Are you willing to give up six percent of your home’s value to a realtor? Because that’s the minimum cost of selling a home on the traditional market.
Then, there’s all the suggestions real estate agents make, including the repairs they insist you need. And don’t even get us started on the closing costs. It all adds up quickly.
Let’s not forget that homes in Lubbock spend 63 days on the market before getting an offer.
The good news is that you don’t have to hire a real estate agent to sell your property.
Selling your home to cash home buyers helps you sell quickly and with less hassle. If you don’t like the idea of waiting months to sell your home and parting with thousands of dollars in the process, keep reading to learn more about the benefits of selling a house for cash.
Let’s say you follow the conventional sales route. You list your property, you spend your weekends staging it, and you finally get the perfect offer. Lo and behold, their offer falls through. It might because they didn’t qualify for the mortgage after all. Or perhaps they decided they want another house more.
Either way, you play the waiting game again as you either reach out to other buyers or put your house back on the market.
A cash buyer doesn’t need to qualify for a conventional mortgage loan, and credible cash buyers don’t make offers on houses they can’t or won’t buy. So when you get an offer from cash home buyers, it almost always turns into a sale. Disappointment need not apply.
Not only do cash buyers typically only put down offers on houses they intend to buy, but the sale also closes at least twice as fast.
A cash sale usually takes one to three weeks to wrap up. A conventional deal drags on for four to seven weeks, assuming all goes well.
A cash buyer doesn’t require an inspector or underwriter to approve the sale. As a result, sellers need to invest less in the property before selling it.
That means if you’re selling an inherited house, you don’t need to sink cash into it to get the money out. The same is true of a house you’re trying to sell before a foreclosure.
All those situations that make a home difficult to sell through a realtor are simplified when you choose an “as-is” cash buyer.
You don’t get to keep 100 percent of the proceeds of a sale on the market. You need to pay realtor fees (for both your realtor and the buyer’s), closing costs, repair fees, and taxes.
While you can’t avoid the taxes (they’re pro-rated into the price), you can skip the rest when you choose a cash buyer. It is the easiest way to keep as close to 100 percent of the proceeds of the sale as possible. The realtor on the bus bench can’t offer you that!
When you sell with a realtor, they want to earn a commission. When a sale price grows, so too does their payday. That means that ‘priced to sell’ means something different to a realtor than it does to the seller.
The result: your house could sit on the market for months at a time. Why? Because your agent believes next week will be your week – and they have dollar signs in their eyes.
When you sell for cash, you can decide whether you want to sell the property for more or less than the fair market value. That means you can sell for a number that meets your goals, including just enough to get out from under your mortgage.
Your ability to set your price strategically is particularly crucial if you want to sell an inherited property. If the house came to you through an estate, you don’t have to pay tax on the sale of the home up to the fair market value on the day that the owner died. Once you earn a profit on the value, you must pay capital gains tax.
Before you can sell your house, you need to make through half a dozen appointments. You need inspections, appraisals, meetings with your real estate agent, time to clean your home, and of course, time to meet with your attorney when you finally close.
If you can’t – or don’t want to – take time off work, then a cash buyer is a perfect solution.
All you need to do is submit an application or request a quote. A reputable buyer will then visit your property to assess it. You then get an offer on the spot or within one business day based both on your home’s condition and market data. It all happens at once.
You then have the freedom to accept or reject the offer. You can also show it to a real estate attorney or an estate lawyer and then make a decision. It’s up to you.
Real estate agents work for some sellers, but if you want to sell quickly and without sinking any more money into the property, then you might not be one of those people.
Cash home buyers offer you money for your house based on their assessment and fair market data. If you want to accept the offer, then you can – and your sale wraps up within a few weeks. No mortgage providers, underwriters, or inspectors are required.
Is selling your home for cash the right choice for you? Click here to learn more about our process and what we can offer for your home.