There’s no denying that selling your home can be a long, drawn-out, complex process. And for some people, selling sooner rather than later is optimal for their circumstances. Whether it’s a death in the family, needing to sell prior to foreclosure, paying off debts, or simply moving fast, a quick sale can be beneficial for multiple scenarios. For this reason, selling home to cash buyer can be your best course of action.
Should I Sell My House To a Cash Buyer?
The answer to whether or not it is worth selling home to cash buyer ultimately comes down to you, what you want from the sale, and the circumstances in which you’re considering these options.
Selling your home fast to a cash buyer has pros and cons for each buyer, and only you can answer whether it’s the right decision for you.
What It Means to Sell Home Directly to a Cash Buyer
Selling your home to a cash buyer isn’t the same as the standard home-selling process. It requires collaborating with a specialized buyer who has experience in investing in homes of this type.
Typically, the selling home to a cash buyer process can unlock your funds quicker, expedite the process, and finalize everything within 7 to 10 days on average. It also means you don’t have to go through many of the associated activities with selling a home; you simply get a price, and if you choose to accept it, the buyer moves forward with the purchase.
Advantages of Selling Home to Cash Buyer
As with any type of transaction, selling a home to a cash buyer has pros and cons.
Fast Transaction
As mentioned, the average sale time for a completed transaction when selling to a cash buyer is 7 to 10 days. This allows you to move on with your life and onto your next chapter without having to hang around waiting for mortgages to be accepted or, worse, having the sale fall through for any reason.
No Staging or Complex Repairs
A cash buyer will buy the property “as is.” This means you do not need to jump through any hoops to get the property market ready. Your home will be accepted, no matter what condition it’s in.
This removes the need for complex repairs to make the house more attractive to buyers and for you to undergo often expensive home staging. This can save you time, money, and a lot of stress. See these tips on staging your house to sell faster that work even if you’re selling ‘as-is’.
Fewer Closing Costs
There are still closing costs associated with selling a home to a cash buyer. Through a realtor, these costs can be around 5% to 6% of the sale price in commission only, and then you need to pay closing and other costs too. When you sell your home directly to a cash buyer, you eliminate commission; in some cases, the buyer might cover some of the closing costs, too.
Greater Control
One of the advantages of selling your house to a cash buyer is that you can have more control over the sale. You are guaranteed a sale with a cash buyer, meaning you won’t need to worry about finances falling through, and you can choose to proceed with the offer and have greater control over what happens during the sale process.
What The Process of Selling Home to Cash Buyer Involves
When navigating how to sell your house to a cash buyer, the first step is to find cash buyers who can give you the price and experience you want and need.
When you contact cash buyers, you can expect a comprehensive home assessment. This gives the buyer an idea of the condition of the home and how much they will offer. It’s important to talk to more than one cash buyer to get an idea of the values on offer and to get the best price and terms for the sale.
From here, you can determine who the best cash buyer is and agree to their offer.
At this point, you can expect them to show you they have funds available and will offer proof for your peace of mind. This is important as you want to make sure you’re not falling victim to scams and have proof of funds available for the sale.
You should not expect to get full market value for your property; cash buyers will determine what is a fair price based on numerous factors, such as condition, age of the property, size, location, etc., and then base their offer around this.
Offers from cash buyers usually range from 50 to 70% of the market value, meaning you get less, but the benefits mentioned offset the lower cost.
If you accept the offer, you will sign the contract, and the buyer will then start the process.
What Happens When You Sell To A Cash Buyer
Once you agree to sell your home to a cash buyer, the process will be expedited compared to standard sales.
The sale will be guaranteed, and the time to complete it will be under 14 days in most cases. You will be given a timeline of when to expect your funds, when to vacate the property, and what other conditions apply. Some cash buyers make life easier by taking care of everything, including removing anything you leave behind for no additional cost. You might find you get a grace period where you can remain in the property for a short period after completion until you can move.
Sell Your Home to John Medina Buys Houses
At John Medina Buys Houses, we specialize in smooth, fast cash purchases for properties that benefit all parties. We want our sellers to be fully satisfied, and we strive to meet or beat all other offers and give you the best deal.
We can close on a timeline that works for you, be it 7 days or 30 days, and we are happy to offer you the option to stay in the property for a short period if you need it post-completion until you can move on.
The entire process is completely transparent, and there’s no surprise process. You get the offer you agree to, and we have a one-page contract to make things even easier for you. This transparency is designed to give you peace of mind and confidence in your decision to sell to a cash buyer.
If you want a hassle-free sale for your home, choose John Medina Buys Houses when selling a home to a cash buyer.
