According to research, all-cash home sales make up about 36% of the market. That’s a significant portion of buyers willing to pay cash for a home. While there are many reasons why people choose to buy with cash, there are also several benefits that sellers can take advantage of when selling their homes for cash.
If you’re thinking about selling your home, here are seven reasons why you should consider a cash only home sale. Find out how you can benefit from this type of sale and make the most out of your home-selling experience.
1. Save on Agent Commission Fees
The cash buyer avoids all these stresses by dealing directly with the seller and avoiding the need for an estate agent. This also saves on commission fees, which are typically around 5% to 6% of the final sale price.
This can amount to a significant sum of money, which cash buyers are happy to avoid paying. Furthermore, as the sale is cash only, there are no mortgage lender fees to pay. This means financing a home for cash buyers is a seamless process.
2. Avoid Piles of Paperwork
When you sell your home through cash offers, there’s no need to engage the services of a conveyancer. This can save you hundreds of pounds in fees.
You also don’t have to fill out any lengthy paperwork as the cash buyer will deal with all the necessary documentation. This includes drawing up the contract and transferring ownership of the property.
This is a huge benefit for cash-strapped sellers who want to avoid any unnecessary expenses. It also streamlines the selling process, as you don’t have to worry about dealing with complex legal paperwork.
3. Pass on the Inspection Process
Selling a home for cash only means bypassing the need for a home inspection, saving you time, money, and stress.
Home inspections are often used as a bargaining tool by buyers to reduce the price of the property, regardless of whether or not there are any real issues with the property.
A cash buyer, on the other hand, is not as concerned with any potential issues that may come up in an inspection report because they’re not taking out a loan to purchase the property.
4. You Skip the Showings and Marketing
A cash-only home sale eliminates the need to keep your house in tip-top condition at all times, as well as the need to declutter and stage every room for potential buyers.
This type of sale also eliminates the need to schedule viewings and coordinate with buyers’ schedules. You won’t have to deal with showings when you’re not ready or take time off work to accommodate potential buyers.
Additionally, cash sales eliminate the fees associated with marketing your home, which can be significant. These fees can include the cost of hiring a professional photographer, as well as listing your home on popular property portals.
When you sell your home for cash, all you need to do is find a reputable cash buyer and agree on a fair price.
5. You Get to Save on Repairs and Maintenance
When you put your home on the market, you’re required to make sure that it’s in good condition before selling. This means addressing any repair issues and ensuring that the property is well-maintained.
Depending on the state of your home, this could entail significant expenses, from a fresh coat of paint to fixing a leaking roof.
Not only do you have to spend the money on repairs, but you also have to factor in the time and effort required to carry out the work. If you don’t have the time or skills to do it yourself, you’ll need to hire contractors, which can be both expensive and stressful.
6. Fast Closing Times
When you’re selling your home the traditional way, it can take months or years to sell your property. This is because you have no control over when a buyer will make an offer or how long their mortgage process will take.
Even if you do manage to find a cash buyer who’s willing to pay the full asking price, their bank might not be as enthusiastic. This can cause further delays in the process and put your sale at the risk of falling through.
On the other hand, if you sell your home for cash, you can take advantage of a fast closing time. This type of sale eliminates the need for a bank loan, so you can close the deal and get your cash much faster.
7. You Don’t Have to Deal With an Appraisal
When you sell your home through the traditional process, the buyer’s bank will order an appraisal to ensure that the loan they are offering is appropriate for the value of the property.
In some cases, this can result in a lower offer or no offer at all if the appraised value comes in lower than what was agreed upon.
When you sell your property for cash, there is no appraisal and no loan, so you don’t have to worry about the market value of your home being devalued.
8. Move on to Your Next Investment Faster
If you’re selling your home to free up cash for another investment, such as a buy-to-let property, a cash sale will help you move on to your next project much faster.
If you’re selling through an estate agent, it can take months to find a buyer and finalize the sale. This delay can be frustrating, especially if your heart is set on a particular investment.
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9. Eliminate the Risk of a Failed Sale
When selling a property on the open market, there’s always the risk that the sale will fall through at the last minute. This can happen for any number of reasons, from buyers being gazumped by another cash buyer to their mortgage not being approved.
With a cash-only home sale, you can eliminate this risk as the buyer has the full amount of cash available to pay for the property, so there’s no need to worry about a last-minute withdrawal.
Cash buyers are often able to move quicker than people who need to sell their own homes before buying, so you can also avoid any delays that might occur if you were waiting for a chain to complete.
The Benefit of a Cash Only Home Sale
Selling your home for cash has several distinct advantages over the traditional process. From a fast closing time to eliminating the risk of a failed sale, there are many reasons why you should consider opting for a cash only home sale.
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