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Should You Sell Your House for Cash?

The big promise with cash buyers is that you can get an instant cash offer and find out how much you can get for your home right away. Some may provide rapid offers. Others will want to speak on the phone and come out and inspect the property before they will make an offer. Either way, you won’t get a final offer until they perform a home inspection.

Another benefit of this way to sell a home is the speed. It’s nice to know that your closing is coming up, and you can make new life plans. True all-cash buyers can typically close within a few days, providing they can get any title work, insurance, appraisals, and inspections done, and the closing agent can accommodate the closing.

Ultimately, if you are in a desperate situation, have lots of home equity or own your home free and clear, and need to sell in the next couple weeks – selling your house for cash may be worth the gamble, if you can stomach the price.

If you want more for your home, don’t have the luxury of selling out at a deep discount or can afford to test the market for 1-3 months, consider listing.

If you need to sell quickly, cash sales are ideal. However, you can sell with a Realtor and still receive all-cash offers. When you sell your home to a cash buyer, you’ll receive less for your home than putting it on the open market. While cash buyers won’t require you to make any repairs or even clean up your home, they are going to reduce your purchase price by these costs. If it would take a regular homeowner $30,000 to bring the property up to its potential market value, you can bet they are going to deduct that $30,000 from what they offer, plus the profit margin they want to make.

Selling a house for cash can save thousands in closing costs. You’ll save on appraisal fees, document fees, credit checks, loan origination fees, but these are mostly for the buyer. Generally, closing costs will be much lower on a cash sale, which can save the seller money, too.

Excerpt from original article written by Jeff Gomez for Upnest.com

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