Believe it or not, housing prices rose by 32% in the past two years.
If you’re looking to make a change in your housing situation, now could be a great time to sell your home. And if you live in an up-and-coming neighborhood, you can expect to get plenty of offers. It’s also common for very interested buyers to offer you something over the asking price.
Yet with so much buzz, how can you know to who you should be selling your home? What are the benefits of going with a cash buyer?
Here’s what you need to know.
1. The Sale Will Be Faster
You won’t have to wait for your buyer to get a mortgage when you sell a house for cash. As long as you verify they have the cash, you can close the deal.
Getting a mortgage approval and waiting for underwriting can take 45 to 60 days. Meanwhile, you can close on a cash transaction in as little as 14 days.
If you want to get your house sold and move on to your next adventure as quickly as possible, go with a cash offer.
2. No Appraisal Required
A home appraisal is a professional opinion of your home’s value. They are required before someone’s mortgage gets approved.
It could take a few weeks for your buyer to get a qualified appraiser to come out to your home, thus slowing down the sale. And when housing prices are rising quickly, additional appraisals may be required.
With a cash offer, your home is valued at whatever your buyer is willing to pay. Appraisals aren’t required and you can close without waiting for one.
3. Less Complicated Closing
Since there’s no lender involved in a cash deal, there will be less paperwork involved in the closing. This should make the whole process smoother, and you can be in and out of the meeting before you know it.
Cash buyers are still required to find a title and escrow company. They may also be working with an experienced buyer’s agent or lawyer.
This can help assure you that the transaction is taking place in a professional manner and that all legal details are being taken care of. The closing itself, however, will be less complicated.
4. Less Risk
When you accept an offer from a buyer who is obtaining a mortgage, you are taking the chance that they may not be approved for the loan.
This isn’t the case with a cash buyer, such as Smith Liquidations. You are putting a hold on all other offers, but you can have greater assurance that the offer you’ve accepted will go through without a problem.
5. Spend Less on Repairs and Staging
Selling your home can be a stressful process, even in today’s market. It’s often recommended that folks repair leaks and cracks before showing the home. You may also want to paint your house and have it professionally staged for prospective buyers.
Sellers may also become frustrated with showing their homes all of the time to strangers. They may find that it’s annoying to have to find somewhere to go during an open house. And they may need to put some of their belongings in storage to make the home look bigger.
The costs of all of these undertakings can really add up, eating into the profit you will make on your home when you sell. With a cash offer, you can simply take your money and use it for what you need.
6. Helpful in Complicated Situations
Sometimes, individuals need to sell their homes quickly and find a new place to live for a variety of reasons. They may be getting a divorce or relocating for a job. Or they could be facing a foreclosure.
With a cash offer, you can get quick profits from your home and move on.
7. Possible To Work Without an Agent
When you’re selling your house for cash, it’s possible to work without an agent. This can save you a great deal of money on real estate commissions and other fees.
A real estate agent may, however, provide you with some assistance when it comes to negotiations. Be sure to get some professional advice if you’re going to be working without one.
Finding the Right Cash Buyer
It’s important to know the value of your home before selling it to a cash buyer, especially if you’re working without an agent. You can do this by looking up the value of comparable homes in your area that recently sold. In today’s market, you may be surprised at how much your homes actually worth.
You’ll also want to check up on the reputation of your cash buyer if you’re selling to an investor. How long have they been in business? Do they get a lot of strong testimonies and reviews?
If you’re selling to a company, you’ll also want to check out their reputation with the Better Business Bureau.
Make sure your buyer is willing to purchase your home as-is. This means that no repairs or upgrades will need to be made before the deal is complete.
If you need to sell quickly, you may be better off going with a company that purchases homes as opposed to an individual buyer. You can get your cash and move on to that new home, state, or job before you know it.
If you’re getting ready to sell in today’s hot market, wait for a cash buyer who will purchase your home without a hassle. You’ll be ready to start anew in no time.
Don’t stop getting smart about your home and lifestyle now. For more great advice, read our blog today.