In the traditional home-selling process, a buyer would normally take out a loan, or mortgage, to pay for a new home. But this isn’t the only way to finance a property. There are some buyers out there who are interested in and willing to pay the entire cost of a home upfront. In the world of real estate, this is called a cash sale. But what does selling for cash truly entail? And how could it affect the selling process if you were to sell your home for cash-only?
Selling As-Is
In many cash sales, the seller is able to sell their home as-is. Or, in other words, they are able to sell their home in the condition it is currently in without needing to make repairs or costly renovations. This can be a great perk for many home sellers, especially if they are hoping to rid themselves of an unwanted property or if they need to move out quickly. Therefore, selling for cash may entail selling your home as-is.
Selling Very Quickly
Another perk when selling a home for cash is that the selling process tends to go by a lot faster compared to a traditional sale. This is because, without the need for the buyer to work with a lender, there are far fewer steps to take during the closing process. Instead, you will be expected to negotiate a deal with the buyer and then, once a deal is made, you can mostly just sign the paperwork and be done. Do realize, however, that the closing process will usually entail working with an escrow company and/or title company. You may need to help pay for any title or escrow fees.
Selling Below Value
There are so many great benefits to selling for cash, but all the benefits do come at a slight expense. Given that your buyer will take the condition of the home into consideration when purchasing, they will most likely offer you a cash deal that is below the true value of the home. This makes sense, though—after all, they will be taking on any repairs and renovations so that you don’t have to worry about it.
Even though you probably won’t be making as much money on your home compared to a traditional sale, selling for cash is still a great opportunity—particularly if you are in a sticky home situation. When selling for cash-only, you can expect a lot of great perks, like the ability to sell as-is and to bypass all the hassle. Lastly, expect to be able to walk away from your unwanted property with the cash you need to move on to your next stage in life.
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