7 Reasons to Consider a Cash Home Sale
The traditional home selling process isn’t for everyone. It costs time (and money, of course) to hire a Realtor®, market the property and go through the final negotiation, home inspection and closing processes. Depending on your situation, a cash home sale may be your best option. It’s worth understanding the different solutions in front of you before making such a major decision.
Here are 7 reasons to consider a cash home sale to a residential real estate investment company like PropertyLark:
1. Financial Hardship
The most obvious situation is when someone is in a state of financial distress. Maybe you are behind on mortgage payments, facing foreclosure, defaulting on property taxes or just dealing with financial problems that make it difficult to keep affording your house payments and upkeep. Your house becomes a financial burden and you need to sell it as soon as possible before things get worse. This is when a cash home sale can make a lot of sense, though it still depends on how much you owe and some other factors to determine if this is your best course of action. It never hurts to get an offer from a cash buyer and see if that will help get you out of a bad financial situation.
2. Need to Move Quickly
There are some situations where you need to move quickly. It may not be a financially driven decision, but you are relocating for a job or your new home purchase is contingent on the equity coming from the sale of your current home. Maybe your house has been on the market much longer than expected and you just want to get it sold as soon as possible. The average home sale through a real estate agent will take about 3-6 months, and that’s if things go smoothly. Cash sales can be completed in weeks (and sometimes days) with fewer hassles and complications.
3. Unwanted Inheritance
We work with many people who have inherited property that they don’t really want or need. It might be located in a different area and just too much work to keep as a rental, or they can’t afford to pay for insurance, property taxes and upkeep. It may require a lot of time and money you simply don’t want to invest. A cash sale of this unwanted inherited property may be your quickest and easiest solution to get the property out of your hands (with any proceeds going straight into your pockets).
Divorces can be messy and complex, especially when it comes to deciding what to do with any shared real estate holdings (whether it’s the primary residence or investment properties/second homes). Oftentimes, a cash home sale is a great option to pursue because the transaction can be completed quickly and the profits can be split up as defined by the divorce settlement.
5. House Needs Major Repairs
If your house is a real “fixer-upper,” you have to understand that it will complicate your ability to sell it on the open market. A real estate agent is going to want you to fix it up so that it has better curb appeal and will fetch the highest possible sales price. If you put it on the market as it sits, a lot of potential buyers will steer clear unless they happen to be looking for something they can fix up. Real estate investors are usually looking for fixer-upper properties that they can renovate and then flip or rent out. They will buy homes in as-is condition, thus saving you a lot of time and money that those major repairs would cost you.
Let’s face it. A cash home sale is a much quicker and simpler real estate process. Deals can get done in a short amount of time with less paperwork, no buyer lending complications, minimal home inspections and fast closing periods. You can avoid a lot of hassle and headaches with a cash sale. And in some cases, sellers may even come out with even more profit than a traditional sale when you factor in all the time and expenses involved with a more complex open market listing.
7. Privacy or Personal Preference
Last but not least, some sellers just prefer off-market cash deals. They like to maintain privacy and avoid an open market sale with real estate agents, home inspectors and buyers (strangers) barging in at inconvenient times and disturbing the peace. If that sounds like a headache, then you may want to consider a cash home sale that is quicker and simpler in every possible way. You may not get top dollar for your home, but you can avoid a lot of the stress that often comes with a traditional real estate sale.
These are just a few reasons and common examples of situations where a cash home sale may make the most sense. If you are planning to sell your house, it pays to explore all your options and see which route is best for you. PropertyLark can make you a fair cash offer, or we can help you with any other method for selling your house (through an agent, with creative seller financing programs, etc.). Contact us today to get started and let us help you find the best home selling solution for your specific situation.