When it comes time to sell a home, most people will turn to the traditional route of working with a real estate agent to find a buyer. However, selling to a cash buyer can be a highly beneficial option that is worth considering. Read on to find out more!
What Is a Cash Sale?
In a traditional home sale, the buyer will need to apply for a mortgage in order to purchase a home. In a cash sale, the buyer has all the money for the entire value of the home upfront and they don’t need to apply for a mortgage. Keep in mind that a cash sale doesn’t mean the buyer will provide you with physical cash. Instead, it is a typical electronic transaction and the name “cash sale” simply refers to the fact that all the money is available upfront.
Since the buyer doesn’t need a mortgage, the process of selling the home becomes much simpler. First of all, the sale is extremely fast. Typically, it can take several weeks for a buyer to be approved for a mortgage. In a cash sale, this time is shaved off and you can typically sell your home in less than 30 days. Additionally, the lack of a mortgage removes the requirement for certain things. You won’t be required to have your home appraised and you also aren’t required to have a home inspection done. Without these two items, the process of selling becomes even shorter. Lastly, many cash buyers will purchase homes as is, so you don’t need to worry about renovating your home before selling.
Who Are the Buyers?
When it comes to cash sales, you will encounter several types of buyers. In some cases, you may find individual buyers who simply have the funds available to purchase houses upfront. The more common buyers will include house flippers and home buying companies. House flippers are those who buy homes as is, fix them up, and then sell them again for a profit. A home buying company is a company that routinely purchases a variety of homes. They may fix these homes up before selling them again. Home buying companies are a very reliable and safe option.
A cash sale can benefit you in a variety of ways and it’s worth considering going with a cash buyer. Your sale could be faster, cheaper, and easier than a traditional home sale. Take some time to learn more by contacting your local home buying company today!
Are you trying to sell your home? Click here to discover why a cash sale might be right for you!