You may be facing the prospect of selling your home and feel overwhelmed by the prospect of having to do all the repairs and find a suitable agent. You’re likely to be concerned about how long your home will take to sell. Fortunately, there’s a way to sell today that offers advantages over a traditional sale. Here are some of the benefits of instant cash home selling.
A quicker process
The traditional selling process requires an average of 50 days to close the transaction, whereas selling your home for cash only requires one to two weeks. It takes time to prepare and stage your home for showings using traditional selling methods and most homes need a good number of showings.
A cash offer is a sale in which the buyer offers the seller the whole cost of the home without using financing. There are companies that will buy your home for cash directly so you don’t have to do any repairs or go through countless showings or appraisals. Ocean City Development will help you to get a fair cash offer from a trusted home buyer.
A hassle-free process
Home sellers appreciate a cash offer and may even accept one over a higher offer involving a loan as it means fewer uncertainties. A home will usually undergo appraisal before closing. This is required to reassure the lender about the home’s value. If this comes in under the loan amount, the lender will cancel the loan unless the seller agrees to lower the price or the buyer can increase the down payment.
A cash offer removes the uncertainty that comes with going through a home appraisal. Then there’s the problem of a buyer backing out or being disqualified from getting the loan for one reason or another.
A conventional home sale usually involves paying a real estate agent’s fees, which may be about 6% on average. It also involves paying closing costs of about 2% on average. Appraisal fees, processing fees, document fees, loan origination fees, and credit checks can mount up. Cash sales, therefore, greatly reduce closing costs for buyers and sellers.
If you work with a company that offers an instant cash sale, you do not have to pay these fees. You also don’t have to carry the cost of repairs on your home as the company will pay for all repairs.
Help you out of a sticky situation
You may have good reasons to want to sell your home speedily and with as little stress as possible. This may be the case if you have the split the equity in your home because you’re going through a divorce.
If you are facing foreclosure, a quick sale could help to avert it. Accepting a cash offer could help to save your credit score, avoid eviction, and help you to move on quickly with the next stage in your life. You may need to move quickly because of a life change, such as a new job in a new city, marriage, an illness in the family or retirement.
Save on repairs
Sometimes you don’t have the finances to keep your home well-maintained. Whether the roof needs replacing, the foundations or cracking or the pipes are leaking, home repairs can cost thousands of dollars.
The conventional sales process makes it almost impossible to sell a home that needs major repairs. Lenders simply do not give loans on properties that need major repairs. Fortunately, a cash sale means sellers do not have to put time and money into repairs and they have less stress.