skip the negotiations and the paperwork stage when you sell to a cash buyer. They get information on the house and take a quick look at it.
Typically. within days, you have an offer.
7. Get to a Quick Closing
Going through the homebuying or especially selling process can feel like it takes forever. Each step of waiting is stressful.
You can get to a closing date with a reputable title company in as little time as a week. The closing comes quickly, and you can walk away with your money.
Make the Selling Process Go Quickly
A cash offer for a house can often keep you ahead on profits. You don’t pay for repairs, and you don’t pay commissions to a realtor. You also don’t have to wait out the process and worry that the whole deal might fall through.
You can reduce your stress and risk by accepting a cash offer. If you’re considering selling your home, contact us today to see our cash offer.