When Does it Make Sense to Sell My House for Cash?
There are times when it makes sense to sell your house through a traditional real estate sale (through a real estate agent). In most, cases this will net you the most money with a higher sales price. However, there are times where that may not be your best option. In this article, we are going to look at some of those situations where a selling your house for cash may be your ideal solution.
If you are wondering “Should I sell my house for cash?,” here are a few examples for you to consider:
Short on Time
It’s no secret that a traditional real estate sale takes some time. By the time you hire a listing agent, get your home ready for sale, prepare the marketing, do showings, review offers and then go through the final escrow process, you are looking at least a couple months to complete the transaction—and that’s usually best-case scenario. Unfortunately, there are any number of things that can also delay or derail the sale along the way, including home inspections, buyer funding falling through and more. If you are short on time and need to sell quickly, a cash sale makes a lot of sense.
Short on Funds
Perhaps you are falling behind on mortgage payments or just don’t have the cash available to make certain repairs you need to make before selling your house on the open market. Real estate is one of those times where the adage of “you have to spend money to make money” is often very true. There are expenses involved in a traditional home sale, including the real estate commissions, closing costs, inspection fees and repairs. Plus, you also have to consider your ownership costs over the time it will take you to sell. We’re talking about property taxes, mortgage payments, home insurance and HOA dues (if applicable). A cash sale may be a better option to sell fast and avoid expenses you don’t want to pay.
We should note that it is true that you will most likely get a lower selling price if you sell for cash versus entertaining buyer offers on the open market. However, there are some instances where a cash sale actually works out better by the time you subtract all the fees and costs you would have paid in a traditional sale. Cash real estate investors are buying properties in as-is condition and closing as quickly as possible, so you can definitely come out ahead depending on what work needs to be done to the property and the final sales price you accept.
Desire for Privacy
One of the hardest things about selling your house (especially if you are still living in it during the sales process) is a lack of privacy and convenience. You have to make yourself scarce for showings. You have to keep your house clean and hide away any valuable or sensitive items. You will have buyers, agents and inspectors walking through your house looking at every detail. Some people just don’t want to deal with this and they opt for a private, off-the-market cash sale instead.
Sometimes you just want to get out of the house quickly and move on. This is often the case with divorces where the ex-spouses want to split their real estate assets equally and neither plans to retain the property. Sometimes you need to move fast, like in a job relocation or when a family member out of town needs help. There are any number of personal reasons where a fast cash sale is the simplest and most sensible solution.
At PropertyLark, we buy a lot of houses that the previous owners would consider “unwanted.” Perhaps it’s an investment property that is losing money or no longer a necessary part of your portfolio. Maybe you inherited the house and don’t have the time or money to deal with it. Maybe the property is located far away from where you live and it’s just too inconvenient to manage. Whatever the reason, you don’t want or need the house anymore and you just want to take the cash and move on. A quick and painless cash sale is often a great option in these unwanted property scenarios.
Testing the Waters
The cool thing about PropertyLark is that you can get a fair, no-obligation cash offer for your house within 24 hours. You just give us your address and we’ll get back to you with our offer within a day. It’s that simple. You are not obligated to accept the offer or sell to us, but you can at least see what we are willing to offer on your house. It may be more than you think. Then, you can decide if you want to move forward with a cash sale or if you are better off going through a traditional sale. That’s ultimately up to you. We’ll make you the offer nonetheless and you can take it or leave it. Why not at least see what our offer is?
I’m Ready to Sell My House for Cash!
To get a fast, no-obligation cash offer from PropertyLark, just fill out the seller request form to the right or on any page of our website. We’ll get back to you within 24 with our offer!