Selling a house is more challenging than many would think. For that matter, it’s much more expensive than you might originally imagine. In order to sell your house on the traditional real estate market, you will usually need to have it ready to be seen, which involves staging, as well as professionally cleaned. Repairs will need to be done ahead of time, and you’ll normally work with a real estate agent that will take a commission of around 5-6% of your home’s purchase price. This is all before closing costs, of course. Typically, you’ll see a good bit less from the sale of your home than you might initially expect.
With that in mind, it’s understandable if you become frustrated when attempting to sell your house. But you have options available, alternatives to the traditional real estate market. These are especially important to consider if selling a home quickly is your main priority. If you’re unfamiliar with the cash for homes industry, you may not initially understand why people sell homes for cash. That’s why we’re detailing some of the reasons below. Let’s explore!
1. They Need Cash Fast
Sometimes, financial crises occur that cause people to require cash quickly. Another issue that many don’t realize about the traditional real estate market is that it can take a while for sellers to get their full income from the sale of a house. This is because buyers need to take out mortgage loans, which involves being approved by financial institutions. When you sell your house for cash, you don’t need to worry about this.
Because cash buyers have money ready in full and in cash, the sellers will usually get their money within a matter of days. If you’re selling your house because you need to pay off debts, this can be incredibly beneficial. Furthermore, because cash buyers have their money in full and do not need to be approved by a lender, there is less risk of their offers falling through the way that offers often do on the traditional real estate market.
2. They Inherited Property
Inheriting property is often seen as a blessing, but the reality is that there are definite strings attached. Even if a property was owned by the previous owner free and clear, the new owner will suddenly be saddled with property taxes and insurance premiums, along with maintenance costs. Therefore, it’s understandable if you want to sell your house quickly after you’ve inherited it.
In cases like these, selling a house for cash allows sellers to skip through the various processes that come with selling a house on the traditional real estate market. They can jump much more quickly to getting paid; and if you’ve invested so little in a house, you stand a far greater chance of reaping a good profit.
3. They Can’t Make Repairs
Many view the repairs and renovations that come with selling a house as investments that they will invariably see returns upon. But this is not always the case when you sell your house. In fact, many people lose money when making repairs requested of buyers on the traditional real estate market.
Fortunately, cash buyers rarely ask for repairs or renovations ahead of a sale. Many cash home buyers buy homes specifically to invest in them, handling the repairs and renovations themselves and then selling them for a profit. This will allow you to not only sell your house more quickly but avoid costly repairs.
4. The House Isn’t Selling on the Traditional Market
As you may have ascertained when reading the above reasons, selling to cash buyers allows you to sell your home much more quickly. You may need to sell your home quickly because you are unable to handle your mortgage. Perhaps you’re going through a divorce and need to divest yourself of the property.
No matter what the reason, if your house isn’t selling you may be stressed. Some markets just move slowly. Cash buyers, however, will often let you choose a closing date and make quick decisions regarding whether or not they’ll buy a house. This can be a major relief for many sellers.
You don’t need to work with the limitations of the traditional market. Consider cash buyers if it isn’t working for you!