Every year, about 5 million existing homes are sold in the United States.
If you’re looking to put your home on the market this year, it’s clear you’re not alone. However, selling a home is hardly a straightforward process. From preparing the home for the market to finding a buyer and handling the paperwork, the process can take several days or even weeks.
There’s something that can significantly shorten the process, though. Sell your home for cash instead of selling to a financed buyer.
But is selling your home for cash the right thing to do? Continue reading to learn more about the joys and regrets of selling a house for cash.
The Joys of Selling to a Cash Buyer
Just how do I sell my house fast?
If you’re asking this maybe you want to sell the house as soon as possible because you’re in a financial emergency. Or you’ve got a new job in another city or country and you need to sell the property before leaving. Or you’re going through a nasty divorce and you want to get rid of the marital home as a condition for finalizing the divorce.
Regardless of your situation, if you want to sell your home pretty quickly, you need a cash buyer. These buyers usually have the money at hand, ready to splurge when they find the right property. On the other hand, financed buyers have to run things through their lenders, which can take several days for them to get approval.
Another joy of selling your house for cash is you can sell it as is.
Especially if you don’t have the money or the time to make repairs and basic updates, a cash buyer will be willing to snap it up, as long the cost of making those repairs is excluded from the cost of the house. Financed buyers have no such luxury; their lenders will evaluate the house and ensure it’s in proper condition before approving the loan.
The Regrets of Selling Your Home for Cash
Ever sold something quickly only to, later on, feel like you sold it a throwaway price?
If you’re not an experienced house seller or if you don’t hire a real estate agent to help you, it’s easy to accept a bad offer for the house. Experienced buyers can tell when a seller is desperate to sell their house quickly, so they can pressure you into accepting a bad deal. Sometimes you can accept the first cash offer, effectively locking out other cash buyers who would have offered more.
When you want your house to fetch more, you need to prepare it for the market. This includes making repair and even staging it. In the absence of this, you give buyers more negotiation ammunition. They can lowball you and justify their offers.
Know the Pros and Cons Before You Sell Your Home for Cash
Selling your home for cash is a good move if your situation calls for it, but it also has its fair share of drawbacks. You could leave a sizeable amount of money on the table when you’re in a hurry to sell your home for cash. Either way, the choice is yours to make.
Keep reading our blog for more homeownership tips and insights.