Top 3 Reasons for Selling Your House to a Cash Investor
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 cash would you receive from a sale that is finished quickly and has none to do with typical loan processing woes?
Like some people, you may think that selling your house for cash is hardly possible. But while cash purchases may be declining a bit, they are still behind a third of all home purchases in America.
That brings us to one question: Why choose a cash buyer for your home? What are the key benefits you can get by taking this route? There could be a lot, but essentially, there are three crucial reasons you’ll prefer a cash sale transaction.
1. Less sales fall apart.
It can be very frustrating to go back-and-forth with a buyer until you reach an agreement on the price. Of course, this comes after showing the house and addressing endless questions from the interested buyer. In short, you’ve worked much to close the transaction until you learn that the person’s loan application was disapproved. Suddenly, they announce that their credit isn’t good enough for purchasing your property. This kind of news can be devastating. Cash deals leave no room for hassles like this. Credit and loan qualifications become irrelevant. Hence, selling your house for cash means you can avoid having a buyer back out at the last minute.
2. Timing is favorable.
When it comes to closing a deal with financing, the fastest is four to seven weeks. Some cases will drag on for a whole lot longer. A cash sale, on the other hand, can be concluded in as short as four to seven days. A big advantage of selling for cash is that it helps fast-track the process substantially. Everything is smooth-sailing and trouble-free, and next thing you know, you’re receiving your payment.
3. “As is” properties are easier to sell.
If you sell to a buyer who needs financing, the bank will want to make sure that the house is worth the amount they provide through a loan. 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, by selling for cash, there will be no need for an appraiser as the buyer will be the one to assess the house, and you only have to agree on a price.