WHAT HAPPENS WHEN YOU SELL A HOUSE FOR CASH?
Selling your house for cash bears many advantages. During the entire transaction, all the benefits rest to the owner of the property. From the simplicity of the process to the receipt of cash and, most importantly, the assumption of obligations attached to the property. That simplicity makes selling to a cash home buyer appealing to a lot of people, especially those who are trying to get their house sold fast. The process is only one of the many advantages of selling your house for cash. With lesser risk, more opportunities are opened. Aside from that, here are some of the many advantages of selling your house for cash.
Firstly, selling your house for cash is less likely to fall through. Imagine the frustration of dealing with a buyer who declines at the last minute for any reason you can think of. With cash home buyers, no significant repairs are required to be performed to the property because homebuyers will buy them “as-is”. Old? Worn-out? Fully depreciated? No need to worry! Whatever is the state of your property at the time of the sale, they can provide a cash offer for it. The risk of declining from the offer is almost zero because there will be instant negotiation for probable offers.
Secondly, contingency clauses are not included in the transaction. These clauses provide security and warranty for most contracts. The fine print may include but not limited to the following:
- Offer is only valid if the buyer’s current home sells within three months.
- Offer is only good if the inspection doesn’t need repairs in a month.
Contingency clauses, however, are never included in homebuyers who purchase houses for cash. This is an extra obstacle you can avoid depending on the type of buyer you’re working with (many will still require the home inspection). Rest assured those inspections are only for formalities.
Lastly, financing is pleasantly different since banks are not involved during the whole course of the transaction. Approval of banks for loans is a lengthy process. All-cash purchases close quickly because they don’t have to deal with lenders at all. Financing is also where home sales tend to fall apart, so selling your home to someone who is buying for cash means you can skip this process.