There are so many reasons why you may be looking into how to sell your house fast. You could be facing foreclosure, for example. Letting your home go into foreclosure to be auctioned off can have devastating effects on your credit history for years to come. If you sell your house quickly, however, you may be able to avoid this consequence and pay off your debts.
On the other hand, you may have just inherited a home that you never expected to own and are now dealing with the financial ramifications of property taxes and other expenses. In that case, you may want to sell your house as quickly as possible.
Other people may be going through a major transition. They may simply want to sell a house quickly because they wish to move on with their lives after an emotional life event, like a divorce or a family death. Even a happy development like a brand new job can prompt the need to sell your house fast.
But you may be confused when it’s recommended that you seek out cash buyers rather than listing your home on the traditional market. If you’re unfamiliar with the process of selling a house for cash, you may not understand how this would speed the process along. That’s why we’re exploring why one of the best ways to sell your house fast is to find a cash buyer to invest in the home. Once you understand the process, your choices will likely be much clearer.
1. You Don’t Have To Make Repairs
One of the most time-consuming aspects of selling a home on the traditional market is having to make repairs first. Usually, it can be difficult to sell a home that is in real disrepair. But it can also take a lot of time to make those necessary renovations, from finding a good contractor to waiting for repairs to be finished — never mind all of the money that you may end up sinking into those repairs. When selling a house to a cash buyer, they usually won’t expect you to make such repairs. Therefore, you can jump immediately to the sales process, without investing all that time and money into a home that you’re getting rid of anyway.
2. Cash Buyers Don’t Require Loans
When attempting to sell your house fast, one of the biggest obstacles will be waiting for your buyer to secure a loan. They may be denied by their first lender, after which they’ll need to move onto another. Cash buyers already have payment available in full and can simply put that down rather than waiting to be approved for a home loan. This is why cash closings can often take as much as 15 days less than closing requiring home loans. You don’t need to worry about your buyer securing the funds necessary.
3. You Don’t Need To Find a Real Estate Agent
When working with a cash buyer, you’ll probably be working with them directly, without the assistance of a real estate agent. While you may be intimidated by the prospect at first, there are many advantages to taking this route. For one thing, you won’t have to take the time to find an interview a real estate agent. You can simply jump to selling your home. For another, you won’t have to worry about a real estate agent working too slowly for you. Sometimes, homeowners go through several real estate agents before finding the right one, which can delay matters. Why not just skip that process and sell your home on your own?
4. The Sale Won’t Fall Through
The reality is that buyers seeking home loans may not be able to secure those loans. They may also get cold feet. Sales on the traditional market are simply more likely to fall through, which will have you going back to the drawing board and seeking out an alternative. Cash buyers usually work as investors, which means that they have processes that they adhere to. You won’t need to worry about the sale falling through simply because they weren’t prepared.
Clearly, selling to cash buyers is a great way to sell your house fast. But it can also help you save money and gain a better profit. Consider this carefully before moving to the traditional market.