We can all agree that selling a home requires a lot of work (which involves cleaning, repairs, and finding a good deal). It is the joy of every home seller to close quickly on the sale with fewer negotiations and requirements. Taking a cash offer on your house may be a great idea if you want to enjoy these benefits.
Surprisingly, cash offers make up 20 to 40 percent of all condominium and single-home sales. They guarantee fewer hassles on tasks like getting appraisals, repairs, and inspections on your property. As an all-cash bid, a cash offer is usually made by an all-cash buyer that wants to buy your property without any form of financing.
If a buyer were to approach you and offer cash, you have to understand its benefits before accepting it. You’ll only profit from the sale depending on the kind of benefits it carries.
Here are seven perks an all-cash offer can bring to home sellers like you.
1. No Unnecessary Paperwork Needed
Paperwork needed for a typical house sale includes a sales contract, home insurance records, repair and maintenance records, and utility bill receipts. You’ll also need a listing agreement, inspection report, tax statement, and deed. The sale’s closing period will highly depend on how fast you avail these documents.
A sale initiated by a cash offer won’t need any underwriting, documentation, or mortgage application. The buyer won’t also ask you for any appraisals or inspection reports for the house. Once each party is content with the all-cash offer, the closing process will begin at the title company or real estate closing attorney without the need to sign unnecessary documents.
2. Faster Closing Period
A cash offer can take little time to finalize since they don’t involve any mortgage lenders. Underwriting a home for sale can take several days and delay the whole deal if you’re selling the house to a buyer that needs traditional mortgage financing.
With a cash offer, the sale can sometimes take less than two weeks to close and will involve filing documents and having them approved. A faster closing period allows you to find another property and settle in quickly. You may count on cash offers if you have an urgent financial or work-related situation requiring you to sell your home quickly.
3. Great Opportunity to Sell Your Home as it is
The sale contract between you and buyers who pay cash will discourage the need for an appraisal, inspection, or repairs. Your home’s buyer will be willing to buy the property as it is without demanding further changes or repairs. You won’t have to stage the house as a way of making it appealing to potential buyers.
After buying the house, the buyers will have to cater to all inspection, repair, and maintenance costs. They have the freedom to decide which home improvement project will give the property a facelift.
4. No Appraisal Required
In a traditional house sale involving a lender, a third party will conduct a thorough appraisal of your home to determine its value. The specialist will examine your home’s physical qualities (square footage and bathroom/bedroom number) and any upgrades or defects during this process.
You may suffer a significant setback if the lender refuses to finance the selling process while referring to the appraisal results. Finding another willing buyer may take time, and you may be forced to accept a lower payout for the home.
Since cash offers don’t involve any lenders, there’s no need for a home appraisal. Lenders have strict appraisal requirements that may scare away potential buyers. Furthermore, their criteria for determining a home’s market value may discourage you from approaching other buyers who use mortgages to finance house sales.
5. Helps You Skip Marketing and Showings
Buyers in a traditional sale expect you to organize showings for them to decide whether your property is worth their money. It takes a lot of resources to paint a house in the best light possible. Furthermore, you may lose hope in finding a buyer after all potential ones withdraw even after the showings.
Online ad campaigns for houses can be expensive to run if you’re selling your home to a non-cash buyer. It’s also costly to hire a photographer and generate images that make your home attractive to buyers.
A cash sale eliminates the need to show or market your home to potential buyers. The cash buyer will assess the basic features of your home and make a cash offer to initiate the process.
6. Fewer Fees Involved
Cash offers allow buyers to skip the hefty fees associated with different types of lenders. The buyer will save money that they can use to fund a home improvement project once the sale is complete.
Real estate agents charge up to 6 percent of the gross house sale as commission. Cash offers allow you to eliminate the need for a real estate agent and save on sale-related fees like commission. They don’t have any hidden costs that may make a home sale expensive than it is. Most cash buyers will even cover the closing costs so you can save money on that front as well.
7. Cash Sales Reduced Risks
Unlike traditional house financing options, cash offers carry fewer risks and responsibilities. A cash buyer doesn’t threaten the home sale since they’re financing the property themselves. On the other hand, a buyer who relies on a mortgage to finance the home may fail to get pre-approved or run into debts when trying to pay off the loan.
It takes little time to close a house deal with reduced risks, unlike one with imminent threats. If you specialize in selling houses, you’re likely to maintain your profit margin when dealing with a cash buyer due to the lower risks.
Get a Cash Offer for Your Home Today
Your home can be a valuable piece of investment if you know where to find the best sales deal. A cash offer beats other forms of house sales since it requires less time and effort to close. You also enjoy significant cost savings and peace of mind as you sell your home.
We buy houses in Houston, TX, for cash without the need for cleaning, inspection, or repairs. Our cash offer process is fast, simple, and convenient to give you the best value out of your house. Find out about how we buy houses and how you can benefit from us today.