What if we told you that there is a way to sell your home quickly and for a fair amount? Also, you’re going to get an all-cash offer. It might sound like the best option, but how do you know if it’s really the best option for you?
The answer depends on a few things. In this post, we’re going to explore what receiving a cash offer from a professional home buyer or real estate investor means. While we do not intend to give any financial or legal advice, we hope this blog post helps you decide if accepting a cash offer is the right move for you.
1. Cash offers are the fastest way to get your home sold
A cash offer is exactly what it sounds like. It’s when home buyers have enough funds to buy a property outright without help from the bank. Sometimes, the person buying the home for cash has another person helping them with the funding of this money who will eventually get a piece of the profits. This party is called a “lender” because they lend the money needed to close the sale.
If there is a lender involved, this has no effect on the outcome of your sale. It’s just something we think is important to note. It might now always be just you and the cash buyer involved in the sale. Lenders require a percentage of the sale from the cash buyer in order to agree to lend money to pay cash.
With professional homebuyers like CLT Buyers, there are no commission fees involved payable to the Buyer. You avoid paying hefty extras for the sale of your home and get to keep more of the profits. You don’t even have to pay for the home inspection! A cash buyer is looking to make a quick turnaround, so they are likely to make a quick offer on a house.
2. Think about your timeline both as a seller and buyer
If you are looking to move into a new property right away that you already have set in place, a cash offer on your house is a great way to do that. Oftentimes, there’s an overlap where a seller has already bought a new home and can’t sustainably afford to keep both mortgages afloat.
If this is your case, then accepting a cash offer is a great option for you. However, if you are planning to buy a property but don’t have anything set in place, it may be a better idea to not accept a cash offer.
At times, these cash offers can be a bit lower than what you might otherwise be offered. This will stretch your timeline and buy yourself some time to see what other options you have out there.
3. A cash offer may help you move forward faster and easier in messy situations
Whether you’re looking to sell your house due to divorce, foreclosure, relocation, you need money from your equity, or any other situation, selling your house through a cash offer can clear things up quickly and more simply.
It’s almost as if with the snap of your fingers…you’re done, compared to the process of working with a Real Estate Agent and the open market. While many people like working with Real Estate agents, the process is not quick. Buyers generally believe they’re saving money and time by working with a real estate agent, but they could actually be losing money and losing time as opposed to an investment company.
Although the cash offers may be a little lower, you will be required to put in less effort and money. How much money can you expect in this sale compared to a traditional home sale? Actually, the amount isn’t necessarily that large, especially if the housing market is strong.
In fact, the amount you keep in your pocket because of these efficiencies can often be higher. After all, it’s not your responsibility to get the property sparkling or even up to code. It’s the all-cash buyer’s job to take care of these pieces once you have been paid.
Leaving this aspect to the investors will help you move forward even faster out of a tough situation. This is another pro when comparing the cash buyers to a traditional sale.
4. Not all cash buyers are the same
All the benefits listed in this article are true, but it’s also important to vet the people you’re working with. Make sure to go with experienced professional home buyers who have a track record in the local market. Cash buyers who have worked in the real estate investing industry for some time know the ropes.
If you go with a first-time cash buyer, you risk running into unforeseen hold-ups that are simply overlooked because of lack of experience, or the bandwidth of a smaller team. This is not likely to happen, but it can, so make sure you enlist the professional services of people with experience! Hint, hint: when CLTBuyers puts an all-cash offer on the table, it’s a good way to go.
5. A cash offer requires less work before close
A cash buyer usually closes a deal “as-is”, which means you usually don’t have to worry about completing repairs or renovations before the sale is completed. This is one of the most glaring benefits of accepting an all-cash offer on a home.
Seriously, if you can believe it, cash buyers prefer your home in the condition as is. They would prefer to pay cash and have the freedom to do with the house what they please, whether renovate or re-sell again to another investor!
Additionally, when selling “as-is”, you also don’t have to worry about staging the home, photos, measurements, or other crucial aspects to getting a sale when putting your house on the market. This is a tedious part of the home selling process. You’ll also save money if you don’t have to pay for a professional stager or photographer.
Without the need for these professional services, you eliminate one more third party to hire before making a sale, which means more money in your pocket. Cash offers can give you the jumpstart you need.
So, as you can see, finding out if a cash offer is right for you depends on a few things. If you want to get rid of your house as fast as possible, then yes – all cash offers are usually better than other options because they don’t involve any waiting periods or other contingencies.
If you have never considered any option for yourself other than a traditional home sale or using a Real Estate agent, we hope all-cash offers now seem like a more viable option.
In our area and looking to get a cash offer for your home after reading the above? We service the Charlotte, Greenville, Columbia, and Winston-Salem, Wilmington areas of North Carolina, and the greater North and South Carolina markets in general. Our job is to get you a cash offer for your house, always on your schedule.
Not sure what’s best for you yet? Learn more here about the money you will save by paying no commissions, no repairs necessary on your end, and no closing costs.
When you choose to work with someone who can offer you a cash offer to close the sale, it’s hard to go wrong! You’re just one click away from a life-changing decision! Go for the all-cash offer.