Selling a house for cash can save thousands in closing costs. You’ll save on appraisal fees, doc 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.
As you can see, there are plenty of options. Whether it’s an individual cash buyer on the MLS or a professional like a house flipper, or investor, there’s no shortage of cash in the marketplace right now. But how do you know when to sell your house to one of these companies?
Here are several reasons that selling for cash makes sense:
- Fast close. The average financed transaction takes somewhere around 50 days to close. Cash buyers are usually able to close within just 7 to 10 days. If you’re in a hurry, cash makes sense.
- Less stress. With cash buyers, you don’t have to worry about the deal falling through. There are no contingencies, appraisals, mortgage approvals, inspections, etc.
- No time. If you’re short on time and just need to sell the property, a cash buyer can save you hours of time that would be spent on fixing up the property and getting it ready to list/show.
- Quick cash. In a market like this when investment opportunities are ripe for the picking, having the ability to liquidate the cash in your home and use it elsewhere is helpful. By selling to a cash home buyer, you can get some quick cash and move it into another type of investment.
Can I sell my house without an estate agent?
There are a number of websites that will allow you to list your property for free – and advertising via social media, the local newspaper and in local shops will all help market your home as much as possible without incurring a cost.
Here are some of our top tips for making a cash offer on a house.
- Do Your Research. Research your local market before you start making any offers.
- Start With a Lower Offer.
- Ask the Seller to Pay Closing Costs.
- Choose a Shorter Closing Date.
- Be Willing to Walk Away.