Are you thinking of accepting a cash offer on your home? Here’s what you need to know!
Packing your things and moving isn’t easy, especially when you’re going into the unknown. Selling a home comes with a lot of stress and responsibility, but everything can be a bit easier when you know you’ll get all the money right away and that the perfect buyer is right behind the corner. This is why most people who need to move quickly accept a cash offer on their home.
A cash offer is given to the seller by a direct buyer or a real estate investor. This doesn’t mean that someone will give you a bag full of cash to pay for your house, but you will avoid messing around with banks and other financing institutions, making the homeselling process much faster.
Of course, no house selling method is without its cons, so it’s important to learn about both sides of the coin before you make a decision. Here are some pros and cons of accepting a cash offer!
Cash Sales Are Fast Sales
Accepting a cash offer is an excellent choice for when you need to sell your house fast. Most cash buyers are real estate investors, such as Sparks Property Investors LLC, who don’t rely on lenders to get money to complete the sale. This means they can close the sale much faster than traditional buyers. If you are facing divorce, foreclosure, or just dealing with an unwanted inheritance that is eating away your money, you’d want to get rid of the property as fast as possible.
Cash Sales Are As-Is Sales
If you need to sell your house fast, chances are you don’t have the time to make the necessary repairs. The same goes if you’re in urgent need of money and don’t have the funds to invest in expensive repairs and renovations. Luckily for you, cash buyers purchase houses as-is. This means you don’t have to add any more money into the house you don’t want. Some cash buyers will even accept a home full of furniture or a house with foundation damage. This can save you a lot of money.
Cash Sales Are Stress-Free
Cash sales can help you reduce the stress of selling a house. In the end, all you have to do is to pack yourself and prepare for the move! In fact, many direct buyers will even help you arrange your move, and will allow you to make the decision on the moving date itself. Considering the home sale is one of the most stressful events of a lifetime, every little bit of help means a lot.
Cash Offers Are At The Discounted Price
The biggest disadvantage of a cash offer is that it will be much less than what you might’ve got by making a traditional sale. However, there is a catch for this: The so-called discount is actually all the costs of making house repairs, fees, taxes, and closing costs you would have to pay otherwise. Not to mention that you’re not paying for the real estate agent fees, which can cost up to 6% in commission.
Cash Offers May Require You Move Faster Than Planned
Closing the sale fast is usually a good thing. You’ll get the cash faster, you won’t deal with the necessary paperwork, and you can move to your new dream home much sooner. However, on some occasions, this can stress you out, or force you to move forward with your plans before you intended to. In the end, almost no one can be fully prepared to move in just seven days! Fortunately, with Sparks Property Investors LLC, you can make agreements on when the move feels right for you.
There Are Some Fraudulent Cash Offers
Not everyone will have your best interest in mind. Some won’t offer the appropriate price, others won’t have to cash to back up their offer. Always ask for proof of funds and do a bit of research before you accept a cash offer from the buyer.
So, Should You Accept A Cash Offer?
As you can see, there are some good and bad sides to a cash offer. So, if a direct buyer comes forward to you with an offer, should you accept it?
That entirely depends on your situation.
If you have a house in great condition that you’re certain people will race to buy, it might be best to take the risk and list it on the MLS. Traditional sales can be great for those looking to get the best possible price for their property and who have the time to wait for the perfect buyer.
However, if you’re just looking to sell your house fast, in urgent need of cash, or simply want to get rid of the house you no longer want, then a cash offer is perfect for you. Direct buyers, such as Sparks Property Investors LLC, can help you get the money fast and get rid of the house that has become a burden. There is no need to wait for a real estate agent to find you a buyer and risk not selling your house in such a way.