Cash offers can be an appealing option if you are trying to get a home sold quickly and need the guarantee it will sell. You can also avoid having to make your home look presentable and taking the time to list the home on the traditional market. This makes considering a cash offer a popular option for those that want to just get a home sold and avoid stress and headache. Accepting a cash offer can mean that you take a lower selling price for your home, so selling to a cash buyer should be a decision made with a great amount of thought by the homeowner.
Putting a home up for sale by traditional means can take a considerable amount of time, even in a sellers’ market. If you do not already know an agent, you will need to spend time finding the right one, take the time to prepare your home, make sure the agent is marketing it well to get it in front of buyers, and then there is the closing process which can take months. Working with a reputable cash buyer that can prove they have the funds to purchase your home allows a homeowner to close when they need to.
More: Top Pitfalls of FSBO - For Sale By Owner Properties
Some homeowners do not have the funds to get their home ready to sell, even if it is just money for small repairs (house repairs quickly add up). There are many people who find themselves without extra funds right now. Selling your home off market allows you to avoid the fees of selling a home from repairs to staging to closing costs and agent commissions.
Additional: Do I Really Need to Fix My Home in a Hot Market?
All homes age and need maintenance as they age. It is not uncommon for some homeowners to find themselves in a position where they can’t fix a problem in the home that just can’t be ignored any longer. Selling a home in need of major repairs traditionally can complicate and slow things down. Cash buyers see homes in need of repair all the time, it does not scare them off. In fact many of them have a better idea of what the home is truly worth even with the need for repairs whereas the average buyer will not and might be very difficult to work with.
Related: Should you really understand the market to sell?
One of the biggest things that deter homeowners from selling their home to a buyer that promises a quick cash offer is that the offer is usually lower than they might receive from selling their home traditionally. In many cases, a cash offer is still beneficial when thinking about the amount of money and time it takes to sell a home. Reputable cash buyers are still going to give a fair offer for your home, yes it may be less than other offers, but it just may be almost the same amount of money after deducting fees, taxes, and the cost of getting a home ready to sell. Then you have the added bonus of a much faster sale to make it even more worth the decision to sell for cash.