Cash is king, as the saying goes. And to a homeowner wanting to sell in a hurry, a cash buyer can be very appealing. Selling a home for cash provides the seller with a fair amount of confidence in the sale, streamlines the sale process, and makes it relatively hassle-free.
What does selling your home for cash really mean?
The term “selling your home for cash” is somewhat misleading. It implies cash money, but the funds will still be reflected in your bank account at the end of the transaction. A suitcase crammed with crisp notes is not in your foreseeable future. A cash sale simply means that the buyer has the funds to cover the full purchase price and does not need to apply for a mortgage to guarantee the sale. A cash offer is a ‘no lenders required’ transaction.
It is an attractive option for a seller as it alleviates the homeowner’s concern that a potential buyer might not be able to afford the mortgage to facilitate the sale. Time is a commodity, and nobody wants to waste theirs – which is a risk you could take with an unsecured buyer.
Often, a fast sale is not just preferable, but a necessity. There are many reasons owners opt for an expedited or urgent sale, some not as favorable as others.
Reasons a Seller Might Need to Sell a House Fast
- Divorce: in the event of a divorce or permanent separation, it is often unfeasible for either party to retain the marital home due to size or financial constraints.
- Death: similarly, a house sale often follows the death of a homeowner, co-owner or spouse.
- Loss of Employment: the loss of a long-term may result in a homeowner becoming financially unstable. Rather than risk falling behind on their mortgage payments, a homeowner may decide that the simplest solution is to sell his or her property to reduce financial obligation and free up cash flow.
- Financial Hardship: if a homeowner suddenly finds themselves burdened with unforeseen expenses, their current home might become unaffordable.
- Downsizing: often occurs after adult children have moved out of the house to homes of their own, and the homeowners now find their house too big for a smaller family unit.
- Foreclosure/Repossession: closely linked to financial hardship, foreclosure or repossession are never in the owner’s best interest, but this is usually out of their control.
All these life events can result in the need to sell in a hurry. They are all likely to leave the seller in a bereaved or stressed state, neither of which is conducive to the strain that cones with trying to sell a home. On the flip side, there are owners who are in no particular rush to sell but who simply prefer the benefits of a cash sale. As with everything in life, there are pros and cons to any given situation and the sale of a home is no different. A cash sale holds far more positives for the seller than negatives, but in the interest of an unbiased opinion, we will attempt to break down the most relevant pros and cons.
The Pros of Selling a House for Cash
- Less stress: the process is simpler, with fewer documents, people, and appraisals to deal with, which creates a more stress-free experience overall.
- Faster process: not only is the entire transaction generally quicker, but the closing is faster, which means the money is in your bank sooner than a non-cash sale.
- Less paperwork: without the need for financing, the paperwork is significantly reduced.
- Appraisals and contingencies can be avoided: unlike traditional sales, no appraisal is necessary, and a cash buyer will not require the sale of their own home as a contingency.
The Cons of Selling a House for Cash
- Lower offers: Cash offers are often lower because the process is faster and less tedious – it’s known as the cost of convenience.
- Scam risk: cash sellers are more often targeted by scammers.
- Condition of the home. You may need to attend to any obvious visual defaults. Minor repairs can be off-putting when potential sellers visit the listing. Fortunately, this can be avoided by selling to a cash home-buying company, as they will usually make an ‘as-is’ offer.
Overall, a cash sale has a lot of benefits for the seller, especially in the case of an urgent sale. There is no faster way to guarantee your payment and to get the money in the bank. Here in North Carolina, sellers have the advantage of there being a low property inventory against a growing population. Combine that with the low cost of living and it creates a very favorable market. A healthy economy is a good thing for home sales. That being said, it never hurts to improve the salability of your home. Any sale depends on a willing buyer, and there are several things you could consider trying to make the deal more appealing in the marketplace.
How to Sell My House Fast for Cash
- Fair asking price. Be reasonable and have your home properly and fairly evaluated.
- Use a Real Estate Investor. Companies like ours offer all the benefits of a cash sale with none of the disadvantages.
It really is that simple. Of course, should you wish to sell to a private individual, you will have to consider things such as undertaking minor repairs, improving curbside appeal, attracting prospective buyers, and conducting all necessary inspections.
Companies such as ours possess the contractual knowledge to conclude a professional sale and the experience of a decade of buying houses. We also typically purchase a home ‘as-is’, so the seller is not hindered by the delays of repairs and maintenance before selling. Forget that leaking faucet that’s been bothering you for months – we’ll sort that out for you, so you don’t have to.
If you want to sell your house quickly, with low risk, less paperwork, and no hassle, we’re here to help.
FAQs
How do I find fair value on my property?
An accurate evaluation can be conducted by a licensed appraiser.
Do I need an agent for a cash sale?
If you are not familiar with the legal documentation and sale procedures, an agent is strongly recommended. Here at Carolina Home Cash Offer, we handle all the paperwork for you, no agent is required.
Is it possible for a buyer to renege on a cash offer?
It is rare for a cash buyer to renege on an offer to purchase unless the offer was a scam to begin with. All our offers here at Carolina Home Cash Offer are legitimate and conclusive.
Why should I deal with Carolina Home Cash Offer over any other cash buyer?
With us, you receive a professional experience and are assured that the offer is not a scam, which has become a real threat in recent years.
I want to sell my home, but we are not in Charlotte. Are you able to assist me?
For a full list of the locations that we service, please check our home page.