Imagine how much easier it would be to sell your house for cash instead of dealing with the complications of a traditional sale. 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 with cash purchases on a decline, they are still a good one-third of all home purchases in the United States.
That presents one important question: Why should you get a cash buyer for your house? What are the most important benefits of going this route? There could be a lot, but essentially, there are three crucial reasons you’ll prefer a cash sale transaction.
1. It is less likely for a sale to fall through.
It is often frustrating to negotiate and go back-and-forth with a buyer until you actually on a particular price. Of course, this happens after you have showed the property and answered tons of questions from the prospective buyer. In other words, you gave it your all trying to close the transaction, only to find out that the person did not qualify for a loan. Unexpectedly, they tell you their credit isn’t good enough for buying the house. This kind of news can be devastating. With a cash deals, there is simply no room for a hassle 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.
Four to seven weeks is the usual timeframe for a deal to close with financing, and that’s already considered a fast one! Some cases take much longer. In contrast, a cash deal can be done within four to seven days. A huge advantage of selling for cash is that it helps you keep the process process short. Things couldn’t be smoother and before you know it, your money is already in your hands (or bank account).
3. It’s faster to sell “as is.
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. They need to ensure that if they have to foreclose on the property, they will be able to sell it and recover the money they loaned. Thus, you will have to get an appraisal, which is both expensive and time-consuming. 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.