The Advantages of Selling Your House As-Is for Cash
Our homes are special places. They hold a lot of memories and it can be a tough decision to let one go. But as the years roll by and the rain lashes down, the repair and maintenance bills can start to stack up.
We’ve been advised that it’s wise to set aside 1% of the property value each year for maintenance. The fact is for many of us, that’s just a pipe dream. If your finances have been squeezed to the point where you can’t afford repairs, selling your house as-is could be a great option.
Let’s take a closer look at the advantages this approach can bring.
Fast Closing
No matter how motivated you are, selling a house always means waiting on other people.
Unless you accept a cash offer, you have to wait for the buyer’s financing to be approved. You’ll have to wait for a home inspection and the haggling that comes afterward. It can take up to 60 days to close a sale, and possibly longer.
But what if instead of a couple of months you could close in a couple of weeks? Even better, close the sale according to your timetable, not someone else’s.
If you accept a cash offer from a home buying service, you could close almost immediately, if that suits you. A little time is needed to complete the necessary paperwork, but you don’t have to hang around waiting on lenders.
If you need some time to arrange your next accommodation and pack up, that’s fine too. You simply talk to the home buyer and agree on a mutually acceptable date.
Fewer Fees
When you’re selling a house the traditional way, fees quickly add up.
You’ve got to consider your realtor fees. These can be anything from 5-7% of the final sale price. Plus, you may also become liable for some of the closing costs.
If you sell to a house buying company, there are no hidden fees and no nasty surprises. The price you agree on is the price you get. Not only do you save money, but you also save a lot of hassle.
No Repair Costs
If your house is not in the best condition, you’re faced with a dilemma. Either borrow money to renovate the property before you sell, or risk it staying on the market for a long time.
Advertising a property is being sold as-is will naturally put off a lot of potential buyers. They may not have the money, time, or expertise necessary to put the problems right.
Selling your house as-is to a home buying service removes that worry. Whether you have a single-family home, multifamily home, or a condo, there’s a cash buyer out there for you. Even if your house is 100 years old, you can find a service to take it off your hands.
What if your property is threatened with being condemned? Even in this situation, a cash buying service will likely be able to take it off your hands. Give them a call and see what they can do.
No Showings
Showings can be stressful for sellers. You’ll need to depersonalize and declutter your home. You might need to give it a lick of paint at least and certainly clean it from top to bottom.
You need to constantly keep your home in good order in case the realtor calls with a last-minute showing request. Plus, it disrupts daily life and can feel like an invasion of privacy.
With a cash buying service, you only have one showing – the appraisal walkthrough. That can happen very quickly after your initial call at a time that suits you. If you choose to accept their cash offer, your showing days are over.
Avoid Foreclosure
Foreclosure is an experience no one wants to go through. Not only is it very stressful at the time, but it can also have a negative effect for years to come. It impacts your credit score and could make it hard to secure credit or loans in the near future.
The entry on your credit report can remain for seven years after your first missed mortgage payment. A foreclosure typically happens when you’ve missed 4 consecutive mortgage payments. If you foresee that situation arising, consult a financial adviser.
It may be the best course to get ahead of the foreclosure process by selling your house for cash. This may pay off your mortgage or your lender may agree to a short sale. This is an arrangement in which the lender agrees to accept less than the full amount to settle the mortgage.
A short sale would usually have less of an impact on your credit report than a foreclosure. Plus, it may save you a lot of extra stress.
No Mortgage Appraisal
In a cash sale, the buyer decides how much they are willing to pay for the property. They are not dependent on a third party, such as a mortgage lender, weighing in with their concerns.
If you sell on a non-cash basis, the mortgage appraisal is key. The lender uses this to determine whether they are happy to lend the amount requested. At this point, they will value the property and set out how much they’re willing to lend.
This can be a make-or-break situation. If your property is not in great shape, that will be reflected in the appraisal.
A cash buyer may request a home inspection, but that’s at their discretion. Some cash buyers are willing to buy as-is and will offer what they consider to be a fair price. Then the ball’s in your court.
Save Time, Money, and Stress by Selling Your House As-Is
Selling your house as-is is a great option when you’re ready to move on.
Whether it’s an inherited property, you’re going through a divorce, or simply can’t afford the repairs, selling as-is lets you simply walk away.
Talk to WeBuyHouses about whether this is the right move for you. Our simple process can net you a no-obligation cash offer within 24 hours.
Call us at (615) 619-4840 or fill out our online form today!
