Selling a house is stressful even in the strongest seller’s market. If you’ve been through it before, you know. The stress of getting it ready to sell, making sure it’s picture-perfect for showings and open houses, the nail-biting while hoping someone puts in an offer, and then the stress of packing and waiting for the closing to arrive.
If you’re planning to sell your house in the coming months, what if we told you there is a way to alleviate this stress and skip the nail-biting? If you want to make the home selling process easier on yourself, you should consider whether it makes sense for you to sell your home for cash.
Read on to learn more about when it makes sense for you to sell your home for cash and why you should consider it.
You Can Sell As-Is
You can typically sell your home as-is to a cash buyer. Many of them are buying homes to flip, so they will not ask for any improvements that cost you money. You also don’t have to worry about an inspector requiring certain repairs or improvements to meet mortgage lending requirements, such as those required for an FHA loan.
The Process Is Faster
If you are selling to a buyer who is taking out a mortgage, usually the fastest that you can close is 30-45 days and sometimes even longer. There are also often unforeseen delays that draw the process out even longer. When you sell for cash, you might be able to close the deal within a week or two.
There are no appraisals, no inspections, and no mortgage underwriters to wait on, so things can move much faster. If you really need to sell a house fast, cash is the way to go.
No Showings and No Open Houses
Home showings and open houses are a headache. You need to make sure your home is spotless and show-ready at all times, as buyers may ask for last-minute showings. If you have kids and pets, you’ll need to get them out of the home for showings.
Open houses mean a few hours, usually on the weekend, where you have to vacate your home so potential buyers can walk through. With a cash sale, you can avoid all of this.
Your Costs Are Reduced
Most cash offers will likely be less than what you might expect if you are selling to someone who is taking out a mortgage, but the trade-off is that when you do a cash sale, you don’t have to pay commission to a realtor. A common commission amount is 6% of the sales price which is split between your realtor and the buyer’s realtor and comes out of your profit.
If you are selling a home for $250,000, you’ll pay $15,000 in realtor commission. If you sell for cash, there are no realtors to take a cut, which puts more money in your pocket.
Sell Your Home for Cash, Fast
If you need to move fast, consider whether it makes sense to sell your home for cash. A cash buyer can make the process quick and painless and alleviate much of the stress involved in selling your home.
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