When it comes time to sell your house, you may find that you have more options than you thought. You can list it with a real estate agent, put it on the market yourself, or sell it to a cash home buyer.
Many people choose to list their homes with agents because they think that is the only way to sell. However, selling to a cash home buyer can be a better option for many sellers.
In this blog post, we will discuss why house sellers prefer cash buyers and what makes selling a house for cash different.
What Makes Selling a House for Cash Different
When a homeowner decides to sell their house, they typically have two options: They can either sell it in a traditional real estate transaction where the buyer gets a mortgage loan, or they try to sell FSBO (for sale by owner). However, there is a third option: selling to a cash home buyer.
Selling a house through a traditional real estate transaction is the most common way to sell a home. In this type of sale, the buyer will need to get pre-approval for a mortgage from a bank or other financial institution to finance the purchase. The seller usually pays the real estate agent’s commission, which is typically around six percent of the sale price.
Some homeowners will try selling by owner on the real estate market to save money instead of using an agent. This can be a good option if you are comfortable with the process and are confident that you will find a buyer willing to forgo using an agent. The downside of this option is that it can take longer to sell your house, and you may sell for a lower price.
Selling a house in a cash transaction is different. In a cash sale, the buyer does not get a mortgage lender. Instead, the home purchase is made entirely with cash. This type of sale is typically faster and easier than a traditional sale because there is no loan to be approved or home appraisal to wait on. Furthermore, if you were to sell to one of the companies that buy houses in VA, you can sell your house in as-is condition and avoid realtor commissions.
Why House Sellers Prefer Cash Buyers
There are several reasons why sellers prefer to sell their houses for cash. First, it is a much quicker process. There is no loan to be approved by a lender or appraisal contingency and underwriting, which can take weeks or even months. Second, it is a less stressful process. There is no prep required, no repairs or staging, and no showings to be had. Third, it is a more certain home sale. You won’t have to wait months to get an offer or hope the closing goes through. When you sell for cash, the sale is almost always certain.
Another reason to consider selling your house to a cash buyer is that you can avoid realtor commissions. If you were to list your home with an agent, they would typically take six percent of the sale price. You can avoid this commission entirely when you sell directly to a cash buyer. Even closing costs are negotiable.
The final reason to consider selling your house for cash is that you can sell as-is. So if your house needs repairs or updating, a cash buyer will still buy it. This means that you don’t have to spend any money on repairs or renovations before selling.
When you list your house with an agent, there is no guarantee that it will sell. It could sit on the market for months or even years without receiving any offers. However, when you sell your house for cash, the sale is much more certain.
Immediate Selling Opportunities
Sellers want to be able to get their homes sold as quickly and efficiently as possible. Selling for cash offers an opportunity for sellers to avoid the hassle of dealing with real estate agents, waiting on showings, and dealing with a potential buyer’s financing. The process is simple when you work with a “We buy houses Virginia” company and can provide a faster closing.
Typically you will reach out to the home buyer; once they get a few details about your home and either view it in person or by video, they’ll present you with a cash offer within 24-hours and can close within 7-days or longer if you prefer.
If you were to list with a real estate agent or try to sell by owner, the average time it takes to sell a home in Virginia — from listing through closing — is approximately 75 days. That’s 40 days to get an offer, plus the typical 35-day closing period.
If you were to sell by owner or sell an outdated property that needs repairs, this timeframe could take longer to find a buyer.
Selling to a Fair Cash Deal
Selling a house isn’t cheap; with repair costs, staging, and closing costs (like property taxes and HOA fees), it can end up costing you thousands of dollars.
Home sellers who go the traditional route and list with an agent also have to pay a commission, which is typically around five to six percent of the final sale price. You may also need to consider price negotiations, seller concessions, and other factors that can eat into your profits.
Selling to a cash buyer eliminates many of these costs. There are no real estate agent commissions, and you don’t have to worry about making repairs or staging your home. You also don’t have to worry about buyers who back out of the deal at the last minute. Companies that buy houses in Norfolk can make you a fair cash deal for your home.
Cash Directly to Your Bank
When a traditional buyer purchases a home, they get a mortgage from a bank or other financial institution to finance the purchase. However, cash home buyers in Virginia Beach will pay for the entire purchase price of the home in cash. This money goes directly to you, the seller, and to your bank. So whether you’d like a money order or a wire transfer, you’ll get the cash quickly and can usually close within a week.
You may be wondering how these companies have the cash on hand to buy your house outright. These companies are usually funded by private investors interested in buying homes for various reasons. Some investors are interested in fixing and flipping the homes, while others are looking for properties to rent out.
Selling your house for cash is a great way to get rid of your property quickly without dealing with the hassle of traditional sales methods.
Sell a House on Your Timeline
If you’re like most people, you don’t have the time or don’t want to spend months waiting for your house to sell. Unfortunately, when you sell your home the traditional way, via a real estate agent, you can be waiting anywhere from 60-75 days for your house to go on the market, receive offers, and go through the home inspection and appraisal process.
This entire home-buying process can take months, which is why so many people are now turning to cash buyers who can purchase their homes quickly and without any hassle. Selling to a cash home buyer in Virginia takes 24-hours to get an offer, and they can close within 7-days or longer if you need more time. Ultimately selling a house as is in VA means selling on your timeline.
Selling a House to a Cash Home Buyer
When selling your home, you have a few different options available to you. You can list it with a real estate agent, try to sell it by owner, or sell it to a cash home buyer. Each of these methods has its own set of pros and cons, so it’s important to weigh your options and choose the one that is best for your individual situation.
Selling a house to a cash home buyer is often the quickest and easiest way to sell your property. These companies will make you an offer within 24-hours and can close on the deal quickly, usually within a week or so. This means that you can move on from your property fast and into a new home without dealing with the hassle and expense of traditional sales methods.
Of course, you’ll want to be cautious of home buying scams, but there are plenty of reputable companies out there who will give you a fair offer for your home. Just make sure to look for a home buyer with good reviews, an official website, and ask for proof of funds.
When selling a house, many sellers prefer cash buyers. This is because cash buyers are able to close quickly, and they do not require financing. This means that the seller does not have to wait for mortgage approval or go through the hassle of getting their home ready for sale. In addition, cash buyers will buy houses in unique selling situations, including inherited property, foreclosures, liens, and short sales.