Should You Sell Your Home for Cash?
Posted on: 31 March 2022
Have you ever considered selling your home for cash? Most people use the traditional selling method, which involves hiring a listing agent, having open houses and showings, paying for repairs, fees, etc. If you'd like to avoid some of the hassles of selling your home, you should consider finding a cash buyer instead.
What's the Difference?
Rather than going through a bank and obtaining a mortgage loan, the buyer will be paying for your home themselves. That means there will be less red tape, lowering your costs and speeding up the entire process.
One of the most significant benefits of a cash sale is that the process is usually much faster. Typical mortgage loans have a lot of requirements that must be adhered to, which draws things out over many months. For example, the home has to pass an inspection with strict conditions, and if it doesn't, they can't buy.
No Real Estate Agent to Pay
When you sell a home using traditional methods, you (the seller) will need to pay the listing agent and real estate agent a percentage of the sale price. It usually ends up being approximately six percent. You can save thousands of dollars by selling to a cash buyer instead.
No Need to Pay the Buyer's Closing Costs
There are still fees to pay when you sell your home to a cash buyer, but you will avoid paying the buyer's closing costs. With traditional home sales, the seller will sometimes agree to cover the closing costs to increase the likelihood of the potential buyer making the purchase. That won't be necessary with a cash sale.
No Need to Make Repairs
One of the benefits of a cash sale is not having to make repairs. Many mortgage loans require the buyers to purchase a home that passes a specific type of inspection. If your home needs repairs or won't pass the inspection, a cash sale will allow you to sell it as-is.
No Open Houses or Showings
One of the worst parts of selling a home is having strangers visiting your home. It can feel quite invasive, and you'll have to clean up to make everything look tidy for showings. It's particularly annoying if you're a private person, have a busy schedule, or have children.
Aside from the one time you have a cash buyer check your place out, there will be no other visits. A cash buyer wants to make sure things are as advertised, but they won't need to go to your home unless they're already serious about buying.Share