Are you thinking of selling your home? You should be. The housing market is on fire right now, and fortunately for homeowners, it’s a seller’s market.
That means you can sell your house quickly, for big bucks, and you can leverage several under-utilized strategies to get even more out of the sale. One of the hottest new ways of selling houses is selling directly to a cash buyer.
Why sell to a cash buyer? How is the process different? What should I know to protect my investment and finances? We’ll answer all these questions and more in the following guide to selling your home to cash buyers.
The Benefits of Selling to Cash Buyers
As technology advances and the housing market goes more and more international, it’s time to embrace new methods of buying and selling real estate. Selling your home to cash home buyers is an excellent way of taking charge of the selling process.
Cut out the realtor, set the terms of sale for yourself, and get on with your life. Some of the most significant benefits of opting for a cash sale as opposed to a mediated realtor sale are:
Save Lots of Money
Perhaps the most significant benefit is how much money you’ll save. Experienced cash buyers like Kind House Buyers don’t ask for any listing fees or commission. There’s also no obligation to accept. Cut out the realtor commission and all the costs of waiting around for a sale, and save that money for yourself.
Set Your Move-Out Date in Advance
With cash sales, you get rid of the hurry-up-and-wait game entirely. Pick a move-out date with your buyer, and you’re done.
Avoid a Low Appraisal
Many home sellers have concerns about any lingering repairs or renovations a realtor might request, or they are unhappy with the property values in the neighborhood. All these issues can be cause for lower appraisals. Cash sales are great because they won’t chain you to a low appraisal.
Don’t Fuss With Repairs and Renovations
If you don’t want to make those repairs, don’t. The buyer will deal with that when it’s their time to sell. But you can breeze on out. Considering that homeowners spend on average $21,000 making repairs and renovations for a sale, the ability to walk away without any of these considerations is genuinely liberating.
Move Out Quickly
Cash sales are primarily for folks who need to move out quickly. It gives you a lump sum of cash to play with (possibly for your next down payment), and you don’t have to wait around for there to be a prospective buyer interested in the property.
How to Sell to a Cash Buyer
Selling your house to a cash buyer is much easier than the traditional process of going through a realtor. This way, you don’t need to contact a real estate company, shop around for the right realtor, negotiate a commission rate, or work within someone else’s terms.
You get to decide where, when, how, and how quickly you sell your home and save money in the meantime. However, like any home sale, there are specific steps involved.
Here are the five steps to selling your home to a cash buyer:
- Request an offer — The first step is to find a trustworthy cash buyer and request an offer.
- Ask for documentation — After the initial inspection, double-check the financial documentation of your cash buyer to ensure they aren’t trying to scam you.
- Receive an evaluation — When you receive your offer, compare it to comparable realtor quotes and list prices of recent neighboring sales.
- Review the contract — If you decide to move forward, have a legal expert comb through the contract.
- Close and get paid — Get that money! The best thing about cash sales is the lack of paperwork — enjoy this. You deserve it.
What You Need to Know
Though direct cash sales are generally quicker, easier, and more painless, they’re not without their pitfalls. There are several things to be aware of before taking the next step.
Financial Documentation Can Save You
Check out your cash buyers on the Better Business Bureau to make sure they’re legit, and while you’re at it, ask their bank for proof of funds. It’s a standard move in real estate and could save you a lot of trouble.
The Process Moves Quickly
Cash sales go through quicker than you could ever imagine if you’re only used to realtor sales. Be ready to pick up and go once you initiate.
Some Repairs Are Unavoidable
Even though most cash buyers want to handle repairs themselves, if you’ve got an ordinance violation or safety hazard on your hands, you’ll need to take care of it yourself.
Take Control of Your Sale
Step into the next chapter of your life without the grief and frustration of a protracted home sale. Sell direct to a cash buyer and save yourself the hassle.