Selling your house for cash has many advantages and a few disadvantages. The topmost advantage in the advantages column is quick sales and convenience. Once a cash offer is accepted, you can receive your money in a matter of days. For people who are facing a relocation, bankruptcy or foreclosure, this can be a boon for you.
- Fewer sales fall through
A cash sale gets rid of all the familiar ritual of the offer being accepted only to get rid of the buyers at the last minute when they can’t get qualified for the loan. Once the cash is paid, there is no backing out of any kind or last second cold feet situation. Such kind of cash sales can usually close in 1 to 3 weeks when compared to about 4 to 7 weeks on a traditional sale. Moreover, cash sales are usually ‘as is’, so there is no kind of major repainting involved and repairs required.
- Get professional advice
You must always get professional advice in a house sale, so as to keep yourself apprised of what you are doing. There are fewer probable circumstances in a sell by owner cash deal. But, if you are not hiring a real estate agent, it will be entirely up to you to correctly price your home to keep bottom feeding the cash buyers or investors from interfering in for less. Thus, it is advisable to get an appraisal and do a little additional due diligence on your own. Check out the various listing services to gain the comparative pricing and price adjustment records on area homes which are similar and time on the market statistics to gain a better insight of what the market is currently bearing. While the appraiser will most probably perform a minimum of 3 comps on the basis of recent sales, a broader data research will enlighten you further.
- Protect yourself
When you cut a deal with that cash buyer, you will require an evidence of funds from the party before making a deal on final terms. As a matter of fact, these buyers will still want to add contingencies for appraisal, inspection doesn’t warrant any discount and kind of defeats the purpose of a cash sale. As many buyers choose to repair and resell such houses, you still might be able to cut a lease-back deal on a short term to remain in the home if that is viable for you and provide the owner a kind of income stream while he is still working on the minor repairs. The cash is all that matters when you are on the receiving side. You will gain a little less money of the house in that way but you can prevent the expensive repair and other complications while enjoying the luxury of speed, less paperwork, convenience and worry in the process. Until and unless you are not unnecessarily giving way loads of money beyond the set standard as the price adjustment, it is a pretty good deal for you.
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