There are a lot of options when selling your home. In a traditional sale, you aren’t selling directly to the buyer meaning your buyer needs to be backed by a mortgage loan. While there are benefits to this option, there are several drawbacks that make the sale more of a hassle.
More Work
If you don’t sell direct to buyer, then you need to spend more time preparing and marketing your home. You need to do renovations to increase your home’s value and attract potential buyers. While making these renovations, you also need to repair any damage to make sure your home is structurally sound. Buyers who are backed by loans need to find homes that are good investments and if your home has too many issues, a buyer will likely pass on your home. While on the market, you need to open your home up for open houses and home viewings. It inconveniences you and forces you to put more effort into a sale than you need to. However, if you sell to a cash buyer, there’s much less work involved. In most cases, you won’t need to repair or renovate your home and you won’t need to open it up for viewings.
Higher Costs
In a cash sale, all you need to pay are the taxes and fees associated with the sale and required by the state. Traditional sales require a lot more. As the seller, you’re responsible for paying the commissions of both real estate agents. This is usually about 6% of the sale price and it is a substantial amount of money. Selling direct to buyer means you don’t need to worry about paying these higher costs.
Longer Sale
When not selling direct to buyer, the sale is extended since you need to wait for your buyer to get approved for their mortgage loan. This can take weeks or even months because the mortgage lender needs to make sure your home is a worthy investment and that the buyer can handle making the payments. Part of this process includes having your home appraised and inspected. You can expect a much shorter sale when you sell to a cash buyer. They have the money upfront and don’t require a mortgage. You can begin the sale process right away and you aren’t required to have an appraisal or inspection done. In many cases, cash sales are done in 30 days or less.
When you don’t sell direct to buyer, you end up dealing with more than you have to. A cash sale, on the other hand, is much easier, cheaper, and faster. The process is made even easier when you sell to a home buying company.
Matt Buys Indiana Houses is a home buying company that can make it easier to sell your home. Click here to receive a cash offer today.
