Any realtor will tell you that today’s housing market is heavy with buyers and short on inventory. People are paying top dollar for homes today within days of them hitting the market, sometimes sight unseen. In fact, there are many who are foregoing traditional financing to save time and are paying cash for homes in order to beat offers to the closing table. Homeowners are also opting for cash sales in order to access the equity in their homes in order to pay off debt, purchase new homes, or simply have extra cash flow. Below are three key reasons why sellers should consider selling their homes for cash.
First, a cash sale on your home is virtually guaranteed to close quicker than a traditional financed sale. Buyers who are financing their home with a mortgage will have to undergo a prequalification process, verify income, submit to lengthy credit checks, and secure financing through a mortgage company before coming to the closing table. Sometimes roadblocks can occur in this process – there may be old accounts that are delinquent, collections that haven’t been paid, or liens on currently owned properties that must be cleared up before a buyer can be cleared to be financed on a new sale. When selling your home for cash, this can free up valuable time.
Second, a cash sale bypasses many contingencies that may be put in place by a buyer, such as a home having to pass inspection, repairs having to be made prior to finalizing the sale, or upgrades having to be made to bring an older home up to residential code. Sometimes, traditional lenders will not issue a loan to homes that need substantial improvements or repairs, especially those that are considered a safety risk or are in need of major updates. Homes that have been affected by natural disasters, such as hurricanes, tornadoes, or flooding, may be in almost perfect condition except for one major issue – a roof that needs to be replaced, or water damage to flooring – and because of this, may need permitting for repairs to be completed. Because of this, financing may not be able to be secured. In cases like this, a quick cash sale would be beneficial to the homeowner.
Finally, selling your home for cash is the quickest way to put money in your pocket if you have equity in your home and need to access funds quickly. There are many cash buying companies in operation today that will provide online offers to homeowners wishing to go this route. There’s no need to worry about staging your home, showing it to strangers, keeping it in immaculate condition, and catering to unreasonable demands in order to sell it at a price that may or may not be agreeable to a buyer. With a cash sale, a homeowner can get the funds he or she needs quickly and not have to stress about if or when the home will sell. Cash sales can be a beneficial solution for both the buyer and the seller!