Are There Benefits If You Sell Your House for Cash?
The hope of selling a house using the traditional processes in real estate may be too much of a challenge for you. Even the process of simply finding prospective buyers is in itself a very tough job to do. As soon as you meet those potential buyers, you’ll figure out that there are two kinds – the one who will purchase your home with cash and the one who will be relying on a bank to pay for it. So you’re now given the option as to who to sell the house to. But before you make that decision, you first should understand the advantages of dealing with a cash buyer.
You Get Fast Cash
No doubt that the most obvious advantage of selling the house for cash is that you no longer will be dealing with a bank. This is because a buyer who carries cash on hand does not need the approval of any financing or lending institution. And because no banks are involved in the deal, paperwork is also minimized. Likewise, the time needed to complete the deal is definitely a lot shorter. You of course know for a fact that the loan process will take time – time that you don’t have.
No More Need for Appraisal Contingency
The next advantage is that when you work with a cash buyer, there is no more need for an appraisal contingency. Accordingly, the risk involved in selling a home to a potential buyer who may have issues with his or her bank loan does not exist anymore.
Zero Waiting on Loans from the Bank
Meanwhile, the decision to deal with a cash buyer corresponds to getting a much better opportunity to close the sale quicker than the usual process. As the one selling, you should be reminded that a buyer who needs a loan to buy your house will need from 30 to 45 days to be able to close if they’re really serious in obtaining a loan. Simply put, it is the type of buyer you don’t really want to deal with if your foremost objective is to sell your house as quickly as possible. As for a cash buyer, the entire process is expedited.
Those who are not in favor of selling your house for cash will argue that you have no choice but to sell it at a very low price. But the thing is if you actually go with the traditional process of home selling, you are forced to spend money on the costs like when you’re forced to make repairs and improvements and hire a real estate agent to look for potential buyers.
The 10 Laws of Homes And How Learn More
Sales – Getting Started & Next Steps