Are you in a hurry to sell your home? If you need to sell fast, consider accepting a cash offer to sidestep the lengthy process of traditional home sales. Selling for cash not only saves you time, but it also relieves you of paying for costly repairs and reduces the likelihood of transactional complications.
In circumstances where time is of the essence, selling through a realtor may not be feasible. Not to mention, the additional costs of listing with a realtor may require you to put in money to close the deal.
Here’s why selling your home for cash could be the ideal choice for you:
1. Skip Home Showings
With traditional selling, homeowners must be prepared for real estate agents, potential buyers and inspectors to walk through the front door at a moment’s notice. Each time this happens, the seller must vacate the premises to accommodate numerous strangers touring the property. With a cash buyer, you might only need to show your home once or even just provide a virtual tour, reducing the disruption to your daily life. Selling a home can be intrinsically stressful, especially under time constraints. Eliminating the burden of recurrent home tours can alleviate some of that stress.
2. Faster Closing
Sellers who take the traditional route in home sales will have a lengthier process when it’s time to close the deal. It’s not overnight and requires considerable documentation. However, selling a home for cash creates a streamlined pathway to a faster closing process. With cash transactions, there are no mortgage approvals, no complex financing arrangements, no appraisal contingencies, and no negotiations with the bank. Instead, cash transactions are quick and simplified.
While a conventional home closing can last anywhere between 30 and 60 days, cash sales can finalize in one or two weeks.
For many homeowners, the shortened timeline is one of the biggest incentives to proceed with a cash offer on a home when facing time sensitive situations like foreclosure.
3. No Appraisal Needed
Banks require property appraisals before giving the green light to a home buyer for a mortgage. This step not only adds on additional time to the home buying process, it also infringes upon the seller’s privacy. Schedules must be coordinated to allow appraisers inside the home and require the seller to prep the home for evaluation and visitors. The nature of cash transactions allows the entire step to be skipped.
4. Fewer Closing Costs
Closing costs typically cover the broker’s commission, title insurance, documentary transfer tax, appraisal fees, attorney fees, and escrow funds. Closing costs usually equate to 3-6% of a home loan, but with an all cash offer the amount is significantly less. This is because the closing costs that are associated with a mortgage lender no longer apply.
5. Sell As-Is
With a cash offer, sellers have the advantage of passing off the home as-is. Buyers take on home ownership with the current condition of the house. That means no repairs or updates are done by the seller. The buyer will however take the repairs and or updates in consideration when making the cash offer.
6. No Agent Fees
Working directly with a cash buyer allows sellers to bypass agents and their commission fees. Agent fees can range between 1-3% of the final sale price. However if you are already working with a Real Estate Agent, they may still have their commissions paid by the buyer. Cash buyers have paperwork handled by a title or escrow agent.
Selling your home for cash can be a lifesaver when you need to sell quickly and without the usual hassles. Contact Quickturn Property Solutions for a cash offer if you’re facing challenging circumstances, facing foreclosure or other urgent financial needs or simply want a faster, more convenient selling experience.We can close as soon as two to four weeks.