Selling one’s house or property comes with a fair share of work involved along with endless paperwork. Many people consider selling directly to a cash buyer since it comes with significant advantages and they can reduce the time and effort required to make a sale. Selling to a cash buyer can mean forgoing the commission one has to pay a real estate agent along with not having to pay for other professional services such as staging a property.
1. Saving time
Cash buyers are known for picking up properties such as houses very quickly because for them it is about maximizing business propositions. Cash buyers are typically used to making lucrative sales so they will be less reliant on external financing such as bank loans, mortgages, or other types of borrowing from financial institutions.
They can close a deal on a house even in a few days if circumstances require them to do so while in a traditional sale it is a long way from closing the deal and handing over the keys. A seller saves time also because a cash buyer will know almost instantly whether or not they are interested in purchasing a house of a certain age in a certain neighborhood. Many cash buyers will preemptively be on the lookout for houses going on sale in specific neighborhoods, thereby cutting the time required to make a sale even further.
2. No Need For Upgrades
As any realtor will tell you, most houses and properties require some manner of repairs, maintenance, and renovations in order to sell well or fetch the best price. Cash buyers rarely require homeowners to make extensive and costly renovations to the existing house. This means a homeowner can get away with simply deep cleaning the house or carrying out the most basic of repairs.
Since cash buyers will buy a house or property for a certain business reason, they will be keen to carry out any needed renovations themselves so will almost never ask the homeowner to undertake these tasks. If a homeowner wants to leave the house as is and not make any extra effort to update any aspect of it, cash buyers are a great option for selling.
3. Avoiding Inherited Property
Many people come into ownership of a house that belonged to a parent, sibling, or relative and may have no personal interest in the property at all. For some, the property may be too painful to keep or too reminiscent of the person who has passed away. In some cases, the owner of the inherited property may be situated elsewhere and be unable to maintain it over a long period.
Without having to worry about the need for repairs or renovations, such homes can be sold effortlessly to cash buyers whose slogan is usually ‘we buy homes for cash’ so they are not looking for a house that is in perfect or new condition. In circumstances pertaining to inherited properties, many new owners are unlikely to want to undergo a complicated and lengthy closing process.
This process may start with repairs, move to professional staging and open house events (along with hiring a realtor or agency) and then end at weeks or months of paperwork and legal closing procedures. A cash buyer can help a new owner bypass all those complicated formalities and close a deal quickly.
4. Overall Cost-Effectiveness
Cash buyers are ideal house buyers as they are instrumental in drastically reducing the costs associated with closing a deal. Firstly in most cases a realtor or real estate agent or agency does not need to be recruited, therefore commissions that can be as high as several percent of the entire value of a sale can be foregone. Apart from commissions, there are many types of services associated with making a sale of a house. This can include staging a house, repairs, renovations, and multiple showings of a house to different potential customers over several months.
Keeping a house on the market for several months incurs all manner of costs such as utility bills, professional cleaning as well as realtor services. With a cash buyer, the sale can be concluded in as short a time as a week and since cash buyers are career investors in most cases, they can provide valuable advice and recommendations to the homeowner regarding legal requirements.
5. Bypassing An Impending Foreclosure
Some homeowners fall into unfortunate financial circumstances leading to a failure to pay mortgage payments when they are due. The unpaid balance can build up and the house can go into foreclosure or a personal declaration of insolvency can happen on the part of the homeowner. If a homeowner wants to prevent the house from going into foreclosure they can consider selling to a cash buyer due to the obvious time savings but also the fact that the mortgage debt will be paid off by the investor who purchases the property.
Financial instability which can lead to a foreclosure can affect the individual’s credit score making it very difficult for them to make any purchases of major assets in the future. A foreclosure can also put anyone’s existing assets at risk since the bank may seize them as collateral. A cash buyer can be the perfect solution to prevent further deterioration of the situation.
6. Selling A ‘Difficult’ Property
Many houses and properties are run down, in need of complex repairs, or in neighborhoods not deemed attractive by most people who are trying to buy a house to settle down in. A cash buyer may pick up a difficult or hard-to-sell house for a business purpose and then invest in repairs and fixer-uppers. Other issues can exist with properties such as pending mortgages, short leases, troublesome tenants or renters, or lack of a necessary license for additional construction. Professional investors such as cash buyers will look at the situation differently from regular potential customers and will still be willing to undertake the hassle of getting a sale through.
We hope you found this blog post on 6 Convincing Reasons To Sell Your Property To A Cash Buyer useful. Be sure to check out our post on Benefits of Cash Offers When Selling Your Home for more great tips!
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