What does it mean to sell your home for cash? And why is it an attractive option for homeowners? If you have ever asked these questions or have considered selling for cash, here is a brief guide to the cash sale process and why it might be the right real estate move for you.
What Is a Cash Sale?
A cash sale is a type of home sale where the seller sells to a cash buyer. A cash buyer is a buyer who pays for a home in full without the need for a loan. Examples of cash buyers include home buying companies, iBuyers, creative buyers, private investors, house flippers, etc. Many of these buyers purchase properties for cash with the expectation that they will get the home at a discount, fix it up, and then sell it for a profit. Furthermore, there are regular people out there who have just made a lot of money through their house sale and are looking to purchase a new home with cash.
A Faster Process
Firstly, cash sales are usually quicker than traditional sales. Without having to get approval on a mortgage, cash buyers can move more quickly through the closing process. Furthermore, some cash buyers—like home buying companies—take care of a lot of the logistics of a home sale, like making repairs and assessing the value of the home, saving you time.
Less Risk of Fall-Through
Another perk of a cash sale is that cash sales tend not to fall through as often as traditional sales. In a traditional home sale, the buyer may not get approval for a loan, or they may lose interest in the home as other properties catch their attention. On the other hand, cash buyers don’t need approval and, therefore, are more likely to have the necessary capital. Furthermore, given that they are buying properties for investment purposes, they are less likely to walk away from a good deal.
These are only a couple of the reasons why many sellers prefer selling for cash rather than via the traditional house selling method. Other reasons include the opportunity to sell as-is, as well as avoid agent commissions, costly repairs, and closing fees. So, if you are looking for a faster, smoother selling process, then selling for cash might be the best decision.
At Joe Homebuyer, we purchase homes in the Greensboro, NC area fast for cash! Click here to learn more about our stress-free process.