With cash sales and installment sales options available to homeowners who would like to sell their homes, it’s not rare to find yourself in a situation whereby you are torn between the former and the latter. After all, each home sale option has its own advantages and disadvantages. Many who find themselves in abrupt situations where they need to unload a property find themselves asking, “how can I sell my house fast?” One of the quickest and most efficient when faced with this situation, is to sell your house for cash.
Reasons You Should Sell Your House For Cash
Selling your house for cash saves money
When you choose to sell your house for cash, you will not need the services of a realtor. After all, all the closing fees that come with selling a house through other payment arrangements with the help of real estate professionals are completely eliminated. With a cash sale option, you will be dealing directly with the buyer, bypassing all the charges that a realtor may bring with him or her. With that, you get to keep all the money, saving you a lot of money that you could have otherwise parted with, in the name of agent commissions. Apart from that, you are allowed to sell the property as it is since many cash buyers don’t mind buying properties that need repairs or renovations due to the discounts that they get in return.
Get an instant buyer without long waits
More and more buyers are moving away from buying homes through traditional means like mortgages to purchasing those in cash. That’s because homes that are going for cash only tend to be cheaper than homes that can be bought through mortgage arrangements due to several reasons.
First, there is no repair and renovation work required on the part of the seller and that means there is no additional cost to be passed on to the buyer. Secondly, cash gives buyers more bargaining power than a mortgage arrangement. For instance, if you listed your home for $200, 000 then two potential buyers approached you: one willing to pay $180, 000 in cash and the other one the full asking price but through installments that run over a certain duration of time, who would you agree to sell your house to? At least for many, they would go for the buyer who is ready with cash despite the fact that they would be losing up to $20, 000 for not choosing to work with the second buyer who is willing to pay for the house in installments.
It is the extra bargaining power that makes more buyers prefer buying a home in cash to paying for it in installments. As such, selling your house for cash makes it easier for you to get a buyer fast than selling it through a mortgage.
You get an instant lump sum cash payment
Money paid in installments can be difficult to make good use of compared to money paid in a lump sum. For instance, if you sold an item to someone for $100,000, it would be much easier to invest or to do something more meaningful with the money if it was given to you in cash as opposed to if you received it in small bits over a period of time. In the latter case, you would start spending the regular payments and by the time the person makes the final payment, you would have nothing to show for it. At least for many who are poor at saving or lack proper financial discipline like me, that would be the case!
Avoid last minute pull-outs from buyers
Nothing can be more disappointing and stressful than closing a deal only for the buyer to call you three days later informing you that they changed their mind for one reason or another. This is one of the possible bad scenarios that might occur when you decide to sell your home through a noncash sale. Sometimes, the buyer’s lender has changed their mind last minute even after preapproving his or her mortgage application. Other times, the buyer just got cold feet and decide they do not wish to proceed after doing further consultations.
With a cash sale, there is not enough time for the buyer to have a change of heart as transactions are quick as well as one-off! Normally, this type of transaction will conclude in one to twenty-one days, as opposed to the 4 to 7 weeks for a non-cash sale of a property. With a cash sale, once the cash is in your hands, it is yours to keep, especially if you are dealing with a trustworthy buyer!
“How to sell my house for cash?”
If I were to sell my house fast for cash, I would list it online, particularly in many websites that deal in real estate, not to mention various social media platforms. For example, I would make sure to use Zillow, Realtor, Homefinder, Redfin and other similar sites, while not forgetting to also advertise the property on Facebook, Instagram, and Twitter. Most importantly, I will ensure that the photos of the house I am trying to sell look very professional because I understand the fact that pictures and videos playing a very crucial role in making a purchase decision for many buyers. In fact, that’s proven by statistics.