If you’re ready to sell your home, you might wonder if you can sell your house for cash. The answer is yes! Here’s everything you need to know.
The real estate industry is booming right now, so you might think selling your home for cash is a bit non-traditional. While it might be, selling your home to a company that will pay cash outright is a viable option for many. Keep reading to understand how these types of companies function.
How Do Cash for Home Companies Work?
With these companies, sellers can sell their homes in as little as 30 days. You can usually receive cash in full, typically with no escrow fees or broker’s fees. A seller’s agent can help manage the sale and create a package of options to maximize your cash sale. You can use this same process to sell your home with a traditional agent who will sell your home for a comparable price to the list price, as long as you are willing to pay upfront the commission for the listing agent, too. You might ask, are cash buyers real estate investors? Cash buyers are individuals who invest in real estate instead of short-term or long-term rental. They purchase the home because they want to own it, renovate it, and sell it for profit.
Sell Your House for Cash: Pros
While there are pros and cons to selling your home to a company that pays cash, the pros are generally outweighed by the cons. Keep reading for a list of reasons to consider selling your home for cash.
- No work or extra maintenance – If you sell your home to a company that will pay cash for it, it doesn’t matter if you have several repairs to make. Most times, you don’t have to complete any of the maintenance or make any repairs before the company takes ownership of your home.
- Short timeline – One of the most appealing reasons for using a cash-for-house company is to bypass the waiting period where the buyer has to get all their financing together. According to the July 2020 Ellie Mae Origination Insight Report, the average loan took a whopping 44 days to close, so selling for cash means you close on the deal faster.
- There is no need to show and sell the house – One of the largest hassles of selling a home is preparing the home. Photographs, showings, and open houses are essential to traditionally selling your home, but doing those things is not only a time investment but a money investment too. Skip all that by selling your home to a cash-for-house buyer.
- No chance of contingency clauses – Selling your home the traditional way often comes with contingency clauses, which will protect the buyer but not the seller. Such a clause will allow the buyer to back out of an offer within a set amount of days.
- Skip realtor commissions and fees – With an agent, they will collect commissions from the profit of your home after you’ve sold it. With that in mind, many homeowners will opt to do a for sale by owner or sell to a company that pays cash for homes instead of hiring an expensive realtor.
Sell Your House for Cash: Cons
Obviously, there are risks to selling a home in any way. Anytime you sell a home to any entity, you’re taking a risk; here are a few cons to consider if you want to sell your house for cash:
- Cash offer might be lower – When you’re selling your house as-is, you may not get a cash offer that is as high as you were expecting. The reason being that if there are repairs, cleaning, and general maintenance that needs to be done, the cash-for-house company may deduct that from their offer.
- No competing bidders – When selling a home the traditional way, there can often be multiple bidders, which can help you get a better price if your home is desirable. Having competitive pricing is often a big factor when choosing to sell with a realtor.
Maximum Cash Home Buyers Wants Your Atlanta, Georgia Home
Sell your house for cash to Maximum Cash Home Buyers, where we make selling a home a breeze! Since we purchase our houses with cash, we’ll be able to close in a matter of days, we’ll buy it as is, and there will be no contingency clauses or hidden fees. So, don’t waste your time and money selling your house the traditional way; sell to us instead. If you want to learn more about our process or are ready for an offer, give us a call! We buy homes in Atlanta, Georgia, and the many surrounding areas, so contact us today!