What Are the Benefits of Accepting Cash Offers for Homes?
Do you need to sell your house quickly?
Selling a home is a complicated process that can take several months. Even after your home has sold, it can spend 30-45 days waiting in the closing process.
But what if you don’t have that kind of time?
Furthermore, selling a home can be expensive. What do you do if you don’t have any money?
Now is the time to consider selling your home to a cash buyer. There are a lot of benefits to accepting cash offers for homes. Is it the right call for you?
Keep reading to learn a little more about how it works and why you should consider this option.
No Realtor Fees
Did you know that most realtors charge a minimum commission fee of 3% of your home’s sale price? To put things into perspective for you, selling a $300,000 home would cost $9,000 in realtor fees.
However, you also need to consider that the seller often pays for their realtor and the buyer’s realtor. This would skyrocket your costs up to $18,000.
Homeowners who decide to accept cash offers for homes don’t have to use a realtor. Everything is done through the cash home buying company, which saves you money.
No Inspections or Appraisals
One of the more tedious aspects of selling your home traditionally is scheduling your home’s inspection and appraisal. However, most buyers and their lenders will require these actions before they’ll put a firm offer on your house. They want to verify its condition and value before investing in your property.
While these services aren’t overly expensive (about $300 to $450 each), they can take several weeks to schedule out. If you’re looking to sell your home as soon as possible, this will definitely slow things down.
No Repairs or Renovations
Most homeowners spend over $20,000 making renovations and repairs on their home before selling it. The problem is, a home inspection can uncover a wide variety of issues. This could include anything from roof repairs to plumbing problems.
Some buyers are willing to overlook small damages. However, if your home has any red-flag issues, their lender won’t approve their offer on your home.
If you don’t have money for repairs, you could attempt to sell your house as-is. Unfortunately, selling a house as-is on the traditional market can prove difficult. There aren’t a lot of buyers looking for fixer-uppers.
Homeowners who don’t have time or money can benefit greatly from accepting cash offers for houses that need repairs. Most cash home buyers will give you an offer no matter what condition your home is in.
Skip the Deep Clean
To motivate a buyer to place an offer on your home, you have to impress them. Aside from completing cosmetic repairs, this usually involves decluttering and deep cleaning your home.
For the average homeowner, finding time to do this during their busy schedule might seem impossible. Between work, kids, and all of their other obligations, when will they have time for this?
Your other option is to hire a residential cleaning service to do it for you. However, a one-time deep clean will easily run you a couple of hundred dollars.
Furthermore, if you’re living in your house while showing it to buyers, you’ll constantly need to keep your home show-ready. This means no dirty laundry. No smells from last night’s dinner, no odors from the bathrooms, no signs of pets, etc.
Companies that offer home cash offers don’t care about the cleanliness of your house. They know that cleanliness is fleeting and in no way impacts your home’s overall value.
No Buyer-Seller Negotiations
Accepting cash offers for homes allows you to avoid annoying negotiations with potential buyers. This is usually where they will insist that you pay all of the realtor fees and closing costs.
In some cases, buyers will place a contingent offer on your home pending one or more factors. They might not be approved yet and are waiting to hear back from their bank.
Alternatively, the buyer may have a list of demands. This often includes repairs, updates, and renovations.
Lastly, most buyers will enter into negotiations with a low offer, hoping you’ll meet them halfway. Usually, however, these offers are borderline laughable, which sets the tone for the ongoing negotiations.
Sellers who opt for cash offers for homes don’t have to deal with a long line of pushy buyers. Instead, request a free cash offer for your home. If you don’t like the offer, you’re under no obligation to move forward in the selling process.
Free and Quick Guaranteed Closing
Now, let’s say you do like the offer and want to sell your house fast to a cash buyer. What are the benefits of accepting cash offers for homes regarding the closing process?
Cash home buyers have a guaranteed closing process. Once you accept their offer and sign the paperwork, it’s a done deal.
Conversely, the traditionally closing process can fall through at any time for any number of reasons. For example, if the buyer gets a new job or charges up a credit card, they could disqualify themselves.
Additionally, the traditionally closing process is 30-45 days, as noted earlier. Cash buyers, on the other hand, can close within a couple of days if that’s what you request.
Finally, working with cash buyers will allow you to sell a home with no closing costs. This is a far more attractive option, as traditional closing costs are generally 3% of your home’s sale price.
Thinking About Accepting Cash Offers for Homes?
As you can see, there are a lot of benefits to accepting cash offers for homes. If you’re pressed for time because you’re facing foreclosure, going through a divorce, or need to jump on a job offer in another location, you don’t have the luxury of selling your home traditionally.
If you’re thinking, “I want a cash offer for my home,” contact us today. We’d be more than happy to give you a free cash offer for your home. No matter what condition it’s in or why you need to sell it fast, we want to buy it.
