Solid Reasons to Sell Your House for Cash
Picture the ease of selling your property for cash compared to hassling with a bank, lending company or a mortgage provider. How much more money can you pocket if you could finish the sale quickly and skip the typical lengthy loan process?
A traditional house sale is not a one-shot deal: it is a process composed of several steps. You open your home to lookers, entertain endless questions and hopefully settle on a price. In short, you need to work a lot to close the deal with someone who seems like the perfect buyer. And then their loan application is rejected. At the last minute, they decide that their credit isn’t sufficient for buying your home. This puts you in a very difficult position. To avoid this completely, go for a cash deal. Credit and loan qualifications amount to nothing when you’re talking about a cash purchase. Sometimes, a buyer will simply change his mind after finding a property that he likes more. In short, selling your house for cash is a surefire way to make sure that no deal falls apart at the last minute for whatever reason.
Timing the Sale
It usually takes 4-7 weeks to close a deal with financing, and that is quite fast! Closing a deal often takes 4-7 with financing, and that’s already fast! With financing, you can expect to close a deal within 4-7 weeks, and that’s already quick! This can extend to a lot longer even. In contrast, a cash deal can be done in just 4-7 days. A considerable advantage of selling a house for cash is that you don’t have to go through credit checking, underwriting, etc. A cash payment is obviously faster and hassle-free too. Above all, you can adjust the timing of the sale based on your own schedule. You don’t have to worry about the sale falling apart or when the bank will grant the buyer’s loan.
When a buyer needs financing, the bank will have to ensure that the house to be purchased is worth the money being borrowed. This allows them to get their money back when they have to sell the property in the event of a foreclosure. Hence, you need to get an appraisal, which isn’t cheap nor quick. Selling for cash, however, means the buyer will simply assesses the house and pay for it – no appraisers involved.
Considering the above, you might think it wise to sell your house for cash instead going through the long traditional process. The key is to know what benefits you can expect from the transaction.
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