AD | You’ve decided that you want a new home. Perhaps your family has outgrown the one that you live in, or your neighborhood is not like it used to be. Should you sell your home via a realtor and go through the whole process of the buyer getting financing or should you do a cash sale?
Before you dive too deep into the question, “Should I sell my home for cash?”, there are things to weigh on both sides. Read on to learn more.
The Pros
It’s always good to start off on the plus side of the ledger. What are the benefits of selling your home to a cash buyer?
- It’s Fast – If you do it the usual way, with your home being listed, you may find yourself waiting a long time for an offer and a sale. We’re talking like possibly two months minimum. With a cash sale, you don’t have to worry about escrow possibly failing.
- You Won’t Have To Fix It Up – WIth a regular sale, you might have to sink a decent amount of money in making it look appealing. A cash sale is “as is”. and while you can’t not disclose any issues or defects, it’s a lot off of your mind.
- There Will Be No Contingencies – You have to have contingencies in place when you do a traditional sale. That will include inspection, mortgage and appraisal contingencies that, if not met, can stop the sale. That is not the case with a cash sale.
The Cons
Like everything else in life, nothing is perfect. While there are a lot of great things about selling your home to a cash buyer, here are some things that might make you reconsider:
- You Might Get Less Money – When it comes to sales, a traditional one might net a higher offer. A cash buyer will likely aim to resell and they want to maximize their profit, too. That may wind up with your getting a lower offer.
- You Might Be a Scam Victim – There are a lot of reputable cash buyers, but there are those that might prey on people. If you are not sure, ask for a bank statement. You can also negotiate a lease-back to protect yourself, since the escrow time
- is much shorter than in a traditional sale.
A cash buyer can be a very effective way for you to get a house off your hands. Just do your due dilegence first.
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We always get leaflets from estate agents with info like this, tbh we just bin them though. It’s super annoying! Xx
We always get interest like this for our house and part of our land. I’ve never given it any thought as it always comes across as spammy and like cold calling. We have no plans to sell our house, it’s our forever home!
Rosie
Not something I have ever thought about or needed to, but it’s always good to read these things and have an idea of the pros and cons for future reference
Another informative, helpful & great post! Thank you