You need to sell your house but can’t find a buyer fast enough. What should you do? Some homeowners turn to cash buyers when they need to sell quickly. Around 25% of all home sales in 2021 were from cash buyers. So, should you accept a cash offer?
You might be tossing this idea around, knowing that cash sales result in fast sales, but you might wonder if it’s a good idea.
Keep reading this guide to learn how to determine if this is a smart move for you.
How a Cash Offer Works
Learning how a cash offer works is the best place to start when wondering if this is a good idea. So, what does it mean to sell for cash?
Home buyers purchase houses, but most use a mortgage loan to pay for it. After getting the loan, the buyer pays the bank for the next 15 to 30 years until they repay all the money.
A cash buyer doesn’t need a loan. Instead, they have enough cash to buy the house outright without a mortgage. Without a mortgage, the buyer doesn’t have rules to follow and instructions to keep.
As a result, you have a hassle-free way to sell your house, and the process is simple.
First, you locate a buyer that offers cash home purchases. Next, you ask the buyer for an offer. Finally, you close the deal within weeks after accepting the offer.
Your Need to Sell
So, is this a good idea? One factor to consider is your need to sell your home. How badly do you need to sell?
It’s quite common for people to turn to cash home buyers when they face a divorce, tragedy, or significant health issue. People also turn to cash home sales when they lose their jobs or face foreclosure.
Another common reason is when a person needs to relocate for work purposes. You’ll need to sell your house faster if you have to move quickly.
Therefore, it might be helpful to consider your need to sell. Selling for cash is ideal when you need an instant way to sell a house.
After all, you’ll close quickly when selling for cash. You also won’t have to wait for a buyer to come to you. Instead, you go to them, ask for an offer, accept it, and close.
It’s that simple.
Amount of Equity
You might also want to consider how much equity you have in your house. One of the downsides of selling for cash is you won’t receive an offer for 100% of your home’s value. Instead, the offer will be slightly lower.
Therefore, you might want to consider how much equity you have to ensure that the offer covers your mortgage loan balance.
Perks of Selling for Cash
It’s also wise to examine the perks of selling a home for cash. Here is a list of some of the top ones:
You’re probably familiar with the term ‘as-is,’ which means you’re selling something the way it is without making any changes. Cash home sales are as-is sales, meaning you won’t have to make improvements or changes.
The buyer agrees to accept your house in its current condition and won’t ask you to do anything except move your things out.
One hassle you’ll experience if you list your home for sale is home showings. After listing it, people call their agents to schedule viewings to see your house.
You must clean your house and leave before they arrive. Not only do these require work, but they’re also inconvenient to homeowners. ‘
Selling for cash eliminates home showings. No one will ask to see your house or schedule a tour.
Additionally, there are no contingencies with an as-is sale. Contingencies require homeowners to do things, such as fix or improve parts of a home. A cash home sale doesn’t come with contingencies, which is a huge benefit.
You also won’t have to stage your home when selling for cash. The cash buyer doesn’t look for a perfect home that looks appealing. Therefore, you’ll save money by skipping the home staging step.
No Negotiating or Commissions
Many homeowners feel intimidated by the negotiation process required with traditional home sales. The good news is you won’t have to do this step when selling to a cash buyer.
Additionally, you won’t have to pay a commission to a real estate agent. As a result, you keep all the money after paying your mortgage loan balance.
Finally, selling for cash gives you a guaranteed sale that occurs quickly. You could likely close the deal within weeks after asking for an offer. The result is you get out of your house loan faster with this method than any other option.
How to Get a Cash Offer
The last thing to know is how you can get a cash offer if you decide to sell your home. The primary step you must take is to contact a cash home buyer.
You can call the cash home buyer or request an offer by filling out this form. You’ll have time to review your offer after receiving it, but you’ll close faster if you accept the offer quickly.
In fact, you’ll likely close within two weeks, so you might want to start packing right after accepting the offer.
Learn More About Selling Your Home for Cash
Selling a house to a cash buyer is a smart move for homeowners who need to sell immediately. After all, a cash offer is a guaranteed sale and provides many perks.
Are you ready to learn more about selling your home to a cash buyer?
Contact us at John Buys Houses Ohio. We offer cash home purchases throughout the entire state and can give you a cash offer for yours. Visit our site or call us to learn more.