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Why Would Someone Sell a House Cash Only?

Why Would Someone Sell a House Cash Only? | Today I'm Home
Kevin Sagers

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Kevin Sagers

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May 24, 2021

Selling a house can be a lengthy, time-consuming and a challenging process. But have you considered selling your house for cash only?

In this article, we’ll walk you through some of the reasons why someone would consider selling a house for cash only. We’ll also explore the benefits of using this method to sell your house, as opposed to using the traditional one.

So, why would someone sell a house for cash only? Selling a house for cash is faster, you avoid expensive repairs, saves you money in agent fees and commissions, no cleaning or staging is required, you choose the closing date and it eliminates stress.

We’ve talked to some of the most experienced realtors in the industry, and asked for their opinions on why someone would opt to sell a house for cash. Here are the answers they gave us:

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Faster Closing Times

According to Redfin, it takes approximately 65 to 70 days to sell a house via the traditional home-selling process. Sometimes the process can even take longer than 70 days, especially if some issues arise along the way.

But with a cash sale process, you can conclude the deal within a few days. With a cash-sale process, you don’t have to deal with paperwork or lengthy negotiations.

If you are planning to relocate quickly or you are in a tight financial situation that requires urgent cash, then selling your house for cash makes sense. You will have the cash in your pocket within a few days, which you can then use to sort the urgent matters.

Selling your house for cash can also help you to avoid foreclosure and preserve your credit rating. So, you won’t have to worry about losing your home to the bank and becoming homeless.

No Need for Repairs

If you were to sell your house via the traditional route, then the buyer may request you to undertake some upgrades or repairs, before they can agree to buy it.

Also, there is a high chance that the bank or the mortgage company will conduct an appraisal. And they may request certain things to be fixed before they can agree to finance the mortgage.

For instance, they may request you to install a new roof or fix plumbing leaks, among other issues. And all these repairs will take more time and require money. If you don’t have money to fix them, then you may never be able to sell that house.

And even after undertaking all these repairs and upgrades, there is no guarantee that they will help your house sell. The buyer may still choose another property over yours.

But when you are selling your house for cash, buyers will accept it as it is. And this means that you don’t have to worry about expensive repairs.

Furthermore, cash buyers will not bother you with petty things like chipping paint or even major things like a roof or furnace, since they are buying the house as-is.

As much as you may not be getting the highest price possible when you sell your house to cash buyers, you are assured of convenience and speed.

No Realtors to Deal With

Working with real estate agents can prove to be a lengthy and complicated process. Oftentimes, they will require you to do certain things, to prepare your house for sale.

For example, they may ask you to renovate your kitchen or bathroom, among other upgrades, before you can list your house on the market.

Also, when you are working with a realtor, you will have to sell your house within their timeline. And there’s a high chance they are selling a couple of other houses at the same time.

So, while realtors may help you to sell your house for top dollar, they are not the best option for someone who wants to sell their house fast. Selling your house to cash buyers means you will sell your house when you want and get on with your life faster.

You Don’t Have to Worry About Financing Issues

When you are selling your house to a buyer who is using a mortgage, you may encounter financial barriers. For example, the lender can pull out any time, even when you were almost closing the deal.

Unfortunately, most people cannot afford to buy a house without financial assistance. Hence, they are likely to drop out of the deal too, once the lender pulls out. In short, if the lender drops out of the deal, then you will be back to square one.

But when you are selling your house to cash buyers, you don’t have to worry about running into financial barriers.

Cash buyers already have the money they need to buy your house. And this means you will eliminate most of the uncertainties that come with the traditional house selling process.

You just need to decide whom to sell to, depending on the offers that you have on the table.

Less Stressful Process

Selling a house can be an extremely stressful process, especially if you are using the traditional route. First, you will have to pack your belongings and move them elsewhere, before you list your house on the market.

Second, you will have to prepare your house for staging and showings. So, apart from packing and moving your stuff, you will also have to clean the house and stage the house.

Third, you may be sometimes forced to spare some of your time, so that you can show potential buyers around. And this means you will be letting strangers in your house almost daily.

Fortunately, you can avoid all the stress that comes with the conventional way of selling a house, by selling it to cash buyers.

With a cash-only process, you don’t have to spend your valuable time preparing and cleaning the house for staging.

You also don’t have to let strangers into your house every day. The only stranger you will deal with is the cash buyer. And this will be a one-time thing.

All you have to do is approach cash buyers in your area, and they will give you an offer right away.

You Will Skip Fees and Contingencies

There are plenty of fees and contingencies involved with the traditional home-selling process. For example, you have to pay your realtor’s fees, which are usually around 5% to 6% across the country.

You may also be required to pay the buyer’s realtor fees, as part of the negotiations. On average, you will spend approximately 10% to 15% of the sale price, just to sell your house.

Apart from the fees and commissions, you may also have to deal with contingencies. For instance, the buyer may ask for certain contingencies before they agree to sign the contract.

Simply put, it will cost you to sell your own house, and the house will still stay for at least a month on the market, depending on the availability of buyers. As you can see, it’s not an option for someone who wants to sell their house fast.

No Marketing Needed

Marketing is a part of the traditional home selling process. And marketing doesn’t come easy or cheap.

The good news is, cash offers don’t need marketing. Hence, if you are selling your house to cash buyers, then you won’t have to bother with marketing.

In fact, there are numerous available resources, which you can use to find cash buyers. Furthermore, cash buyers are always looking for people who want to sell their houses for cash, which means they will find you.

Hence, if you are not technology savvy or you are not skilled in real estate listings, advertisements and marketing, then selling your house for cash will be a great option.

Easier to Sell Vacant Homes

If you have inherited a house from a loved one, then there is a high chance it’s vacant. And vacant houses present numerous challenges to the owner.

For example, it can be vandalized, especially if there are no proper security measures in place. A vacant house can also attract squatters, leading to severe damage as well as future legal problems.

Furthermore, vacant properties are susceptible to water damage, even if it’s only vacant for a few months. You may also forget to undertake regular maintenance, since you are not living on the property, leading to serious issues over time.

Therefore, if you have a vacant house, selling it as fast as possible is the best option for you. And this is where cash buyers come in. They will take the vacant house off your hands quickly, thus alleviating all the above problems.

You Can Stay in the House Longer

You may sometimes find yourself in a situation where you want to sell your house, but you still want to stay in it for some time, as you figure out your next destination.

Unfortunately, you can’t do this if you were to sell your house the traditional way. After selling your house, the buyer will move in right away, meaning you must have figured out where to go next prior to signing the sale agreement.

But with cash buyers, they are not looking to move into the house right away. And you can negotiate with them, to allow you to stay in the house for a couple of months. You will get the cash fast, without moving out immediately.

As you can see, there are numerous reasons why someone would sell a house for cash only. With cash buyers, you can sell a house in any condition, you don’t have to deal with lengthy processes, and you get the peace of mind that you need, to focus on your future. When opt to sell to cash buyers, you will remove all the stress and uncertainty that comes with selling a house the traditional way.

Need to sell your house fast?

Sometimes life happens, and you need to get out of your house and mortgage payment quickly. Our partners have helped many families going through foreclosure, divorce, and more.

GET AN OFFER NOW

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Why Would Someone Sell a House Cash Only?

About THE AUTHOR

Kevin Sagers

Hi! My name is Kevin. The "Today I'm Home" team have spent years with home related projects and researching new ideas. Now we're bringing our knowledge to you, and continuing to share what we've learned as we continue to grow. Let us know if you've got any tips and tricks that would be great to share with the community!

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