Are you in desperate need to sell your home as quickly as possible? Do you want to avoid making any major repairs or renovations to the house before you sell it? If so, then you need to learn all that you can about taking a cash offer on a home.
Whenever a home seller is in a pinch, they might consider selling their property to a cash home buyer to expedite the home selling process and get cash in hand for their next house.
See below for an in-depth guide listing the pros and cons of selling to a cash buyer.
Pro: Streamlined Selling Process
Perhaps you’ve just accepted a job in another state and need to be moved into a new place within a few weeks. Maybe you are in the middle of a divorce and want to split the sale of your home before it gets too far into the process.
Whatever the case might be, selling to a cash home buyer can offer you a quick way to sell your home and get a fair offer on it. The entire process takes a few days at the most and your cash can be handed to you or wired to you within a week of you closing the sale.
If you try to sell your home the traditional way, then it might be months before you sell the property. Imagine the horror of having a buyer back out at the very last second. You’re signing yourself up for an even longer selling period.
With a cash buyer, the entire process is expedited. You start by reaching out to them and telling them a bit about your home. After that, they’ll schedule a time to visit your home, assess its condition, and make you a fair cash offer within a day or two.
Click here to learn more about how to sell a house fast through a cash buyer in Chicago. It will give you more insight into the process.
Con: You Probably Won’t Get Top Dollar
Most of you read that title and think, “Then why would I even consider selling to a cash buyer?”, but hear us out!
Cash buyers will focus on giving you a fair offer. There are two primary questions that they ask when they try to calculate a fair offer:
- How much can I offer the seller (you) for the sale to benefit their financial situation?
- How can I make a small profit from this house after I fix it up?
Cash home buyers purchase the home in whatever condition it’s in with the intent of fixing it up themselves and selling it for a higher price down the line.
Believe it or not, that is a huge benefit for you. You don’t have to make any repairs or renovations before the sale. The cash home buyer is purchasing your home in its current condition.
While the closing price during a traditional sale seems to be higher than the offer you’ll get with a cash home buyer, it might not be. After paying for things like renovations, home inspections, repairs, and realtor commissions, you’re probably getting close to the same amount with a cash offer.
Pro: Zero Repairs Are Required
If you’ve ever sold a house the traditional way before, then you know how frustrating it can be to make major repairs. If a home inspector comes in and knocks your property for having faulty plumbing, as an example, then you’ll have to spend your own money to fix it before the sale can be finalized.
Thankfully, you can avoid that process entirely. With a cash home buyer, both sides understand that zero repairs or renovations will be required for the sale to be finalized.
This allows the sales to be done quickly and void of any additional stress. You’ll get your money in hand to be used for your next venture in life!
Con: You Need Full Ownership to Qualify
Some of you out there might want to sell a rental house you own to avoid keeping up with its maintenance needs any longer. But if you don’t have full ownership of the house, you can’t sell it to a cash home buyer.
Don’t try to sneak around it, either. Even though the sales process is quick, cash home buyers have experienced teams that do all their homework before making you an offer.
Oftentimes, if they see a murky ownership situation, they won’t even reach back out from the online contact form. Make sure you have full ownership of the house you intend to sell.
Pro: No Haggling Required
One of the most intense (and stressful) parts of the traditional home selling process is the negotiations that will take place before you can close. It isn’t a process you’d wish on your worst enemy.
With a cash home buyer, you get to avoid that situation entirely. They use a trusted and experienced team to calculate the value of your current home as-is.
Within 24 to 48 hours of seeing your home, the cash home buyer will send you a no-obligation offer which you can either accept or walk away from, no strings attached.
Figure Out if a Cash Offer is Right for Your House
Now that you have seen an in-depth guide on the pros and cons of accepting a cash offer on your home, you can decide whether or not it’s the right choice for you.
Take the time to browse our website for more articles on selling your home, as well as many other topics you’ll enjoy.
