Moving to a new home is one of the most stressful events in a person’s life. One aspect of that stress is the fact that selling a home is almost always an arduous process.
There are realtors to deal with, negotiations to handle, and a truckload of belongings to safely transport to your new home. You can streamline the process and reduce a lot of stress by selling a home as is.
We’re going to look at the perks of selling a home for cash today, giving you some ideas on what the process entails and how it can benefit you. We hope the following ideas can streamline your home-selling process.
Let’s get started.
What Is “Selling a Home As Is?”
Before we look at the perks, let’s examine what the process of selling a home for cash actually entails.
First, selling a home “as-is” and selling a home for cash are the same thing. The cash home buyer purchases your home in whatever state it happens to be in. That’s the “as-is” aspect of the process.
You don’t have to go through lengthy repairs, inspections, or renovations to get your home in the right condition. Selling a house for cash might get you a slightly lower price, but that price is appropriate considering the fact that you don’t have to go through the expense of renovations and other projects.
The process takes place over a short period of time, and you’re left with cash for your home. That’s how it works in a nutshell. Companies that say “we buy homes” or make similar claims typically follow the process described above.
Now that you’ve got a general idea, let’s dive into the particular benefits.
Key Benefits of Selling a House for Cash
The first benefit is that you’re not required to do anything.
Sure, you’ll want to get all of your stuff out of the house, but that’s just about it. If your home has gone through a lot, you’re probably worried about finding an interested buyer on the housing market.
Ugly houses and homes in all kinds of disrepair are hard to sell. Cash buyers do not discriminate when it comes to the way your house looks. Even if there are significant structural issues, odds are that cash buyers will make an offer on your house on the spot.
Realtors and individual buyers typically require that you have inspections, appraisals, and other projects done. Those things take a lot of time and cost money.
Cash buyers give you an offer and you’re free to take it. No strings attached.
No Realtor Fees
Realtors typically take a significant chunk of the value of your home. The buying and selling realtors in any given situation take a percentage from the sale price of the home.
That means that the seller takes on all realtor fees in the situation. After all is said and done, you might be looking at a ten percent loss. That typically amounts to more than $10,000 on any particular home.
Realtors can be helpful when you’re going through the process of selling, and they might even deserve that percentage when they help you with a sale. That said, you don’t need to engage with the selling market at all if you go with a cash buyer.
This eliminates the need for the services and fees that realtors demand.
The Speediest Way to Sell Your Home
Cash buyers are also the fastest buyers out there.
If you’re selling to someone you know and you’ve organized the process with that individual, you might be able to sell your home without ever dealing with a third party. In those instances, you can sell your home very quickly. That said, those situations are rare.
When you need to sell quickly and you don’t have an interested buyer, cash buyers are your next-fastest option. Most transactions take place in less than a few weeks.
Selling your home on the market could take any amount of time, accruing unpredictable costs. The longer your home sits on the market, the more money you have to pay realtors and listing sites to market the house. Apart from being expensive, the waiting process is also stressful!
You need the money from the sale to put toward the mortgage on your next home. The longer the house sits, the more the price drops, and the more stress you experience.
In extreme situations, you might lose thousands and thousands of dollars while your house sits in wait.
Immediate Cash for Your Home
The onslaught of lenders, realtors, and other parties involved in most home-selling situations can be overwhelming. All of those agencies are engaging with the sale because they want to get a cut of the value.
Those parties extend the amount of time it takes to get your money while taking some of the money for themselves. Instead of complicating the situation intensely, why not get your money right away?
Selling for cash is also a great option for those who need a lot of money fast. Whether you’re having a medical emergency, you need to pull the trigger to buy a great home, or something else, getting cash for your home gets you money within a few weeks.
There are few other ways that one could ever acquire that much cash so quickly. It’s nice to know that you have the option to liquidate your home’s equity if you ever need to.
There is any number of ways that we can acquire hard-to-sell pieces of land. Maybe you inherited an old property, or maybe you’ve been trying to sell your old home for so long that you’ve lost hope.
In any case, these are exactly the kind of properties that cash buyers will take off your hands. Rather than sitting and losing value, costing you money, you could sell the property to a cash buyer right away.
Again, you don’t have to go through all of the red tape involved with normal sales to make this happen. The buyer comes, looks at the home, makes an offer, then leaves it up to you. Most companies don’t even require an inspection of any kind.
Maybe the reason your home is so hard to sell is the fact that there’s something deeply wrong with the foundation, roof, or another integral aspect of the property. These are things that cash buyers don’t mind.
In many cases, they seek out properties with deep flaws.
Why Would Buyers Take My Ugly House?
You’re probably wondering, “what’s the catch?”
The catch is that these buyers refurbish homes and sell them for a profit. It’s as simple as that. The expense and effort involved with making those kinds of renovations are overwhelming.
A remodeling job is a lot more complex and difficult when you try to organize it yourself. So, while you could remodel your home, list it on the market, and sell it for more than you’d get for a cash buyer, you might not want to.
Why? Two reasons.
First, that process requires a lot of capital to invest in the process. You’ll need tens of thousands of dollars for materials and labor. Second, remodels can take years and years to finish.
They’re especially lengthy when you take them piecemeal. People often remodel their homes in little chunks, doing more when they get the money to do so. When all is said and done, it could be seven years by the time things are ready for sale.
Access to Resources
Cash buyers have access to resources that make it quicker and cheaper to remodel homes. They work on so many projects that builders and contractors can offer cheaper rates. It’s similar to buying in bulk at the grocery store.
It’s a lot cheaper per unit when you can purchase things on a large scale. This affordability is why cash-buying companies can afford to purchase so many houses, remodel them, and sell them for a profit.
It’s a win-win for the buyer and, you, the seller. You get cash value for a home that’s difficult to sell and they get a great investment opportunity.
What About The Price Reduction?
The most contentious issue about selling a house for cash is that you take a reduction in price.
The price you get from a cash buyer is lower than the price you could get if you were to sell the home on the market. That said, there are numerous other factors to consider here.
For one, your time. The amount of time you spend selling your home on the market is unpredictable. Second, you might have to spend tens of thousands of dollars on remodels, inspections, appraisals, and realtor fees.
The value you get from the cash buyer might actually turn out to be the same as your net profits from the traditional home-selling process.
Want to Learn More About Selling Your Home?
We hope our look at selling a home as is was useful to you. There’s a lot more to learn about getting the best deal and reducing as much stress as possible, though. We’re here to help.
Explore our site for more ideas on how to sell your home in the most effective way.