Many of our blog topics have had room for debate, i.e. a balanced list of “pros” and “cons”. When we’re talking about selling your home for cash, the reasoning is pretty straightforward: do it.
As you’ll see below, the pros of selling your home for cash will far outweigh the cons.
1. Sales will happen far more quickly
If you’ve had your home on the market for awhile, you’ve probably experienced the buyer either reconsidering, not qualifying for a loan, or getting “cold feet” and backing out altogether. This happens often in conventional sales, where the sales process is often twice as long (4-7 weeks, as opposed to a 1-3 closing window for cash sales).
Sometimes, when the home is agreed to be bought with cash, you can receive payment in just a few days. This can help greatly if you need to relocate quickly.
2. Selling your home for cash means selling “as is”
This is a very convenient aspect of the sales process, as one of the biggest headaches comes with the repairs necessary before the typical closing process. Many times, every new buyer will find a different thing that needs to be fixed.
Selling “as is” also results in you not having to spend the money needed to pay for said repairs. That could mean repainting, redecorating, or accounting for any other specific repairs the buyer may be asking for before the sale.
3. No need to go through agents or banks
When you sell directly to the buyer, you don’t have to pay any commission rate to a real estate agent (after all, when the agent facilitates the sale, he or she will take a small percentage off the top). If you bought your home recently, you may not have a lot of equity built up; thus, you may be paying your agent’s commission out of pocket.
In terms of banks, selling your home for cash means there’s no need to work with financing or lending agencies. That also means there are no risks or limitations involved with loans being denied or banks taking a long time to give out the loans.
Those would be our top three reasons for selling your house for cash. There are a few cons, namely being able to price the home appropriately and red flags for cash buyers, but you can avoid all of that by selling to professionals.
At Portland Development Group, we buy homes with cash because we know what it’s like to need to make a sale quickly. We buy “fixer uppers” and properties that, with a rebuild or remodel, can be a great home to future buyers.
Ready to sell? Let’s start the process.