Why a Cash Buyer Is Better for Your Home Tops in the “advantage” list are speed of sale and convenience. As soon as you approve a cash deal, you may usually receive your payment in a matter of days or weeks. For people facing a foreclosure,bankruptcy or relocation, this could be life-saving. Less sales fall through A cash sale also eliminates the very familiar drill of taking an offer only to have the buyers back out at the last minute because they can’t get a loan. The moment the money is passed along, there’s no retreating or last-second cold feet. These cash transactions often close in a week or three as compared to some four to seven weeks on a traditional sale. Furthermore, cash sales are mostly “as is,” so there’s likely no key repainting or repairs that must be done.
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Though you shouldn’t skip professional representation in a house sale except when you really know what you’re doing, there are undeniably fewer possible repercussions in a sell-by-owner cash deal. But if you don’t use an agent, it will be up to you to sufficiently price your house. Obtain an appraisal and do a little more homework of your own. Check the various listing services for comparative pricing. Also look into price adjustment records on same area properties and stats for time-on-the-market. Even as the appraiser may do 3 such computations at a minimum– based on new sales — a more extensive data search can clear things further. There are fast-sale real estate agents who can help with documents and do the brunt of their work through phone and email to hasten the process for you. They collect either a flat fee or a less-than-standard percentage commission. Given that their work is to sell quickly however, they might suggest a listing price which is significantly less than what you might be able to in the conventional loan market. Providing Safeguards When you actually line up that cash buyer, you’ll need proof of funds from them prior to agreeing to anything. And remember that cash-paying buyers who still want more contingencies for appraisal, inspection and the others shouldn’t get a great discount and somewhat of defeat the purpose of selling for cash. Since many cash buyers plan to repair and resell such properties, you may be able to cut a short-term lease-back deal to stay in the home if that’s applicable to you. As well, you can give the new owner an income stream while they do repairs or tend to other projects. Without a doubt, cash is king in the real estate world if you’re the seller. You’ll likely get a little less cash from the house that way, but you can certainly costly repairs and other problems. As long as you’re not actually sacrificing thousands of dollars extra aside from the standard as-is price adjustment, it’s a decent deal for you.