Are you considering selling your house in Virginia? If so, there are many benefits to accepting a cash offer on your home. For example, you won’t have to deal with expensive repairs and it will be sold quickly with no commissions or fees.
In this post, we will discuss the types of cash home buyers in Virginia and discuss some of these benefits available to homeowners looking at selling their property. By reading this blog post and following our advice, you should soon be able to decide what’s best for you!
Overview of Cash Home Buying in Virginia
If you’re interested in selling your Virginia home, you’ll want to consider selling it for cash. To give an overview of cash home buying in Virginia, it means a buyer purchases a home without borrowing money from a bank. When people think of a cash buyer, they picture a person walking into the closing with a briefcase full of cash. Unfortunately, it’s not that elaborate. Yes, a buyer uses cash but will either pay via check or wire transfer to your bank.
Another misconception people have about cash buyers is that they’re looking for a multimillion-dollar property, which some wealthy buyers are. These types of transactions are common in big cities like New York City, Los Angeles, and Miami.
However, there are cash buyers in Virginia who will buy any kind of property (single-family house, condo, apartment building, townhouse, etc.) to either keep, fix and flip, or fix and rent it out.
So if you’re considering selling your home, you’ll definitely want to discover how to sell a house for cash and all the benefits that come with this type of real estate transaction. Below we’ll take a closer look, so you can decide if accepting a cash offer on your house is right for you!
Types of Virginia Cash Home Buyers
As you learn more about selling your house for cash, you’ll want to learn about the types of Virginia cash home buyers and which one you should work with.
First up is a traditional buyer who has cash on hand to purchase your home. This type of buyer may have inherited money, made a great investment, or saved up to buy a house. You can attract this type of buyer by listing your home with an agent, or you can always try selling a house without a realtor too. You’ll still have to prepare your home, as usual, which would include: cleaning, decluttering, making repairs, staging, and possible upgrades. Also, you or your agent will need to advertise that you’re only accepting cash offers, which will likely decrease your pool of potential buyers. You’ll still have to deal with listing costs and realtor commissions
Besides paying with cash and possibly being able to close sooner, a traditional buyer may not provide all of the benefits you’re looking for.
The second option is to sell your home to one of the companies that buy houses in Norfolk. Some are large international companies or iBuyers; others are small local companies, so you’ll want to do your research and find a reputable one.
When it comes to selling to a home buying company, the process is pretty simple; you would contact one and request an offer for your home. Then, they’ll likely ask for more information, such as the home’s condition, and schedule a time to see it in person. From there, they’ll make you a cash offer.
When it comes to deciding between the two types of companies, the larger ones may be a bit challenging to work with if your home isn’t in excellent condition or out of their target buying area; they also tend to charge hefty service fees. On the other hand, smaller companies are nice because they’re usually locally owned, buy houses in any condition and any area. In addition, they typically don’t charge service fees.
Companies that buy houses may also be investors, fix and flippers, rehabbers or call themselves cash home buyers.
Benefits of Accepting a Cash Offer On Your House
Selling your home for cash to a home buyer has several key benefits that a traditional home sale doesn’t offer. Below we explain what those perks are; maybe some of them will benefit you too!
Potential for Fast House Selling Process
One of the great benefits of selling your house for cash is that it will be a speedy process compared to a traditional sale. When you sell your home for cash, the process is generally pretty much done when you find a buyer that wants to buy your house for cash. You don’t have to wait on funding or inspections before the deal is done. This process can take months, even years, with other types of home sales, but selling for cash shortens all the red tape.
- In 2021, the average time it takes to sell a home in Virginia — from listing through closing — is approximately 79 days. That’s 44 days to get an offer, plus the typical 35-day closing period.
- If selling to a cash home buyer like Avante Home Buyers, you can get an offer within 24 business hours, and the average days to close the transaction is 7-14 days.
You Have the Negotiating Power
Instead of hiring a real estate agent and letting them handle all the negotiating, you can. Some sellers like all that control over their home sale, and you may too. Others, however, like the fact that they don’t have to deal with all the back and forth if they don’t want to. Usually, the company makes you an offer, and you can take it or leave it. You don’t have to negotiate over repairs and who pays closing costs. The whole process is a lot simpler.
No Realtor or Commission Fees
Do you know how much realtor commissions are in Virginia? Well, they average out to about 5.15% to 6%. The fees are typically split between the listing agent and the buyer’s agent.
Although that percentage doesn’t sound like much, it can definitely eat into your profits. To put this amount into perspective, to sell an average Virginia house worth $335,198, you’ll pay about $17,262 (5.15%) to $20,111 (6%) in realtor fees.
That’s not including how much it requires to get your house ready to sell, repairs, upgrades, staging, taxes, and closing costs. Total that would put your expenses closer to 10% of the home’s sale price.
If you were to sell to a local home buyer instead, you could significantly cut down on these expenses. There are no commissions to worry about, and even closing costs are negotiable.
Can Sell Your House in Its Current Condition
Is your home in need of some major repairs? Do you have a foundation problem, leaky roof, termite damage, or fire damage? Is it outdated, damaged, or considered an ugly house? Well, most buyers would have an issue buying a house like that. Even if you find someone in the market for a fixer-upper, the other issue is finding a lender willing to fund a traditional mortgage.
If you were to work with a home buyer, they’d buy your house as-is. So you won’t have to make any repairs or updates, do any cleaning, or staging. Not only will that save you months of work prepping your house but also thousands of dollars in repairs costs. The only thing you’ll have to worry about is packing your belongings and moving out.
Smooth House Selling
Selling a house to a cash home buying company is a very smooth process. It is easier and faster than selling it traditionally. You won’t need to:
- Interview and hire a listing agent
- Get your home ready to list by making repairs and renovations, or declutter, clean, and stage.
- Deal with viewings and open houses
- Wait for an offer
- Deal with negotiates or buyer contingencies
- Wait for buyer inspections and financing approval
- Deal with the buyer backing out
When you sell your house to a cash home buying company, there are no hoops to jump through, and the process is able to move along quickly. It is also less stressful since you’ll receive an offer within 24-hours and you don’t have to worry about repairs. And typically only need to show your house once. Besides that, you can pick the closing date and when you’d like to move out. Getting a guaranteed cash offer and selecting your own closing/move-out date are both huge benefits.
With the convenience, speed, simplicity, and stress-free process of selling your house to a cash home buyer like Avante Home Buyers, you won’t regret it.
So if you need to “sell my house fast in Virginia Beach,” working with a local home buyer would be ideal. It will save you time, money, and stress. Not to mention it is a much simpler process than selling with an agent or listing your house for sale by owner (FSBO). So whether you’d like to relocate, need to sell an inherited property, or are trying to avoid foreclosure or bankruptcy, working with a Virginia home buyer would be your best option. So what are you waiting for? Contact Avante Home Buyers today to get your no-obligation FREE cash offer!